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SEC Moves Swiftly to Stop North Carolina-Based Ponzi Scheme

By |August 22nd, 2023|Legal Matters|

In an urgent response, the Securities and Exchange Commission (SEC) has taken decisive action to halt an alleged Ponzi scheme operated by Nayeem Choudhury, a resident of Durham, North Carolina, and his hedge fund, Dream Venture Capital Group LLC. The SEC filed a complaint with the United States District Court for the Middle District of [...]

MICHAEL CASTILLERO AMONG THOSE NAMED IN $410 MILLION PONZI SCHEME CASE

By |August 8th, 2022|Legal Matters|

Michael Castillero has been named by the Securities and Exchange Commission in a stock fraud civil action alleging that Castillero and his partners offered pre-Initial Public Offering (IPO) of shares they did not own, pocketed undisclosed fees, and commingled investor funds, resulting in Ponzi scheme-like payments. According to the allegations, Castillero and his partners facilitated [...]

WHAT IS A REAL ESTATE PONZI SCHEME?

By |June 2nd, 2022|Legal Matters|

A Ponzi scheme is a kind of investment fraud in which earlier investors get returns using money obtained from later ones. In a typical Ponzi scheme, the fraudster promises investors a high rate of return with no risk. Ponzi schemes inevitably fail when the influx of new investors ceases and there is insufficient money to [...]

JONATHAN P. MARONEY, HARBOR CITY CAPITAL CORP., CHARGED BY SEC WITH OPERATING $17.1 MILLION PONZI SCHEME

By |May 12th, 2021|Legal Matters|

The Securities and Exchange Commission (“SEC”) announced on April 26, 2021, that it filed an emergency action and obtained an asset freeze to stop an alleged ongoing fraudulent Ponzi scheme.  The SEC claims that from 2015 to 2021, Harbor City Capital Corp. (“Harbor City”) and its founder and CEO, Jonathan P. Maroney raised more than [...]

Aequitas Capital Management in Oregon Facing SEC Charges for $350 Million Ponzi Scheme

By |April 6th, 2021|Current Investigation|

The SEC has charged Aequitas Capital Management and a number of its executives with allegedly running a Ponzi scheme, which could have defrauded Oregon investors out of $350 million. The Frankowski Firm is actively pursuing cases on behalf of investors in Oregon who have sustained significant losses. If you invested your money with Aequitas Capital [...]

GPB CAPITAL HOLDINGS UNDER REGULATORY SCRUTINY, FORMER PARTNER ALLEGES PONZI SCHEME

By |July 21st, 2019|Legal Matters|

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

By |May 9th, 2019|Legal Matters|

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 [...]

CHRISTOPHER DOUGHERTY, C&D WEALTH MANAGEMENT, CHARGED IN PONZI SCHEME

By |April 30th, 2019|Legal Matters|

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 [...]