On Wednesday of last week word broke about the largest insider trading scheme involving single stock charged to date. Three defendants have pled guilty and are cooperating with the government’s investigating a scheme that allegedly netted more than $61.8 million in illegal profits. Charges were announced against seven investment professionals, who worked at three different …
Two men running a fake hedge fund scheme have been charged in New Jersey for the alleged $3.5 million fraud. The men, George Sepero and Carmelo Provenzano, claimed to run Jersey based hedge funds using a secret computer program to invest in foreign currency were charged for defrauding victims and spending the investments on high-end …
I really don’t understand why criminals who have failed previous times in the past at committing a crime honestly think they have what it takes to commit it again. Last month Jon Edward Hankins was sentenced to prison on charges of wire fraud in connection with his scheme to lure investors to invest into his …
Former managing director of a hedge fund (that was forced into receivership by U.S. government regulations), Philip Baker, was sentenced this month to 20 years in prison for fraudulently soliciting and obtaining around $294 million from around 900 investors across the world. Baker, who controlled Lake Shore Asset Management, and the Lake Shore Group of …
It was announced last week that Bryan Keith Coats of Clayton, North Carolina plead guilty to his role in connection with the Black Diamoind Ponzi Scheme Investigation that resulted in a $40 million investment fraud conspiracy. Coats admitted to one count of conspiracy to commit commodities, securities, and wire fraud and one count of promotional …
A new variation of the debt settlement process is appearing, the debt settlement hedge fund. Apparently the way this works is the debt settlement company has a relationship with a related hedge fund or pool of money that they can access to payoff an enrolled clients debt. The issue is if the debt settlement company …