Tag Archives: Ponzi schemes
Investor Alert: Ponzi Schemes Targeting Seniors
The SEC’s Office of Investor Education and Advocacy (OIEA) and Retail Strategy Task Force are warning investors about Ponzi schemes that prey on senior investors. Many seniors have spent years saving and investing, which is a great way to achieve financial security – but also may make them targets for investment fraud, including Ponzi… Read More »
Five Men Accused of Selling False Real Estate Investments
Many investors are looking for a way to get into the real estate market while minimizing their risk. There are a number of ways to do so, such as purchasing shares in a real estate investment trust, a company that manages properties and pays investors a share of the income. Unfortunately, the prospect of… Read More »
What Investors Should Know About Recent Stock Market Volatility
August was a tough month for many investors, as several major stock indexes posted their steepest declines in more than three years. Prompted by a sell-off in the Chinese stock markets which began in mid-June, American investors are now experiencing a resurgence in “volatility” with respect to their own portfolios. Such volatility also raises… Read More »
SEC Stops Ponzi Scammer Selling Notes in Florida Software Company
Although all Ponzi schemes inevitably collapse, it can be years before investors (or regulators) catch up with the scammer. For example, the U.S. Securities and Exchange Commission recently charged a Texas man with running a Ponzi scheme for more than a decade. The alleged scheme centered on efforts to raise money for a Florida-based… Read More »
SEC Obtains Judgment Against Ex-Radio Host Who Ran Real Estate Ponzi Scheme
On July 17, the U.S. Securities and Exchange Commission obtained a civil judgment against two individuals who cheated investors and lenders out of nearly $7 million through a fraudulent real estate investment scheme. The SEC said the pair, together with a third person, “misappropriated millions of dollars raised from investors through the fraudulent sale… Read More »
SEC, California Prosecutors Expose $2.6 Million Ponzi Scheme
Investors should always be cautious when dealing with unregistered investment advisors. Registration with the U.S. Securities and Exchange Commission and state officials are important tools that provide investors with access to critical information. It is far too easy for scammers to lure unsuspecting investors with fake credentials and non-existent investment products. SEC v. Moore… Read More »
Feds Say Ex-Stockbroker Used Fictitious CD Sales to Buy Florida Condo
On July 1, the U.S. Securities and Exchange Commission and the U.S. Attorney’s Office in Philadelphia filed civil and criminal charges, respectively, against Malcolm Segal, a former stockbroker accused of running a Ponzi scheme. These actions come after a November 2014 order by the Financial Industry Regulatory Authority which permanently barred Segal from working… 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 »
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 »
