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Pennsylvania Man Charged With Defrauding Investors Out Of $1.2M

Bernard M. Parker of Indiana, Pennsylvania is charged with defrauding twenty-two investors out of $1.2 million and using the cash to pay his mortgage, debit card purchases, and other personal expenses. Parker, who operated Parker Financial Services from his home, was indicted under seal on counts of securities and mail fraud. The case was then unsealed, and the SEC filed a related suit against Parker. FINRA records show that Parker is a former Edward Jones employee. Agents with the FBI, IRS and U.S. Postal Inspection Service said that from 2008 through 2014, Mr. Parker enticed customers to enter into “Investor Contracts” involving the purchase of tax lien certificates for properties in Florida, Colorado and Arizona that would earn returns of 6% to 9% annually, as well as other investments that were not registered by the state or the SEC. Parker told investors that their money invested in his contracts would be used for legitimate investments but then diverted hundreds of [...]

By |December 4th, 2015|FINRA, Fraud, Press Releases & News, SEC|
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Vermont Man Charged By SEC For Operating Ponzi Scheme

Homero Joshua Garza of Brattleboro, Vermont faces federal charges alleging that he operated a Ponzi scheme that bilked thousands of investors. The SEC charged Garza and his two Bitcoin-mining companies, GAW Miners LLC and ZenMiner LLC, with running the scheme. The companies sold $20 million worth of what appeared to be shares in Hashlets, digital mining contracts, from August to December 2014. The Hashlets were advertised as "always profitable and never obsolete" and were sold to over 10,000 investors. The SEC filed its complaint in U.S. District Court in Connecticut. In the complaint, the SEC defines mining for Bitcoin or other virtual currencies as "applying computer power to try to solve complex equations that verify a group of transactions in that virtual currency. The first computer (or collection of computers) to solve such an equation is awarded new units of that virtual currency." The SEC says that the companies oversold the Hashlets, which were created so that investors could have a [...]

By |December 2nd, 2015|Fraud, Press Releases & News, SEC|
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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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History Of Investors Capital Corporation’s Malfeasance

Investors Capital Corporation, a dually-registered independent Broker/Dealer and Investment Advisory firm, has a long history of malfeasance. In the summer of 2014, Patricia S. Miller, a former financial adviser with ICC, was arrested for orchestrating a massive Ponzi scheme that cost her clients millions in savings. Through her scheme, she obtained $4.1 million from over 80 victims and was sentenced earlier this year to six years in prison. According to her indictment, “from in or about January 2002, through May 2014, [Ms.] Miller defrauded and obtained money and property from clients by means of materially false and fraudulent pretenses, representations and promises concerning purported investments that Miller never made on behalf of the clients.” This activity occurred while Miller was a registered representative of ICC. Another former ICC adviser, Haran Brucker, who was registered with ICC from May 2004 to December 2012, has been involved in seven customer disputes since 2002. Though two complaints were denied, the other five were settled for [...]

By |November 11th, 2015|FINRA, Fraud, Press Releases & News|
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