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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...

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Ex-SEC Chair Warns Of Adviser Exam Shortfall ‘Disaster’

Ex-SEC Chair Warns Of Adviser Exam Shortfall Disaster

By Ed Beeson of Law360.com Former U.S. Securities and Exchange Commission Chair Mary Jo White on Friday sounded an alarm about the agency’s inability to conduct regular inspections of most registered investment advisers, calling it “a disaster waiting to happen” if the pace can’t be picked up. Speaking at a Practising Law Institute event in New York, White didn’t elaborate on what she meant by disaster, but she said it was one of the things that greatly concerned her during her tenure as Wall Street’s top cop. There are currently about 12,500 advisers registered with the SEC, but the agency’s exam staff are...

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SEC Settles Ponzi Scheme Suit Against Ex-NFLer, Biz Partner

SEC Settles Ponzi Scheme Suit Against Ex-NFLer, Biz Partner

By Christine Powell of Law360.com A Massachusetts federal judge greenlit a deal Friday resolving the U.S. Securities and Exchange Commission’s allegations that a former NFL player, his business partner and three companies they founded together ran a $31.7 million Ponzi scheme that involved convincing investors they were helping provide short-term loans to professional athletes. U.S. District Judge Indira Talwani entered final judgment just one day after the SEC moved for the approval of the settlement in its civil enforcement action against William D. Allen, who played for the New York Giants, the Miami Dolphins and the New England Patriots; former banker Susan...

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FINRA Fines JPMorgan $1.25M For Faulty Background Checks

FINRA Fines JPMorgan $1.25M For Faulty Background Checks

By Evan Weinberger of Law360.com A JPMorgan Chase & Co. securities subsidiary on Tuesday agreed to pay $1.25 million in a settlement alleging that the firm did not perform adequate background checks on around 95 percent of its support staff. The Financial Industry Regulatory Authority said that J.P. Morgan Securities LLC did not perform timely or sufficient background checks on approximately 8,600 of its “nonregistered associated persons,” including sales assistants, information technology staff and other back office workers, between January 2009 and May 2017. “FINRA member firms play an important gatekeeper role in keeping bad actors from harming investors. Firms have a clear responsibility to...

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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...

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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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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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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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