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Ponzi Scheme

Stock Fraudsters Prey on the Retired

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Starr Austen & Miller has represented over 1,400 investors who have lost their hard earned savings to bad brokers and investment fraud.  Almost always the victim is an elderly person or someone nearing retirement who is defrauded of all or nearly all of their retirement savings. The article, " Pa. Broker Gets 5 Years for $2M Ponzi Scheme" from Law360.com, an article authored by Hayley Fowler, summarizes a similar case. Bad stock brokers and bad investment advisors will quote high returns while touting the “safety” of the investment they are pushing.  This pitch is especially attractive to retired folks who are worried...

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Judge orders ex-CEO to pay nearly $850K in Veros Ponzi scheme

Judge orders ex-CEO to pay nearly $850K in Veros Ponzi scheme

By Dave Stafford / The Indiana Lawyer A former finance company chief with a history of securities law violations has been ordered to pay almost $850,000 in connection with the sale of securities based on farm loans. Former Pin Financial LLC chief executive Tobin Senefeld of Indianapolis was ordered Tuesday to pay a total of $843,356 in a lawsuit the Securities and Exchange Commission filed against him, his firm and Veros Farm Loan Holding LLC. The SEC said defendants violated securities laws in a Ponzi scheme. Rather than funding current farming operations, as investors were told, proceeds of the securities were used to cover farms’...

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Never Invest in a Company Started or Managed by Your Stockbroker, Insurance Agent, or Investment Advisor

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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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