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Welliver Pleads Guilty To Securities Fraud

David Blaine Welliver, whose career as a financial advisor began in the early 1990s with a $400 classified ad promoting his one-man office, ended that career by recently pleading guilty to a charge of securities fraud in a St. Paul, Minnesota federal courtroom. He is looking at up to five years in prison. The former advisor is the great-grandson of Val J. Rothschild, who co-founded St. Paul's oldest mortgage banking and real estate sales company over 130 years ago. Welliver's career issues started many years ago when he was promoted at Technimar Industries Inc. of Houston. The company wanted to build a $35 million plant outside of Grand Rapids, Minnesota to produce a composite building product called Stonite under license with an Italian company. The Minneapolis police and fire pension put millions into the project on Welliver's advice, unaware that he was also a fundraiser for the company. Technimar collapsed without ever producing any Stonite. The Minneapolis Police Relief [...]

By |July 15th, 2016|Fraud, Press Releases & News, SEC|
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AL Man Charged With $1.5M Securities Fraud Involving Church

Terry Earl Hester of Pike County, Alabama was charged with violating the Alabama Securities Act after allegedly making false promises to a Tuscaloosa County church involving $1.5 million in funds. Hester turned himself into authorities on June 15. The charges are the result of a six-count indictment by a Tuscaloosa County grand jury, according to a statement made by the District Attorney's office and Joseph Borg, Director of the Alabama Securities Commission. The indictment charges Hester with one count of Sale of Unregistered Securities and one count of Sale of Securities by an Unregistered Agent. Each charge carries a fine of up to $15,000 upon conviction. Additionally, Hester is charged with four counts of Fraud in Connection with the Sale of Securities for making untrue statements or, or omitting to state, material facts to an investor; for engaging in an act, practice or course of business which operates as a fraud or deceit upon an investor; and for employing [...]

By |July 11th, 2016|Fraud, Press Releases & News|
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Andrew Caspersen Pleads Guilty To $40M Fraud

Andrew Caspersen, an ex-Wall Street executive and descendant of a wealthy family, pleaded guilty this week to federal charges that he defrauded friends, family, and a hedge fund billionaire's foundation out of almost $40 million. He pleaded guilty to one count of securities fraud and one count of wire fraud, each of which carries a maximum penalty of twenty years imprisonment. Caspersen's decline is nearly unfathomable. He is an Ivy-League educated financier whose attorney claimed that a "compulsive gambling addiction and mental illness" forced him to orchestrate and run a Ponzi-like scheme. “The people I harmed were people I cared for the most,” Caspersen said, reading from a statement. His voice wavered as he stumbled over the last words, “I could not be more sorry or ashamed for my crimes.” The plea was expected. His attorney stated that Caspersen would not fight the charges. It is yet to be seen whether Federal Judge Jed S. Rakoff will [...]

By |July 7th, 2016|Fraud, Press Releases & News|
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Adviser To Plead Guilty To $21M Ponzi Scheme

Patrick E. Churchville, an investment adviser from Rhode Island, is expected to plead guilty to criminal charges for running a $21 million Ponzi scheme, according to a statement made by the U.S. Attorney's Office. In addition, Churchville used $2.5 million of his clients' cash to buy a house, and he failed to pay over $820,000 in personal federal income taxes,  the statement alleges. Churchville is the owner and president of ClearPath Wealth Management. According to the statement, he will plead guilty to five counts of wire fraud and one count of tax fraud. Churchville is also the subject of a civil lawsuit brought by the SEC in May 2015. The U.S. Attorney's Office alleges that from 2008 to 2011, Churchville invested about $18 million of client funds in JER Receivables, despite the fact that he learned in June 2010 that ClearPath had been defrauded by the company. Rather than alerting his clientele of the situation, he paid [...]

By |July 6th, 2016|Fraud, Press Releases & News, SEC|
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