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Securities Fraud

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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Indiana’s Secretary of State’s Efforts to Educate Hoosiers about Securities and Investment Fraud

The Indiana Secretary of State, Connie Lawson, is conducting a “Movie And A Meal” tour around the State of Indiana to educate Hoosiers about securities and investment fraud. The tour features screenings of the documentary “$cammed,” which details the dramatic impact experienced by victims of three major Indiana securities fraud cases. The presentations are free and a meal, either breakfast or lunch, is provided. You do need to RSVP in advance. RSVP by email to Katrina Ent at kent@hirons.com or call her at 317-977- 2206. A list of the upcoming dates and locations are as follows: September 21, 8 – 9:30...

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Three members of The Dane Group sentenced for securities fraud

Three members of The Dane Group sentenced for securities fraud

By Current Publishing -- currentinwestfield.com According to a press release sent to Current from the Office of the Indiana Secretary of the State, all three members of The Dane Group have been convicted of security fraud. The Dane Group is a capital investment firm in Fishers. Bruce McIntyre, Shelly Guzman and Fennis Bledsoe formed the company in 2012 to provide capital to expanding businesses. From 2013-2014, they sold unregistered short-term promissory notes to at least four Hoosiers totaling more than $375,000. According to bank records, the funds were used for personal expenses. Bledsoe was the last of the three to be sentenced, and he...

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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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Hedge Fund Manager Cops Guity Plea for Multi-Million Dollar Ponzi Scheme

Hedge Fund Manager Cops Guity Plea for Multi-Million Dollar Ponzi Scheme

Recently a Virginia hedge fund manager pled guilty to a $9 million Ponzi scheme. The case dealt with over 50 clients who invested in the investment manager’s hedge fund where he bragged of earning returns regularly beating the S & P 500. In reality, he both spent his clients’ monies on his living expenses and used the monies to cover losses he generated in trading activities. In typical Ponzi scheme fashion, he used new investor funds to pay off older investors who decided to cash out....

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PNC Bank Asks 6th Circ. To Back $70M Ponzi Suit Dismissal

PNC Bank Asks 6th Circ. To Back $70M Ponzi Suit Dismissal

PNC Bank NA has urged the Sixth Circuit to uphold the dismissal of a proposed class action brought by investors in an Ohio couple’s alleged $70 million Ponzi scheme, arguing the lower court was correct to toss the suit because the investors never claimed the bank did anything more to participate in the scheme than provide the couple with normal banking services....

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