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.…
While state and federal prosecutors in Massachusetts have secured more than $150 million of the $1 billion raised by alleged investment fraud, known as “TelexFree”, victims’ claims for restitution have yet to be processed. Authorities have said that these funds will not be available until the conclusion of the U.S.…
October 31, 2014 – In April 2014, Massachusetts Secretary of State, William Galvin, filed a complaint against Carlos Wanzeler and James Merrill, alleging that their company, TelexFree, Inc., was operated as a Ponzi scheme. The company operated out of Marlborough and raised almost $1 billion worldwide, which includes over $90…
September 24, 2014 – Fidelity Bank in Fitchburg, Massachusetts, has agreed to pay $3.5 million dollars to the Massachusetts Secretary of State’s Office to settle claims that it allegedly allowed TelexFree Inc. to open bank accounts, without properly screening the company. TelexFree was an alleged investment fraud, which purported to…
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…