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Native American Tribal Bond Scheme Revealed

In a recent SEC press release, Jason Galanis, his father John Galanis, and five others were charged with stealing millions of dollars from investors. The Securities and Exchange Commission press release stated Jason and John Galanis, as well as Devon Archer, Bevan Cooney, Hugh Dunkerley, Gary Hirst and Michelle Norton, were charged “with defrauding investors in sham Native American tribal bonds in order to steal millions of dollars in proceeds for their own extravagant expenses and criminal defense costs.” The SEC alleges that the father and son team convinced a Native Amercian tribal corporation to issue recourse bonds and to later invest the bond proceeds in annuities to benefit the tribal corporation and generate income to repay bondholders. In total, the SEC alleges $43 million in bonds were purchased using investor funds. Instead of investing the bonds as promised, the SEC complaint alleges the investor funds were used at very high end retailers for luxury purchases and to pay [...]

By |May 13th, 2016|Legal Matters, Fraud, SEC|
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PA Financial Advisor Defrauds Pro Athletes

Louis Martin Blazer, III, a financial advisor from the Pittsburgh, Pennsylvania area took cash from numerous professional athletes to invest in movie projects in which he had an interest, according to the SEC. Blazer used roughly $2.35 million from five clients without their authorization to help finance two motion pictures: "Mafia the Movie" and "Sibling." In one instance, Blazer allegedly thieved $500,000 from the account of an athlete who had refused to invest in the projects. When that client discovered what Blazer had done and threatened a lawsuit, Blazer began taking money from another athlete to make the repayment in "Ponzi-like fashion," according to the SEC. “We allege that Blazer grossly abused the trust placed in him by his clients and repeatedly took their money without authorization,” said Andrew Calamari, director of the SEC's New York Regional Office. “And when our examiners put him on the spot, he resorted to false statements and false documents.” Blazer, who lives in Clinton, [...]

By |May 9th, 2016|Broker Check, FINRA, Fraud, Press Releases & News, SEC|
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AL Man Indicted For Alleged Securities Fraud

Jason Todd Caudle of Sylacauga, Alabama has been indicted for alleged securities fraud, following a March 11, 2016 arrest. The grand jury issued a five-count indictment. On the same day, Caudle posted a bond of $250,000 and was released. Caudle then failed to appear for his arraignment on April 5, 2016 and was arrested again and returned to the Talladega County Jail on April 19, 2016. The grand jury's indictment charged Caudle with one count of Sale of Unregistered Securities and one count of Sale of Securities by an Unregistered Agent; which are Class C felonies, carrying a range of punishment from one year and one day to 10 years’ imprisonment and not more than a $15,000 fine per charge, upon conviction. Additionally, the indictment charges Caudle with three counts of Fraud in Connection with the Sale of Securities for making misrepresentations or omissions of material fact to an investor; for engaging in an act, practice or course of business which operates as a fraud or [...]

By |April 29th, 2016|Fraud, Press Releases & News|
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FINRA Bars Broker For Money Laundering And Deception

FINRA has barred James Van Doren from the securities industry for unethical conduct. Van Doren was allegedly involved in money laundering and operating a scheme to deceive a friend's creditors and facilitate criminal conduct, including conspiracy to commit bankruptcy fraud. FINRA found that Van Doren helped a childhood friend and business associate avoid legal obligations by deceiving his creditors. Van Doren had invested in a number of real estate developments with his friend's company in an outside business activity. The company, however, was not able to meet its obligations, and creditors tried to claim the friend's assets. On three different occasions, Van Doren accepted a total of $244,000 from the friend, including $30,000 in a briefcase full of cash, with the goal of hiding the assets from the creditors. He returned the majority of the money to his friend and kept some of it for himself to offset some of his own financial losses. FINRA further found that Van [...]

By |April 25th, 2016|FINRA, Fraud, Press Releases & News|
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