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March 30, 2010 – Enrique Villalba allegedly used his various business entities Money Market Alternative, L.P., Money Market Alternative Ltd., Money Market Plus, and Hybrid Money Market Management LLC to perpetrate a $39 million Ponzi scheme. In an Ohio federal court on Monday, the Securities and Exchange Commission (“SEC”) filed a complaint against Villalba alleging that he ran an investment scam from 1996 to 2009 that defrauded at least 26 investors.
According to the complaint, Villalba, 47, from Cuyahoa Falls, Ohio and a graduate of West Point, solicited investors by offering annual returns of 8% to 12% on their money. Apparently, Villalba claimed his “Money Market Plus Method” and “momentum filter” could predict changes in the market. Villalba also allegedly claimed that client funds would be secured by stop orders that would not allow the investments to lose more than 2% of the initial amounts. The SEC claims that Villalba promised clients that their money would only be invested in securities, including S&P 500 Index contracts, treasury bills or interest earning money market accounts.

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March 24, 2010 – Douglas Vaughan allegedly ran his entities The Vaughan Company, Realtor’s Inc., and Vaughan Capital, LLC as an investment scam that robbed approximately 600 investors of $80 million. On Tuesday, the Securities and Exchange Commission (“SEC”) filed a complaint in a New Mexico federal court against Vaughan and his entities alleging fraud.

Apparently, Vaughan lured investors by offering promissory notes with interest rates between 10 and 25 percent over one to three years. Vaughan allegedly claimed that the notes were secured by various real estate properties and his personal assets. The SEC claims that in reality, Vaughan used client funds to make Ponzi payments to other investors and pilfered funds for personal use. The complaint further alleges that Vaughan transferred almost all of the money raised through Vaughan Capital, LLC to The Vaughan Company.

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March 22, 2010 – Julia Gauthier, 19, from Salem, Massachusetts has died as a result of serious personal injuries sustained when she was ejected from a vehicle driven by Christopher Maxson, 19, from Marblehead. According to the Lynn Police Department, Maxson failed to stop at two stop signs before his Toyota 4 Runner collided with a vehicle on Eastern Avenue in Lynn at around 1:00 a.m. on Sunday. The 4 Runner then hit two other cars on Glenwood Street causing it to rollover.

As the 4 Runner rolled over, Gauthier was ejected from the SUV through the sunroof and was dragged for approximately 30 feet. Unfortunately, Gauthier was pronounced dead at the scene. Maxson and two other passengers suffered non-life threatening injuries. The group was apparently coming from a party on Eastern Avenue.

Maxson has been charged motor vehicle homicide, operating a motor vehicle under the influence of alcohol, reckless operation of a motor vehicle, and failure to stop at a stop sign. He is expected to be arraigned on Monday.

 

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March 18, 2010 – Claudia Berry, 54, and Bryce Brackett, 64, both from Holliston, Massachusetts, were involved in separate rollover accidents on Tuesday. Apparently, black ice caused both crashes. Berry’s accident occurred at around 6:40 a.m. when her Ford Explorer slipped on ice at the intersection of Washington Street and Balancing Rock Drive. At around 7:05 p.m., Brackett’s Chevy pickup truck rolled over on Highland Street after skidding on black ice.

Berry suffered serious personal injuries and firefighters had to use the Jaws of Life to extricate her from the vehicle. She was transported by medical helicopter to Massachusetts General Hospital. According to the Holliston Police Department, Berry was not wearing a seatbelt.

Brackett was not injured in his accident. The Holliston Police have not issued citations to Berry or Brackett and continue to investigate the crashes.

Source: Wicked Local

 

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March 15, 2010 – Ashley Derochea, 20, from Brockton, Massachusetts and Michael Cornell, 21, suffered serious personal injuries in a car accident that left their infant passenger dead. According to the Massachusetts State Police, Derochea lost control of her 1998 Honda Accord and it careened into the right side guardrail. The car then rolled over and eventually collided with the left side guardrail. The accident occurred at approximately 10 p.m. on Saturday just north of exit 2 on Route 95 South in Attleboro.

Both Derochea and Cornell were transported to Rhode Island Hospital and treated for serious injuries. The baby, who was ejected from the vehicle, was taken to Hasbro Children’s Hospital in Providence, Rhode Island, where it was pronounced dead.

It is unclear at this time if the baby was buckled into an approved car seat. The accident remains under investigation by the state police.

Source: The Providence Journal

 

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March 9, 2010 – Michael Gallant, 51, from Somerville, Massachusetts suffered serious personal injuries when his vehicle crashed into a guardrail on Route 128 South, triggering a five car pileup. Vicki Pardallis, 39, from Medford, and Celia Cohen, 52, from Randolph, were also injured in the crash. The accident happened just past midnight on Saturday near Winter Street in Waltham.

