a

Class Action

Ponzi Schemes

Latest News

8:00am - 5:00pm EST

Office Hours Monday - Friday

(574) 722-6676

Call Us For Free Consultation

Facebook

Twitter

News
 

Securities Fraud

Paving Stone Co. Head Gets 10 Years For $26M Ponzi Scheme

By Stewart Bishop of Law360.com 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. Eric Aronson, 48, the founder and head of PermaPave Industries LLC and PermaPave USA Corp., was sentenced to 124 months in prison and ordered to forfeit $26 million after pleading guilty in September 2014 to securities fraud. Aronson was charged along with former SEC counsel and current private attorney Fredric Aaron,...

Continue reading

Charlestown, Indiana man pleads guilty in securities fraud case

Richard Collins ordered to pay $250,000, sentenced to prison By Elizabeth Depompei of newsandtribune.com A Charlestown man was ordered to pay $250,000 in restitution after pleading guilty in a securities fraud case Monday. Richard Collins was president of R.C. Vision Quest in Jeffersonville, where he reportedly sold unregistered securities without being licensed to do so, a violation of the Indiana Uniform Securities Act. According to a July news release from the Indiana Secretary of State, Collins made cold calls to investors in North Carolina and Virginia and promised them high returns for investing. Collins reportedly advertised his business as being religion-based and all of...

Continue reading

Indiana awards whistleblower $95K with more whistleblowers likely in financial advice sector

Earlier this month, Indiana announced its first whistleblower award, giving $95,000 to a former JP Morgan official who helped the state's regulators make an advice-related case against the firm that resulted in a $950,000 settlement. The informant showed how the firm failed to make proper disclosures to clients about proprietary funds in discretionary accounts. The whistleblower exposed JP Morgan for putting its interests before its clients. Federal and state securities regulators are relying more on firm insiders to uncover wrongdoing. As a result, the investment advice sector may find itself more vulnerable to whistleblowing. The Securities and Exchange Commission has been awarding...

Continue reading

Day Traders Think They Can Win in Online Ponzi Schemes

Software makers and speculators help to keep $47 million a year flowing through a world of fraudulent investment schemes. By Eduardo Thomson and Janan Hanna of Bloomberg.com It’s the financial equivalent of a game of chicken: Put money into a likely Ponzi scheme, get paid for a while, and then try to get out before the collapse. That’s how some people seem to be using online “high-yield investment programs,” or HYIPs. The sites promise ludicrous returns—the equivalent of 1,000 percent or more annually—based on vague investment plans involving, say, bitcoin or currency trading. In reality, many are just passing money from new investors...

Continue reading

Adviser Who Targeted Elderly In Ponzi Scheme Gets 5 Years

By Diana Novak Jones of Law360.com A financial adviser convicted of running an 8-year, $4.2 million Ponzi scheme was sentenced to five years in prison Thursday after several of her victims spoke about how she selected elderly and ill people to defraud. In addition to the prison sentence, Delores Mosier was ordered to pay nearly $3 million in restitution to her victims, which included friends who had known her for decades and elderly people she met more recently. Mosier convinced them to invest their retirement savings with her in something she called Chicago Anticipatory Notes — but the money ended up deposited...

Continue reading

ADM Accused in Trial of Directing Grain Sales Ponzi Scheme

By Bloomberg News A Missouri grain dealer who stole tens of millions of dollars from farmers may turn out to be their best ally as they try to recoup losses from corn giant Archer-Daniels-Midland Co. ADM began trial Tuesday in St. Louis with farmers claiming the woman couldn’t have ripped them off without help from the world’s biggest corn processor. From behind bars, where she is serving a nine-years sentence, the dealer’s testimony is set to bolster the farmers’ effort to get back more than just the mere fraction of their losses they’ve recovered from her. An unfavorable verdict for ADM could taint...

Continue reading

Texas Oil Co. Owner Arrested For Running Ponzi Scheme

By Daniel Siegal of Law360.com The Texas-based proprietor of an oil and gas exploration company has been arrested by federal authorities on charges of mail fraud for luring investors to sink $2.6 million into an oil and gas investment program that was actually a Ponzi scheme, authorities announced Friday. James VanBlaricum of Colleyville, Texas, was arrested on Wednesday by U.S. Postal Inspectors on a federal criminal complaint charging him with mail fraud, the U.S. Department of Justice said Friday. The 77-year-old VanBlaricum is accused of using his Signal Oil and Gas Co., incorporated in 2000, as a fraudulent investment scheme, offering an investment...

Continue reading

Attorney: Locals Invested $750K in Reported Scam

More than 20 shareholders from Cass, Pulaski spark local lawyer’s investigation PharosTribune.com By Mitchell Kirk More than 20 people from Cass and Pulaski counties contributed about $750,000 to a former Logansport man facing federal charges of defrauding investors, according to a local attorney. Larry Westby, 64, Vanderbilt, Michigan, faces charges of mail fraud, money laundering and fraud in the offer and sale of securities. The FBI, IRS and Indiana Secretary of State's office accuse the former Logansport resident of scamming investors out of more than $985,000. Westby started a company called LMW Inc. he based in Indianapolis with the reported objective of selling respiratory...

Continue reading

Former Eagle player defrauds football coaches, others out of $6 million

SEC complaint alleges Merrill Robertson Jr. and partner promised 20% and took client funds InvestmentNews.com By Liz Skinner Former Philadelphia Eagle Merrill Robertson Jr. defrauded his former coaches and other investors out of about $6 million, the Securities and Exchange Commission alleged in a complaint filed on Wednesday. Mr. Robertson, Sherman Vaughn Jr., and the company they owned together called Cavalier Union Investments, raised more than $10 million from investors who were told their money would go towards diversified holdings, the complaint filed in federal court in Richmond, Va., said. However, nearly $6 million was used to pay for personal expenses of Mr. Robertson and...

Continue reading

Two Chattanooga brokers investigated for securities fraud

A release from the TDCI says James Hugh Brennan III and Douglas Albert Dyer, co-owners operating Chattanooga-based Broad Street Ventures, LLC., allegedly raised more than $5 million from investors without using the money as promised. By WTVC – newschannel9.com Two former brokers with disciplinary histories from Chattanooga are under investigation for securities fraud by the Securities & Exchange Commission (SEC), the Tennessee Department of Commerce & Insurance (TDCI) and the FBI. The investigation, started by the TDCI, ultimately led to a recent court-ordered asset freeze in order to stop the fraud. A release from the TDCI says James Hugh Brennan III and Douglas Albert...

Continue reading