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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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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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SEC Bans MA Brokerage Firm Owner From Industry

The SEC has banned Massachusetts resident Lee Weiss from the brokerage and investment advisory industry for a fraudulent scheme pertaining to a French company that claimed it could reduce the harmful effects of tobacco smoking. Weiss, of Newton, Massachusetts, and his firm, Family Endowment Partners LLC, will pay roughly $8.4 million in relief to investors he conned, according to the SEC. They will also pay a combined civil penalty of $1.5 million. The Commission claims that between 2010 and 2012 Weiss and the firm fraudulently advised clients and hedge funds to invest over $40 million in securities issued by companies owned by Biosyntec, which claimed to have developed a cigarette filter that reduced the risk of lung cancer. Weiss also held shares in the French company, which paid him over $600,000 shortly after the investments were made. The SEC filed its complaint against Weiss in Massachusetts federal court last year alleging he failed to disclose conflicts of interests [...]

By |June 30th, 2016|Fraud, Press Releases & News, SEC|
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Disclaimer: Mr. Frankowski is licensed in Alabama,Florida and Texas. He is not licensed in any other state including Nevada and California. Mr. Frankowski has represented investors from all over the country in securities cases including: Alabama, California, Colorado, Florida, Georgia, Illinois, Kentucky, Louisiana, Mississippi, Nevada, New Mexico New York, North Carolina, Tennessee, Texas.