According to the Massachusetts State Police, Gallant’s 1999 Toyota Camry careened into the left guardrail and then spun out of control. Pardallis’ 2003 Ford Crown Victoria and Cohen’s 2004 Nissan Maxima crashed into the Camry. A 2005 Ford Focus and a 1993 Toyota Corrolla were also involved in the accident, but their drivers were not injured.

Gallant was taken to Beth Israel Deaconess Medical Center in Boston, where he was listed as in intensive care on Sunday evening. Pardallis and Cohen were both taken to Newton-Wellesley Hospital and treated for minor injuries.

Gallant is expected to be charged criminally for driving with a suspended license and driving without proper authority. The accident remains under investigation and the state police are looking into whether or not alcohol was a factor.

Source: The Daily News Tribune

 

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March 4, 2010 – The Securities and Exchange Commission (“SEC”) filed a complaint against Gaston Cantens and Teresita Cantens for allegedly running their real estate firm, Royal West Properties, Inc., as a Ponzi scheme. According to the complaint, the Cantens’ raised over $135 million from over 400 investors, who were primarily Cuban-Americans from the South Florida area. Royal West Properties Logo.gif

The SEC claims that the Cantens’ lured investors by offering promissory with annual returns ranging from 9 to 16 percent. Their promises were backed by the purported success of Royal West’s real estate business and claims that the Cantens’ were personally worth $65 million, even signing personal guarantees to some investors. The Cantens have operated Royal West Properties since 1993 and the SEC claims that they started using it as an investment scam in 2002.

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March 3, 2010 – Larry Armstrong, 47, from Attleboro, Massachusetts, has suffered serious personal injuries as a passenger in a 1997 Chevrolet Geo Prizm, which was involved in a crash with a tractor trailer. Varry Ramos, 33, from Worcester, who was driving the tractor trailer, and the driver of the Prizm were also injured in the crash. The driver of the Prizm was an unidentified 17 year old male from Attleboro. The accident occurred on Route 495 South in Andover at around 3:30 p.m. on Tuesday.

According to the Massachusetts State Police, the driver of the Prizm lost control of his vehicle shortly after merging onto Route 495 South from Route 95 North. The car careened into a guard rail and was then hit by the truck.

Armstrong and the driver of the Prizm were taken to Lawrence General Hospital, where their injuries were described as serious. Ramos was transported by a medical helicopter to Beth Israel Deaconess Medical Center in Boston.

The accident remains under investigation by the State Police.

Source: The Providence Journal

 

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March 2, 2010 – Paul Hanley, 17, from Westwood, Massachusetts and a senior at Westwood High School, has died as a result of serious personal injuries sustained in a single car crash in Norwood. According to the Norwood Police Department, black ice caused Hanley to lose control of his 2005 Jeep Grand Cherokee. Hanley’s passengers, a 17 year old male and a 19 year old male, were both injured in the crash. The accident occurred near Winter Street at around 12:17 a.m. on Sunday.

Apparently, after the Jeep slid on the ice, it collided with a utility pole and then a stone wall. Hanley and the passenger in the back seat had to be extricated from the vehicle. Hanley was pronounced dead at the scene. One passenger was taken by ambulance to Caritas Norwood Hospital and the other was transported by ambulance to Beth Israel Deaconess Medical Center in Boston.

Police are unsure if there were other factors involved in the accident besides the ice. The crash remains under investigation by the Norwood Police Department and the Massachusetts State Police.

Source: TheBostonChannel.com

 

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February 23, 2010 – Lawrence “Lee” Loomis and his father-in-law John Hagener were allegedly running an investment scam through their entities Loomis Wealth Solutions, LLC and Lismar Financial Services, LLC. According to a complaint filed by the Securities and Exchange Commission (“SEC”) today in a California federal court, the two men raised approximately $10 million from over 100 investors since 2007.

Lee Loomis Pic.jpgLoomis and Hagener attracted investors by promising 12 percent annual returns on alleged real estate investments. Apparently, Loomis told prospective clients that their money would be invested in two funds called the “Naras Secured Funds,” which would loan money to homebuyers and the loans would be secured by real estate deeds of trust. In reality, the SEC claims that no such trusts existed the victims’ money was used to pay other investors, to pay the operating expenses of other Loomis entities, and for Loomis’ and Hagener’s personal use.

The complaint further states that Loomis held investment seminars in Sacramento, California in 2007 and 2008, where he encouraged people to invest in Loomis Wealth Solutions. Loomis apparently attracted investors to these seminars with newspaper ads and direct mailings.

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Posted in: INVESTMENT FRAUD
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