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Hamilton Ticket Resale Ponzi Scheme Investor Sues

Adam Blank, an investor in the alleged $81 million Ponzi scheme pertaining to the buying and selling of tickets to popular shows, including Adele concerts and Broadway's Hamilton, sued his broker-dealer, alleging the firm made several false and misleading statements about its due diligence and investigation into the ticket operation. The suit was filed in United States District Court for the Southern District of New York against Tripoint Global Equities, related companies and executives. Blank invested $1.5 million in the alleged scheme. The complaint states that Blank met Mark Elenowitz, Tripoint Global's CEO, in January of last year at a restaurant in Long Island to alk about the possibility to build a professional relationship, which included Tripoint Global assisting Blank in finding investment opportunities and giving financial advice and other services. After the first meeting and later phone discussions, in which Blank noted how important it was that investments be completely vetted, Elenowitz advised and suggested that “the safest and most conservative [...]

By |February 8th, 2017|Fraud, Press Releases & News, SEC|
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SEC: Meyers Associates, L.P. Ignored Pump-And-Dump Scheme

The SEC announced administrative proceedings against John D. Telfer, who worked for Meyers Associates, L.P. as the firm's former anti-money laundering officer. The commission alleges that the firm failed to file Suspicious Activity Reports for $24.8 million worth of suspect transactions, which includes transactions in accounts controlled by Raymond H. Barton and William G. Goode who the SEC charged individually with operating a pump-and-dump scheme. In pump-and-dump schemes, people holdings stock try to inflate the price of that stock, many times via false or misleading statements or other announcements. After investors hurry to purchase the stock because on this misinformation, the operators of the scheme dump the stock. This causes the stock’s price to drop, and investors who bought the stock during the rush end up losing money. The SEC claims that Telfer and his firm should have been aware of the suspect circumstances underlying a number of transactions within client accounts. The commission further claims clients, such as Barton and Goode, [...]

By |February 2nd, 2017|Fraud, Legal Matters, Press Releases & News, SEC|
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Dwayne Edwards Accused Of Fraud By SEC

The SEC charged Dwayne Edwards with fraud and obtained an emergency asset freeze against the South Carolina businessman. The SEC alleges that he funneled money he obtained from investors who believed their money would be used for buying and renovating senior housing facilities. According to the commission, Dwayne Edwards illicitly commingled funds from a number of municipal bond offerings and the revenues of the facilities underlying the offerings. Each offering was purported to fund a specific assisted living or memory care facility in Alabama or Georgia. Edwards used investor funds for his own private use in addition to funding other unrelated bond offerings, according to the SEC. The complaint accuses Edwards of violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934. The complaint was filed in Newark, New Jersey federal district court. The court granted the SEC's request to freeze the assets of Edwards. The court also appointed a temporary receiver over the [...]

By |February 1st, 2017|Fraud, Legal Matters, Press Releases & News, SEC|
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Michael J. Breton Banned For Cherry Picking Trades

Michael J. Breton, a Massachusetts investment adviser who the SEC accused of securities fraud, has agreed to be banned from the industry after the SEC discovered he was operating an illicit cherry-picking stock scheme. The commission filed suit against Breton and his firm, Strategic Capital Management, in federal district court in Massachusetts. claiming that they bilked customers out of about $1.3 million. Between 2011 and July 2012, Michael J. Breton made trades via a master brokerage account and then allocated profitable trades to himself while putting non-profitable trades into client accounts, according to the SEC. Breton further entered a plea agreement to a charge of securities fraud brought by the Justice Department and to pay a forfeiture of $1.3 million. The U.S. Attorney's Office has agreed to recommend a sentence of no greater than three years in prison. The Justice Department asserts that Breton bought stock in exchange traded companies just prior to their earnings announcements and then allocated the [...]

By |January 26th, 2017|Fraud, Legal Matters, Press Releases & News, SEC|
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