Articles Posted in Ponzi Scheme News

Securities and Exchange Commission v. Yusaf Jawed, Grifphon Asset Management, LLC, Grifphon Holdings, LLC, and Robert P. Custis, Civil Action No. 12-1696 (U.S. District Court for the District of Oregon, filed September 20, 2012) Securities and Exchange Commission v. Jacques Nichols, Civil Action No. 12-1698 (U.S. District Court for the District of Oregon, filed September…

SEC Charges Atlanta-Based Adviser with Operating Ponzi-Like Scheme Involving Private Investment Funds September, 2012: The Securities and Exchange Commission recently announced charges against a private fund manager and his Atlanta-based investment advisory firm for defrauding investors in a purported “fund-of-funds” and then trying to hide trading losses by creating new private funds to make money…

SEC Charges Connecticut-Based Broker With Stealing Investor Funds to Pay Mortgage and Shopping Bills September, 2012: The Securities and Exchange Commission recently charged a broker and his company based in Danbury, Conn., with stealing at least $600,000 from customers who he persuaded to withdraw money from their brokerage accounts he managed at other firms and…

SEC Charges Attorney and Two Other South Florida Residents in $27.5 Million Investment Fraud September, 2012: The Securities and Exchange Commission recently charged an attorney and two others living in South Florida for their roles in a $27.5 million investment scheme that led investors to believe they were purchasing securities consisting of “pre-sold” commodities contracts…

SEC v. Jeffrey L. Mowen, et al., Case No. 2:09-cv-00786-DB/PMW (D. Utah) August, 2012: CONVICTED PONZI SCHEME OPERATOR JEFFREY L. MOWEN ORDERED TO PAY OVER $18,000,000 IN SEC ACTION The Securities and Exchange Commission announced today that the United States District Court for the District of Utah entered a final judgment against Jeffrey L. Mowen,…

SEC Brings Charges in Puerto Rico-Based Ponzi Scheme Targeting Evangelical Christians and Factory Workers August, 2012: The Securities and Exchange Commission recently charged a Puerto Rico resident and his company with conducting a Ponzi scheme that targeted evangelical Christians and factory workers in Puerto Rico. The SEC alleges that Ricardo Bonilla Rojas and his firm…

SEC Charges College Football Hall of Fame Coach in $80 Million Ponzi Scheme August, 2012: The Securities and Exchange Commission recently announced fraud charges against a former college football coach who teamed with an Ohio man to conduct an $80 million Ponzi scheme that included other college coaches and former players among its victims. The…

Investment Contract – Ponzi Scheme August, 2012: The Securities and Exchange Commission recently announced fraud charges and an emergency asset freeze to halt a $600 million Ponzi scheme on the verge of collapse. The emergency action assured that victims can recoup more of their money and potentially avoid devastating losses. The SEC alleges that online…

SEC Halts Denver-Based Ponzi Scheme August, 2012: The Securities and Exchange Commission recently announced fraud charges and an emergency asset freeze against a Denver-based company and two Colorado residents carrying out a $15.7 million Ponzi scheme harming more than 120 investors nationwide. The SEC alleges that Michael J. Turnock of Denver and William P. Sullivan…

Securities and Exchange Commission v. Avanti Capital Partners, LLC, et al, Civil No.: 2:12-cv-788-BCW (USDC Utah, Filed August 13, 2012). August, 2012: SEC CHARGES HOME AND CONSTRUCTION LOAN COMPANIES AND THEIR PRINCIPAL WITH OFFERING FRAUD Recently, the Securities and Exchange Commission filed a civil injunctive action against Ivan Wade Brown (Brown) and two companies he…