Pennsylvania Adopts New Rules To Deter Attorneys From Operating Ponzi Schemes
In the wake of an alleged multi-million dollar Ponzi scheme run by attorney Anthony J. Lupas, the Pennsylvania Supreme Court has adopted new rules for attorneys in order to deter similar behavior in the future. According to changes to the Rules of Professional Conduct, lawyers will be banned from “brokering, offering to sell, selling or […]
FINRA Fines Monex Securities $1.3M
Yesterday, FINRA fined Monex Securities Inc. $1.1 million plus interest in disgorgement of commissions obtained by unregistered foreign individuals who sold securities for the firm. FINRA imposed an additional fine of $175,000 for not registering the foreign representatives and for related supervisory deficiencies over a two and a half year span. Also, Monex’s President and […]
Alabama Man Pleads Guilty To $3M Ponzi Scheme
The Frankowski Firm is currently representing a number of claimants in a case against Bryan Anderson of Hoover, Alabama. Anderson was charged today with one count each of wire fraud, securities fraud, and money laundering relating to a Ponzi scheme he operated through which he swindled investors out of over three million dollars, according to […]
Two Sentenced In South Carolina Ponzi Scheme
Timothy and Cassandra Wilson, the wife and brother of Ponzi scheme mastermind Ron Wilson, were sentenced this month to nine months of home confinement and one year of probation for their participation in a conspiracy to obstruct justice by hiding assets in the scheme. U.S. District Judge J. Michelle Childs at the federal courthouse in […]
Former Hollywood Accuser Indicted On Securities And Wire Fraud Charges
Michael Francis Egan III, who had previously accused X-Men director Bryan Singer of sexual abuse when he was a teenager, has been indicted on securities and wire fraud charges for operating a fraudulent investment scheme that lasted from 2007 to 2012. Egan was indicted by a grand jury in Charlotte, North Carolina. Over the course […]
Two California Business Owners Charged In 15-Year Ponzi Scheme
Joel Barry Gillis and Edward Wishner, two San Fernando Valley businessmen were charged this week with operating a Ponzi scheme that lasted fifteen years. Authorities believe the two received hundreds of millions of dollars from investors who believed their funds would be used to buy profitable automated teller machines. Gillis and Wishner face federal conspiracy […]
Final Former Madoff Aide Sentenced To 6 Years In Prison
JoAnn Crupi, the ex-Bernard Madoff aide who maintained the bank account for Madoff’s investment business was sentenced to six years imprisonment this week for her participation in Madoff’s Ponzi scheme that bilked investors from across the globe out of approximately twenty billion dollars. Crupi is now the fifth and final former Madoff aide to receive […]
NY Attorney Admits $5M Ponzi Scheme In Suicide Note; Suicide Attempt Failed
On November 3, Charles Bennett of Manhattan, New York jumped into the Hudson River in an attempt to commit suicide but was ultimately rescued by a New York Police Department SCUBA diver and taken to a hospital. Before the suicide attempt, however, Bennett had written a sixteen page suicide note, which he left in a […]
Former New York Islanders Owner Sentenced In Securities Fraud
Paul Greenwood, an ex-money manager who used to co-own the National Hockey League’s New York Islanders was sentenced to ten years in prison in connection to his role in a scheme that fraudulently earned about $554 million over more than a decade. Noting his cooperation with authorities, Greenwood hoped to get a lesser sentence. U.S. […]
Two Colorado Executives Charged With Securities Fraud
Chisan Chong and Steve Linnenkamp, executives at a Denver, Colorado Tech Center company called Direction Labs, were arrested after swindling an investor out of $848,000. According to court documents, Chong claimed to have software that would “take all the guesswork” out of making trades on domestic and foreign exchanges. He further asserted that the software […]