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Kansas Man Sentenced In Securities Fraud Case

Paul C. Carageannis of Wichita, Kansas was sentenced to 60 months of probation and ordered to pay the balance of over $165,000 in misused funds to his victims. Carageannis pleaded no contest on June 15th to one count of felony securities fraud under the Kansas Uniform Securities Act. Carageannies bilked at minimum eleven Kansas investors out of more than $165,000 from October 2008 to February 2009 by selling unregistered securities in an oil and gas lease. Although Carageannis led his investors to believe otherwise, he had lost the lease and rather used most of the cash to pay off existing debts and for other personal uses. Almost $82,000 had been recovered for the victims at the time of the sentencing. In addition to imposing an extended term of probation, the court ordered Carageannis to repay his victims the remaining $84,044.32. “My office is pleased that Mr. Carageannis’s victims will see a return of most of their money,” said Kansas Securities Commissioner Josh Ney. [...]

By |November 30th, 2015|Fraud, Press Releases & News|
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FBI Raids PhoenixMart HQ In Securities Fraud Investigation

The FBI raided the PhoenixMart headquarters last week in northeast Phoenix. Agents swarmed the building at 7:00 AM on Thursday to investigate possible securities and investor fraud at the company. Agents were not allowed to speak on the raid. However, a spokesperson for the FBI said that the bureau could confirm the raid was ongoing but could not add any more details at the time. PhoenixMart is funded by EB-5 investments, those allowed from foreign entities. The $500,000 buy-in generates conditional visas allowing U.S. residency by the investors and extended family. According to a former PhoenixMart executive said some investors who had purchased homes in Paradise Valley and Scottsdale are now facing deportation for violating visa conditions. The multi-million-square-foot mixed-use project was supposed to have been a major economic boom for the Pinal County community. More than 500 acres were committed to the project, along with significant public improvements. If you or someone you know has lost money as a result of [...]

By |November 23rd, 2015|Fraud, Press Releases & News|
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New York Financial Adviser Sentences In Massive Ponzi Scheme

Scott Valente, a 58-year-old stock broker from upstate New York, was sentenced in federal court today to twenty years imprisonment for defrauding over a hundred investors out of over $10 million. He was also ordered to pay $8.2 million in restitution. He had originally spent that money on vacation homes, jewelry for his wife, and liquor. Four of Valente's victims spoke in court during the sentencing and told the judge how Valente used his family and personal connections to earn their trust and then steal from them. Valente also spoke, calling his actions "greedy, thoughtless, and selfish." He then asked for his victims' forgiveness. Although ordered to pay over $8 million in restitution, the U.S. Attorney's Office believes it is unlikely that the victims will get all the money they lost back. The attorney's office is working to liquidate Valente's assets so his victims can get back what they can. Valente pleaded guilty in May to securities fraud and other [...]

By |November 20th, 2015|Fraud, Press Releases & News|
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AR Capital Halts Creation Of New Nontraded REITs

AR Capital, the massive real estate investment trust sponsor established by Nicholas Schorsch, will cease creating and selling new alternative investment products. “As a result of regulatory and market uncertainty affecting capital raising for both new and existing offerings in the direct investment industry,” AR Capital will stop taking new investor funds for the programs by the end of this year, according to a company statement. These programs include Business Development Corporation of America II, ARC Healthcare Trust III, New York City REIT II, ARC Hospitality Trust and ARC Global Trust II. William Kahane, co-owner of AR Capital, noted the Department of Labor's proposed fiduciary standard and new client account statement pricing standards for nontraded REITs and other alternative investments as reasons for AR Capital's decision to withdraw from the market it used to control. This decision comes mere days after the commonwealth of Massachusetts charged Realty Capital Securities ("RCS") with fraudulently gathering proxy votes to support real estate deals sponsored [...]

By |November 17th, 2015|Press Releases & News|
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