December 7, 2009 – Striker Petroleum, LLC, a Dallas based oil and gas company controlled by Mark S. Roberts, 58, and Christopher E. Pippin, 35, was a massive Ponzi scheme, according to the complaint filed by the SEC last week. According to the SEC complaint, Striker raised approximately $57 million from…
November 26, 2009 – Trevor G. Cook and Patrick J. Kiley, both Minnesota residents, allegedly operated a foreign currency investment scam through their four main entities: UBS Diversified Growth LLC, Universal Brokerage FX Management LLC, Oxford Global Advisors LLC, and Oxford Global Partners LLC. According to the complaint filed by…
November 24, 2009 – The SEC alleges that Derek A. Nelson ran a Ponzi Scheme using fictitious companies: Capital Mountain Holding Corporation (“CMHC”), Systems XXI, Act I, LLC, and Systems XXI, Act II, LLC. In a Complaint filed last week in federal court for the Northern District of Texas, the…
November 18, 2009 – Mantria Corporation and Speed of Wealth, LLC operated a ponzi scheme, claims the Securities and Exchange Commission (“SEC”) in a complaint just filed in federal Court in Colorado. The SEC has filed a civil action against Mantria Corporation, Troy B. Wragg, Amanda E. Knorr, Speed of Wealth, LLC, Wayde M. McKelvy,…
October 23, 2009 – The SEC and CFTC have filed civil actions against David F. Merrick and his Trader’s International Return Network ( TIRN ), and Merrick’s other corporate shells, most of them registered in Florida. The government alleges that Merrick and TIRN operated a $22 million Ponzi scheme, raising…
October 15, 2009 – The SEC has filed an emergency civil action against David F. Merrick, Traders International Return Network (TIRN), MS Inc., GTT Services, Inc., MDD Consulting, Inc., and Go ! Tourism, Inc alleging financial fraud. According to the complaint, Merrick and his business entities operated a $22 million…
October 9, 2009 – Gregory Bell, a former Chicago hedge fund manager and owner of Lancelot Investment Management, LLC, pled guilty to one count of wire fraud yesterday in the United States District Court for the District of Minnesota. Wire fraud carries a maximum of 20 years imprisonment and a…
October 9, 2009 – Richard M. Harkless, 65 years old from Riverside, California, was sentenced to 100 years in federal prison on September 28, 2009. Harkless was convicted of three counts of mail fraud, three counts of wire fraud, and one count of money laundering. Apparently Harkless operated a multi-million…
September 29, 2009 – Yesterday, a federal court judge in Los Angeles, California entered a default judgment against Clelia A. Flores and her business Maximum Return Investments, Inc (“MRI”) in a lawsuit brought by the SEC. According to the SEC’s complaint filed in April, Flores and MRI operated a $23…
September 9, 2009 – Philip G. Barry and his business entities Leverage Group, Leverage Option Management Co., Inc., and North American Financial Services were sued yesterday by the Securities and Exchange Commission. The SEC has charged Barry with securities fraud alleging that he operated a Ponzi scheme, which commenced in…