Texas federal judge on Tuesday sentenced a New York-based oil futures trader to 10 years in prison for orchestrating a Ponzi scheme in relation to his operation commodity pool, which took more than $1.4 million from investors.
Financial industry regulators have permanently barred a local broker alleged to have participated in a Ponzi scheme.
New Albany, Indiana Man Arrested on Multiple Counts of Securities Fraud and Theft
An Illinois federal judge on Thursday refused to dismiss an indictment against a Chicago trader who has been charged with wire fraud for orchestrating an alleged $9 million Ponzi scheme, ruling that he wasn’t singled out for prosecution while other similarly situated violators were let off the hook.
Federal authorities said Thursday they had dismantled a massive call-center scheme perpetrated by individuals in the U.S. and India who bilked thousands of Americans out of hundreds of millions of dollars by posing as Internal Revenue Service and Department of Homeland Security officials.
A Florida man was sentenced Tuesday in Miami to more than 17 years in federal prison for duping about 300 investors out of millions of dollars through a phony currency trading firm before cashing out and fleeing to Panama.
Uptick in adviser crackdown attributed to better data analytics and agency’s new unit focused on asset management
The U.S. Securities and Exchange Commission on Tuesday filed an in-house suit alleging a Hawaii-based investment adviser cherry-picked profitable trades for himself instead of clients’ accounts and falsely claimed he wouldn’t “double dip” on management and advisory fees.
Royal Bank of Canada and a Los Angeles-based banking subsidiary have been sued in California state court for negligence and other claims by dozens of individual investors alleging a bank officer enabled a $123 million Ponzi scheme through an ATM machine leaseback program operated by the in-receivership Nationwide Automated Systems Inc.
A New York man on Friday was sentenced to over 10 years in prison for running a $26 million Ponzi scheme through a purported paving stone company, in a case that has also ensnared a former U.S. Securities and Exchange Commission attorney accused of aiding the scheme.