Pension Advance Scams Target the Elderly
Pensions are the primary means of support for about one-half of Americans of retirement age or older. This income—set aside throughout the course of a lifetime of employment and work—is often supplemented by social security, or other retirement investing. However, America’s seniors are not usually living in the lap of luxury, bringing in an average […]
Ponzi Scams Persist: SEC Crackdown Continues with Recent Judgment
Beyond sheer greed and malevolence, the most common catalyst for Ponzi schemes is to cover up other serious losses. This was the situation for Francisco Illarramendi, a former hedge fund manager in Connecticut, who ultimately spent five years raising over $30 million in illicit funds to cover an initial $5 million shortfall. But such is […]
Investment Fraud from the Pulpit?
Religion rarely comes into account when making investing decisions. However, in the case of one church in California, the mixture led to fraud, losses, and a lawsuit. The church mandated participation in the courses: victims claim they were pressured by their religious leaders into taking investing direction from Paul Ricky Mata, a member since the […]
Bitcoin: New Currency, New Investment Scams
In early March of 2017, the value of one Bitcoin surpassed the value of one ounce of gold for the first time. Proponents saw this development as validation of the digital currency’s endurance; but other, more baleful watchers saw instead an opportunity to create new scams and defraud unwary investors. Why is Bitcoin so exciting […]
When Your Promissory Note is Void of Promise
Promissory notes are often used by companies to raise revenue. Investors loan money to the company in exchange for a promise to repay the principal, plus interest, on a specific date. While these forms of debt can sometimes be legitimate, there is a substantial enterprise of fraudulent notes being marketed to individual investors. With hundreds […]
Securities Fraud: What Is Insider Trading, Exactly?
Since 2014, the news has been telling the story of Thomas C. Davis, the former chairman of Dean Foods, a professional gambler named Billy Walters and golf legend Phil Mickelson. According to the Justice Department and the SEC, these three men have been involved in an insider trading scam that netted Walters approximately $40 million […]
CFTC’s Advisory of Precious Metal Investment Fraud
Precious metals, like gold and silver, are classified as commodities. The United States Commodity Futures Trading Commission (CFTC) is the federal agency that regulates commodity markets. The agency has issued an advisory regarding the fraudulent activities surrounding precious metal investments. The advisory warns of “tricky promises of easy profits,” and provides potential investors with warning […]
If I Lose Money, Can I Sue My Stockbroker or Financial Advisor?
When you invest your hard-earned money, you probably do so because you want to protect yourself in the future. Whether you are planning for your retirement, for a major purchase (like a home), for your children’s educational opportunities or are simply investing for fun, the goal is to make money, not lose it. But what […]
Robert Tricarico Sentenced To 3.5 Years In Prison For Client Theft
Robert Tricarico, a former LPL broker, pleaded guilty to stealing $1.2 million from a client by a federal court in Hartford, Connecticut and was sentenced to forty-one (41) months in jail. The Court also ordered him to pay restitution. Tricarico started his career as a broker in 1992 and spent ten years with Merrill Lynch. […]
Red River Securities Barred From Industry By FINRA For Oil And Gas Fraud
FINRA has barred Red River Securities, a broker-dealer formerly out of Plano, Tax, and its Chief Executive Officer Keith Hardwick for fraudulently selling five oil and gas joint ventures, calling the actions of both “egregious.” A FINRA panel mandated the firm and Hardwick pay $24.6 million in restitution to its clients. One client affected was […]