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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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SEC Accuses Breitling Energy Of $80M Fraud

The SEC charged Breitling Energy Corp., its CEO, and seven others with defrauding investors out of nearly $80 million by misleading them about the value of oil and gas assets The Commission's suit alleges that CEO Christ Faulkner of Breitling, an oil and gas driller from Texas, had worked with numerous accomplices to defraud hundreds of unknowing investors in his oil and gas companies out of millions of dollars. The SEC believes Faulkner, the self-purported "Frack Master," used the money to fund "a lifestyle of decadence and debauchery," including lavish travel and the use of escort services. Faulkner allegedly seized upon investor interest in the shale oil boom to run the fraud in which he wrongfully sold investments in over twenty oil and gas prospects in many states. The descriptions of these investments were “replete with material misrepresentations and omissions,” according to the SEC. Also according to the SEC, the scam utilized four intertwined companies whose relationships were [...]

By |July 5th, 2016|Fraud, Press Releases & News, SEC|
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Raymond James Settles Compliance Failure Case For $5.95M

Raymond James Financial Inc. has agreed to settle a compliance failure case with Vermont's Department of Financial Regulation for $5.95 million. The alleged compliance failure pertained to real-estate development projects at ski resort Jay Peak. According to Vermont's Commissioner Susan Donegan, Raymond James will pay $4.5 million to a federal receiver who will return money to foreign investors who funded the projects through a green card program. The firm will additionally pay $1.25 million to Vermont's general fund and $200,000 to reimburse the state regulator for the cost of its investigation. The SEC had announced fraud charges and an asset freeze against Jay Peak and related businesses in April for the alleged misappropriation of millions of dollars raised through investments solicited under the EB-5 Immigrant Investor Program, which was created in 1990 to give green cards to foreign residents who invest at least $1 million in an American company that creates jobs for American workers. In this case [...]

By |July 1st, 2016|Fraud, Press Releases & News, SEC|
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