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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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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....

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