Posts belonging to Category Ponzi Schemes
Posted by J. Boyd PageonMarch 1, 2013
Is the federal government really getting tougher on white-collar crime? Faced with criticism for not holding big banks and their senior executives accountable for their behavior leading up to the financial crisis, the U.S. Department of Justice (“DOJ”), which prosecutes federal crime cases, is developing a new model for dealing with alleged financial crimes perpetrated […]
Categories: Brokerage Firms, Common Securities Broker Abuses, Investment Advisers, Investment Malpractice, Investor Alerts, Misrepresentation/Omission, Ponzi Schemes, Regulatory Developments, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation
Posted by Page PerryonNovember 13, 2012
Andrew Mackey, a recently convicted ponzi scheme operator who defrauded 160 metro-Atlantans through his company, ASM Financial Funding Corp., was sentenced to 27 years in federal prison by U.S. District Court Judge William Duffey. His common law wife, Inger Jensen, had already been sentenced to 14 years for her role in the fraud (“Man gets […]
Categories: Affinity Fraud, Brokerage Firms, Common Securities Broker Abuses, Investment Advisers, Ponzi Schemes, Promissory Notes, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation
Posted by Page PerryonOctober 5, 2012
The Securities and Exchange Commission charged James S. Quay, age 50, a disbarred Atlanta attorney and unlicensed financial advisor, with defrauding two elderly women he convinced to invest with him directly. Mr. Quay is a convicted felon and had a history of steering retirees into fraudulent investment schemes, which he concealed from his victims, according […]
Categories: Affinity Fraud, Brokerage Firms, Common Securities Broker Abuses, Elder Abuses, Fairness/Just & Equitable Conduct, Investment Advisers, Investment Malpractice, Investor Alerts, Misrepresentation/Omission, Ponzi Schemes, Regulatory Developments, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation
Posted by Page PerryonSeptember 19, 2012
The SEC has filed a civil action against Atlanta-based Summit Wealth Management Inc. and its president Angelo A. Alleca charging them with fraud resulting in the loss of over $17 million of investors’ money. The suit seeks an order freezing the defendants’ assets, an order appointing a receiver and an order requiring an accounting of […]
Categories: A General Overview, Common Securities Broker Abuses, Fairness/Just & Equitable Conduct, Investigations, Investment Advisers, Investment Malpractice, Investor Alerts, Misrepresentation/Omission, Ponzi Schemes, Regulatory Developments, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Unsuitable Recommendations
Posted by Page PerryonAugust 28, 2012
Investment advisers and their firms are facing increased scrutiny from state regulators following enactment of the Dodd-Frank financial reform act and the high profile press coverage of the Madoff ponzi scheme and other fraudulent activities. The number of regulatory enforcement actions against investment advisers increased by 100 percent in 2011. Regulators are on the lookout […]
Categories: Affinity Fraud, Common Securities Broker Abuses, Crowd Funding, Early Retirement Scams, Elder Abuses, Exchange Traded Notes (ETNs), Exchange-Traded Funds (ETFs), Fairness/Just & Equitable Conduct, Insurance Products, Investigations, Investment Advisers, Investment Malpractice, Investor Alerts, Misrepresentation/Omission, Oil & Gas, Ponzi Schemes, Private Investments/Reg D, Promissory Notes, Regulatory Developments, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Smart Investing Tools, Unsuitable Recommendations
Posted by Page PerryonAugust 23, 2012
Financial exploitation of older Americans is a big problem and it is getting bigger. An article by Wall Street Journal columnist Kelly Greene points out that senior citizens are “very vulnerable” to fraud and refers to a recent study by the Investor Protection Trust. The study polled hundreds of regulators, financial planners, healthcare professionals, social […]
Categories: Affinity Fraud, Brokerage Firms, Common Securities Broker Abuses, Early Retirement Scams, Elder Abuses, Fairness/Just & Equitable Conduct, Insurance Products, Investigations, Investment Advisers, Investment Malpractice, Investor Alerts, Misrepresentation/Omission, Ponzi Schemes, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Smart Investing Tools, Unsuitable Recommendations
Posted by Page PerryonAugust 22, 2012
New types of scams are posing threats to investor well-being. The North American Securities Administrators Association (NASAA), a group of state securities regulators) has identified four new types of fraud to go along with the 6 persistent fraud threats that round out their Top Ten Threats to Investors.
Categories: A General Overview, Affinity Fraud, Brokerage Firms, Common Securities Broker Abuses, Crowd Funding, Early Retirement Scams, Fairness/Just & Equitable Conduct, Insurance Products, Investigations, Investment Advisers, Investment Malpractice, Investor Alerts, Misrepresentation/Omission, Nontraded REITs, Oil & Gas, Ponzi Schemes, Private Investments/Reg D, Promissory Notes, Regulatory Developments, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Smart Investing Tools, Tenant-in-Common Interests, Unsuitable Recommendations, Variable Annuities and Equity-Indexed Annuities
Posted by Page PerryonJune 20, 2012
The number of financial scams targeting seniors is dramatically increasing according to a survey conducted by the non-profit Investor Protection Trust. “Swindles targeting older Americans are a bigger problem today than ever before,” Don Blandin, president and chief executive of Investor Protection Trust, was quoted as saying (See “Survey reveals alarming rise in financial abuse […]
Categories: Affinity Fraud, Brokerage Firms, Common Securities Broker Abuses, Early Retirement Scams, Elder Abuses, Fairness/Just & Equitable Conduct, Insurance Products, Investment Advisers, Investment Malpractice, Investor Alerts, Ponzi Schemes, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Smart Investing Tools, Unsuitable Recommendations
Posted by Page PerryonMay 14, 2012
Elder financial abuse is an “epidemic” and likely to become much worse given that 77 million baby boomers are entering their so-called “retirement” years (See “Golden years? Financial elder-abuse now epidemic,” Andrew Osterland, InvestmentNews). Between 500,000 and 5 million elders are abused, neglected or exploited each year, and the abuse is often unreported. “Elders can […]
Categories: Affinity Fraud, Brokerage Firms, Elder Abuses, Fairness/Just & Equitable Conduct, Insurance Products, Investment Advisers, Investment Malpractice, Investor Alerts, Ponzi Schemes, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation
Posted by Page PerryonMarch 26, 2012
U.S. News & World Report has posted an article to help investors deal with the constant bombardment of unsolicited sales pitches and investment advice, which could be great, but is more likely substandard, and may be deadly. The article by David Ning, “7 Ways to Avoid Financial Product Scams,” purports to present “seven ways to […]
Categories: Affinity Fraud, Brokerage Firms, Common Securities Broker Abuses, Early Retirement Scams, Insurance Products, Investment Advisers, Investor Alerts, Ponzi Schemes, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Smart Investing Tools