The Securities and Exchange Commission has filed fraud charges in Federal Court in Miami, Florida against the owners and operators of Jay Peak Resort, a Vermont-based ski resort, and related businesses. The complaint alleges that millions of dollars were raised under the EB-5 Immigrant Investor Program. According to the complaint,…
August 24, 2015 – The U.S. Court of Appeals for the First Circuit has affirmed the decision of a Magistrate Judge in a Massachusetts federal court case, arising from a $150 million Ponzi scheme known as Millennium Bank. Several investors brought a class action lawsuit against JPMorgan Chase Bank, N.A.…
October 19, 2010 – Bruce Prevost and David Harrold allegedly filtered over $1 billion from their hedge fund firms Palm Beach Capital Management LP and Palm Beach Capital Management LLC to the Thomas Petters investment scam. The Securities and Exchange Commission (“SEC”) filed a complaint that alleges from approximately 2004…
September 30, 2010 – Benjamin Lee Grant, of Boston, Massachusetts, allegedly ran his brokerage firm, Sage Advisory Group, LLC, as a massive investment scam. The Securities and Exchange Commission (“SEC”) filed a complaint that alleges Grant fraudulently enticed more than 300 customers with over $100 million in assets to join…
September 10, 2009 – Sandra Venetis was allegedly operating her three entities, Systematic Financial Services, Inc., Systematic Financial Associates Inc., and Systematic Financial Services LLC, as a Ponzi scheme. According to the complaint filed by the Securities and Exchange Commission (“SEC”), Venetis bilked investors for at least $11 million since…
June 30, 2010 – Daniel Spitzer allegedly operated several business entities as a foreign currency investment fraud, which raised over $105 million from 400 investors. This week, the Securities and Exchange Commission (“SEC”) filed a complaint that claims Spitzer misled investors from at least 2004 until as recently as March…
June 17, 2010 – Milowe Brost, Gary Sorenson, Larry Adair, Ward Capstick, Bradley Regier, and Martin Werner allegedly operated their entities Syndicated Gold Depository, Merendon Mining Corp. Ltd., Merendon Mining (Nevada) Inc., and the Institute for Financial Learning Group of Companies, Inc. as a massive $300 million Ponzi scheme. Last…
June 3, 2010 – Luis Felipe Perez allegedly operated his investment business, which he claimed financed jewelry stores and pawn shops, as a massive $40 million Ponzi scheme. The Securities and Exchange Commission (“SEC”) filed a complaint, which alleges that from 2006 to June 2009 Perez operated his scam by…
May 22, 2010 – Edward Allen and David Olson operated their real estate company, A & O Investments, LLC, as a Ponzi scheme according to the Securities and Exchange Commission (“SEC”). The SEC’s complaint filed in an Ohio federal court claims that from September 2005 to December 2008 Allen and…
May 10, 2010 – Victims of the Millennium Bank Ponzi scheme have survived a motion to dismiss filed by Defendant JPMorgan Chase Bank in their class action lawsuit. The complaint alleges that the bank aided and abetted the perpetrators of a $200 million Ponzi scheme which operated out of offices…