Robert H. Shapiro, the former CEO of the Woodbridge Group of Companies, pleaded guilty to running a $1.3 billion Ponzi scheme that defrauded over 7,000 investors. The Woodbridge Group of Companies has appeared frequently in this blog space related to the ongoing investigations and penalties involving its vast Ponzi scheme operation. Earlier this year, a [...]
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Hector May, the head of suburban New York registered investment advisory firm Executive Compensation Planners, has been sentenced to 13 years in prison and ordered to pay $8.4 million in restitution following a plea of guilty in an $11.5 million Ponzi scheme case. May, of Orangeburg, NY, pleaded guilty last December to allegations that he [...]
GPB CAPITAL HOLDINGS The Frankowski Firm is investigating claims related to the GPB Capital Holdings family of investment funds. Last month, GPB Capital reported “significant losses” in its funds with its two largest funds seeing declines of 25.4% and 39%. Investment News reported in March that GPB Capital Holdings is under investigation by [...]
PERSHING, LLC MUST PAY $1.4 MILLION TO SIX CUSTOMERS WHO WERE VICTIMS OF R. ALLEN STANFORD PONZI SCHEME
An arbitration panel for the Financial Industry Regulatory Authority (“FINRA”) has entered a $1.4 million award against Pershing, LLC for its role as a custodian and clearing firm in the R. Allen Stanford Ponzi Scheme, the second-largest investor fraud in US history. The claim was filed by a group of investors who invested in CDs [...]
The Securities and Exchange Commission has charged Christopher Dougherty and his firm C&D Wealth Management, of the San Diego area, with running a Ponzi scheme which defrauded investment advisory clients out of $7 million. According to the SEC Complaint, Dougherty offered fifty clients – most of whom were unsophisticated investors – the opportunity to invest [...]
Three executives for the Woodbridge Group of Companies, Robert H. Shapiro, Dayne Roseman, and Ivan Acevedo, have been arrested and charged with conspiring to commit wire and mail fraud as well as money laundering in connection with their roles in the Woodbridge Group’s $1.3 billion Ponzi scheme which primarily targeted elderly investors. The Woodbridge Group of [...]
Former Securities America, Inc. broker Hector Anthony May, of New City, NY, pleaded guilty last December to running a $7.9 million Ponzi scheme along with his daughter, who served as the controller of his investment advisory firm. Now, Securities America, Inc. has been hit with an $18 million lawsuit filed by former clients who claim [...]
The Woodbridge Group of Companies has appeared frequently in this blog space related to the ongoing investigations and penalties involving its vast Ponzi scheme operation. Its legal woes have continued, with a federal court judge in Florida ordering the Woodbridge Group and its former CEO Robert H. Shapiro to pay a combined penalty of over [...]
According to court documents, Robert Shapiro, the former CEO of Woodbridge Group of Companies, has agreed to pay $120 million to the Securities and Exchange Commission to settle allegations that he defrauded investors in a $1.2 billion Ponzi scheme. According to the allegations, Woodbridge and Shapiro defrauded more than 8,400 investors in unregistered Woodbridge funds, [...]
SEC Charges Daniel Rudden The Securities and Exchange Commission has frozen the assets of Daniel B. Rudden and his company, Financial Visions, of the Denver, Colorado area, following criminal charges brought against Rudden earlier this month alleging that he used his business to operate a massive Ponzi scheme. According to the Colorado U.S. [...]