Recent Blog Posts
Investment Adviser Admits It Failed to Stop Ex-President from Stealing Client Funds
Investment advisers and other professionals who handle investor funds have a legal duty to ensure their employees and agents do not misappropriate those funds for personal use. An investment adviser registered with the U.S. Securities and Exchange Commission must “adopt and implement written policies and procedures reasonably designed to prevent” violations of federal securities… Read More »
Federal Judge Sentences Jacksonville Ponzi Scheme Operator Who Defrauded Retired Teachers
On June 12, a federal judge in Jacksonville sentenced the former operator of a Ponzi scheme to 10 years in prison. Anderson Scott Hall previously pleaded guilty to four felony charges of wire fraud, mail fraud and money laundering in late 2013. The United States Attorney’s Office in Jacksonville recommended the 10-year sentence, which… Read More »
Do You Know the Warning Signs of a Financial Scam?
Financial scammers often target retirees and the elderly. That it is why it is important to understand and identify the potential signs of financial fraud before you lose your life savings. The U.S. Securities and Exchange Commission recently issued an Investor Alert cautioning all seniors to look for five “red flags” which may indicate… Read More »
Do You Know Who You Are Investing With?
In a recent Investor Alert, the U.S. Securities and Exchange Commission warned, “In order to attract unsuspecting investors and gain their trust, fraudsters may boast about credentials they do not have.” Indeed, a key part of many securities fraud schemes is the operator’s ability to mislead investors about his or her expertise and track… Read More »
The Risks of Self-Directed Individual Retirement Accounts
Millions of Americans rely on Individual Retirement Accounts (IRAs) to save for their retirement. IRAs are a type of restricted savings account where the owner receives certain tax benefits. For example, in a traditional IRA, you may contribute a certain amount each year (up to $5,500 if you are under the age of 50)… Read More »
SEC Charges Texas Pair for Misleading Elderly & Retired Investors in Life Settlements
On May 11, the U.S. Securities and Exchange Commission filed a civil lawsuit in Texas against two insurance salesman accused of illegally selling “life settlements” to more than two dozen investors, many of them elderly and retired. Life settlements are fractional interests investors purchase in the death benefits payable under a life insurance policy…. Read More »
SEC, U.S. Attorney Prosecute Miami Ponzi Scheme That Targeted Retirees
A Miami resident is facing federal criminal charges for allegedly running a Ponzi scheme targeting retired public sector workers. Phil Donnahue Williamson has already settled civil charges brought by the U.S. Securities and Exchange Commission, agreeing to repay nearly $750,000 to investors. The U.S. Attorney’s Office in Miami separately charged Williamson with investment advisor… Read More »
SEC Charges Atlanta Broker With Defrauding Public Employee Pension Funds
Millions of state and local government employees depend on public pension systems to safeguard their retirement. Florida itself operates the fourth-largest public pension system in the country. And when unethical investment advisers try to take advantage of public pension systems by recommending unsuitable uses for pension funds, workers and retirees may be put at… Read More »
SEC Halts “Prime Bank” Scheme Targeting Construction Industry
On May 14, the U.S. Securities and Exchange Commission filed a civil complaint against six individuals and several companies accused of participating in a scheme to sell non-existent financial instruments to unsuspecting investors seeking financing for construction projects. SEC v. North Star Finance LLC According to the SEC’s complaint, in February 2014, Thomas Ellis,… Read More »
Court Upholds $120 Million Judgment Against Man Who Sold Fake Promissory Notes
On May 21, a federal appeals court in Ohio upheld a $120 million civil judgment against a man charged by the U.S. Securities and Exchange Commission with defrauding investors in Florida and Michigan out of millions of dollars. The defendant, Joseph Paul Zada, posed as a wealthy oil investor soliciting new investors. In fact,… Read More »
