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Ponzi Scheme

Fake Hedge Fund Manager Accused Of Running Ponzi Scheme

Below is a recent article from Law360 that talks about a Ponzi-schemer defrauding his friends, clients, and their families out of nearly 19 million dollars.  The facts of this case are classic: 1)      Promises to get rich quick, 2)      Preying on folks who are trusting and unsophisticated, 3)      Lying about fictitious profits and positive returns while actually generating huge losses, and 4)      All or nearly all of the money is gone by the time the fraudster is caught. Starr Austen & Miller has represented hundreds of victims of such Ponzi schemes since 1982.  If you or a loved one is the victim of investment fraud, call Starr Austen &...

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Never Invest in a Company Started or Managed by Your Stockbroker, Insurance Agent, or Investment Advisor

The United States Securities & Exchange Commission recently sued a Colorado investment advisor for fraudulently convincing his clients to invest in a company he started and owned.  The SEC alleges that the investment advisor misrepresented his credentials, the purported safety of the investments he was selling, and his success in creating and operating such companies in the past.  These poor victims violated a cardinal rule of investing:   You should never invest in any company created or managed by your stockbroker, insurance agent, or investment advisor unless and until: You thoroughly check out the so-called “investment opportunity” by having your CPA...

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Wash. Investment Adviser In $3.6M Ponzi Scheme Gets 9 Years

Wash. Investment Adviser In $3.6M Ponzi Scheme Gets 9 Years

By Jon Hill of Law360.com An investment guru who copped to fleecing investors out of more than $3.6 million in a nine-year Ponzi scheme was sentenced in Washington federal court on Thursday to serve nine years in prison and pay his victims more than $3.6 million in restitution. Bellevue, Washington-based investment adviser Chris Young Yoo pled guilty in March to wire fraud and making false statements as part of a deal to cooperate with prosecutors in exchange for their recommendation of a lesser seven-year prison sentence, but U.S. District Judge Thomas S. Zilly opted for a sentence within the eight- to 10-year...

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Chicago ‘Mini-Madoff’ Gets Nearly 6 Years In $1.7M Fraud

Chicago 'Mini-Madoff' Gets Nearly 6 Years In $1.7M Fraud

By Jon Hill of Law360.com A 26-year-old Chicago man was sentenced Wednesday in Illinois federal court to nearly six years behind bars after copping to conning investors out of more than $1.7 million in what federal prosecutors have called a “mini-Bernie Madoff scam.” Randall Rye, who pled guilty in April to one count of wire fraud in connection with the scam, was ordered by U.S. District Judge Ronald A. Guzman to serve a 70-month sentence in federal prison followed by three years of supervised release and pay back his investors $1.72 million in restitution. The prison term handed down by the judge is at the...

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CFTC Wins Asset Freeze In $13M Churchgoer Ponzi Suit

CFTC Wins Asset Freeze In $13M Churchgoer Ponzi Suit

CFTC Wins Asset Freeze In $13M Churchgoer Ponzi Suit By Martin O'Sullivan of Law360.com An Arizona federal judge issued an asset freeze Thursday against a man accused by the U.S. Commodity Futures Trading Commission of tricking Mormon church members into investing in a $13 million trading scheme that funded his personal expenses and Ponzi scheme payments. In its May complaint, the CFTC says that Cory Williams, founder of Williams Advisory Group LLC, told at least 40 investors that they were earning a pretty penny while he traded futures contracts on their behalf, when he was actually using $3.4 million of their investments on...

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