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
 

Author: admin

Bitcoin scam? Here are 3 signs a cryptocurrency investment, ICO or altcoin is a fraud

Bitcoin scam? Here are 3 signs a cryptocurrency investment, ICO or altcoin is a fraud

By James Dennin of Mic.com When perpetrating any kind of scam, it helps to move in a space that’s hard for everyday consumers to understand. It’s safe to say digital currencies, which were confusing to begin with and now come in more than a thousand different varieties, offer fertile ground for fraudsters. One recent scam story making the news pertains to the aptly-named Confido, a new cryptocurrency startup that successfully raised more than $300,000 in investment money through an initial coin offering. Then, according to reports in The Next Web and Inc, the company quickly disappeared. Altogether the startup was able to...

Continue reading

Former heavy-hitter stockbroker Buck charged with fraud

Former heavy-hitter stockbroker Buck charged with fraud

By Indianapolis Business Journal staff Thomas. J. Buck, a former top investment broker who was fired by the local office of Merrill Lynch in 2015 after nearly 34 years with the firm, is now facing serious prison time, according to federal officials. Buck, 63, has agreed to plead guilty to one count of securities fraud and faces up to 25 years in prison, U.S. Attorney Josh Minkler’s office announced Tuesday morning. Buck also agreed to pay $5 million as part of a civil settlement he reached with the U.S. Securities and Exchange Commission. Federal investigators say Buck defrauded clients by charging excessive commissions...

Continue reading

Indiana investment adviser sentenced to prison for fraud

Indiana investment adviser sentenced to prison for fraud

From The Indiana Gazette Acting U.S. Attorney Soo C. Song announced Monday that former Indiana investment adviser Bernard Parker was sentenced to 87 months imprisonment, three years supervised release and ordered to pay $1,212,663.93, on his conviction at trial of one count of securities fraud, one count of mail fraud and four counts of filing false tax returns. Parker, 56, was sentenced by U.S. District Judge Reggie B. Walton. According to Assistant U.S. Attorneys Robert S. Cessar and Rachael L. Mamula, who prosecuted the case, the evidence presented at trial established that Parker, the principal of Parker Financial Services, solicited his clients by...

Continue reading

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...

Continue reading

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...

Continue reading

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...

Continue reading

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....

Continue reading

Advisers must protect elderly from financial fraud

Advisers must protect elderly from financial fraud

The elderly are targeted by fraudsters because they often have a pile of savings and a steady stream of income. Older people are also more prone to cognitive decline, physical disability, isolation and loneliness — all of which leave them susceptible to exploitation. More often than not, that exploitation is perpetrated by a close family member....

Continue reading