Management Solutions, Inc. Real Estate Ponzi Scheme Emergency asset freeze in a $220 million real estate based offering fraud and Ponzi scheme orchestrated by Wendell A. Jacobson and Allen R. Jacobson through Management Solutions, Inc. and over 200 other entities controlled by the Jacobsons. See Report Share on bebo Blog this! Bookmark on Delicious Digg [...]
Randall Merk Fraud – SCHWAB YIELDPLUS FUND In January 2011, the Securities and Exchange Commission filed a complaint alleging that Merk and another official committed securities law violations in connection with the offer, sale, and management of the YieldPlus Fund. YieldPlus is an ultra-short bond fund that, at its peak in 2007, had $13.5 billion [...]
Ponzi Scheme – Utah : E&R Holdings, Wise Financial Holdings, Momentum Leasing … The Securities and Exchange Commission announced the filing of a complaint in federal district court against Raymond P. Morris (Morris), James L. Haley (Haley), Jay J. Lindford (Lindford), attorney Luc D. Nguyen (Nguyen), E&R Holdings, LLC (E&R Holdings), Wise Financial Holdings, LLC [...]
Ponzi Scheme – Carr Miller Capital LLC New Jersey The New Jersey Office of the Attorney General and the Bureau of Securities has filed a lawsuit against Carr Miller Capital LLC and its three principals. The firm’s principal place of business is listed on JFK Parkway in Short Hills and has operations out of South [...]
Ponzi Scheme – Fla. man $110 million Ponzi scheme The U.S. Attorney’s Office in Washington, D.C. has indicted a Florida man in a $110 million Internet Ponzi scheme. Federal authorities arrested Thomas A. Bowdoin Jr., the founder of AdSurf Daily, Inc., on charges of wire fraud, securities fraud and unlawful sale of unregistered securities. Bowdoin, [...]
Fraud Report – Nicholas Cosmo the owner of a Long Island investment firm ( Agape World Inc. Agape Merchant Advance ) accused of Ponzi Scheme that frauded people out of more than $100 million with Bank of American (BofA) is expected to appear in court Tuesday. FBI spokesman Jim Margolin says Nicholas Cosmo surrendered at [...]
Fraud Report – Clelia Flores, formerly of El Segundo, promised 25% returns every 45 days to victims who invested in her ponzi scheme company, Maximum Return Investments, and several other companies under her control. Clelia Flores was sentenced to 5 years in federal prison after she pleaded guilty to operating a $10.3-million Ponzi scheme. She [...]
The SEC’s complaint filed in the U.S. District Court for the District of Minnesota alleges that Prévost, Harrold, and their firms Palm Beach Capital Management LP and Palm Beach Capital Management LLC invested more than $1 billion in hedge fund assets with Petters while pocketing more than $58 million in fees in their ponzi scheme. [...]
Federal investment regulators issued a warning this week about a sophisticated and fast-growing fraud that trolls social networks for victims and has already cost investors hundreds of millions. Using advertisements on Facebook to lure in initial victims, who are then convinced to inadvertently con their friends, so-called “high-yield investment program” scams have gone viral, [...]
The SEC’s $550 million settlement with Goldman Sachs fraud is naturally being celebrated by the feds as a major victory, “the largest penalty ever assessed against a financial services firm in the history of the SEC.” Maybe. I think there’s another way to look at it. Goldman’s net income was more than $13 billion in [...]
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