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Alabama Man Sentenced For Ponzi Scheme

Bryan Anderson, a former broker from Hoover, Alabama, was sentenced yesterday to seven years and three months in federal prison after pleading guilty to operating a Ponzi scheme that defrauded investors out of over $3 million. U.S. District Court Judge Virginia Hopkins also ordered Anderson to pay restitution of $3,068,614 plus interest to his victims. He will also serve three years on probation and was ordered to participate in an alcohol treatment program. Anderson pleaded guilty to wire fraud, money laundering, and securities fraud in March and will report to prison on October 19. In making her determination on the length of Anderson's sentence, Hopkins considered the length of time the scheme occurred, stating, "He had many opportunities to stop, but he continued down [that path]." The U.S. Attorney's office was pleased with Hopkins' sentence. "Brian Anderson ran a Ponzi scheme for years, lying about investment options, risks and potential returns to lure unwitting investors into his snare," U.S. Attorney Joyce [...]

By |August 14th, 2015|Fraud, Press Releases & News|
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SEC Slams Door On $114M Ponzi Scheme

Frederick Alan Voight of Richmond, Texas, a Houston-area businessman promising to prevent car wrecks caused by drowsy drivers, has been charged by the SEC with operating a $114 million Ponzi scheme. Voight has been accused of defrauding over three hundred investors. He most recently raised $13.8 million on claims that the money would be used to fund a startup, InterCore Inc., which would introduce "Driver Alertness Detection Systems" ("DADS"). Voight promised his investors extremely high returns, over forty percent, all from repayable loans to small public companies. In actuality, the money was used to pay previous investors leaving the fund, according to the SEC. Fortunately, the majority of the money has been recovered, but $22 million of Voight's allegedly illicit gains remain missing. The SEC believes the money was sent to InterCore's Canadian subsidiary, InterCore Research Canada, Inc., "where the funds seemingly disappeared." According to the SEC's complaint, Voight accrued fees and InterCore stock warrants that he failed to disclose [...]

By |August 11th, 2015|Fraud, Press Releases & News, SEC|
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Gold Mining Ponzi Scheme Targets Latinos in Florida

On July 2, 2015, the SEC froze a fraudulent venture headed by DFRF Enterprises, its leader, and six promoters. The SEC alleges that DFRF Enterprises operated a Ponzi scheme by promoting and selling membership interests in over 50 Brazilian and African gold mines.  The company recruited investors by promising large profits on fully insured funds used to mine gold.  The company further claimed that 25% of all profits would be used for African charity work. DFRF Enterprises marketed the Ponzi scheme by asserting that the company was registered with the SEC and that  the gold mine stock would be publicly traded. However, instead of using investor funds in Brazilian and African gold mines, the company, its leader, and promotors sold membership interests to investors through private meetings held in homes, businesses, and hotel rooms.  Newly recruited members’ investments were paid to long-term members. In 2014, the company illegally raised over $15 million from at least 1,400 investors, most of which lived in [...]

By |July 6th, 2015|Fraud, Press Releases & News|
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SEC Charges Former NFL Player With Fraud For Operating $31M Ponzi Scheme

Will Allen, a former National Football League cornerback, was charged with fraud by the SEC for allegedly running a Ponzi scheme that bilked investors out of $31 million. Allen allegedly worked with Susan Daub to create a number of companies, including Boston-based Capital Financial Partners, offering loans to professional athletes. Allen and Daub allegedly told athletes they could receive interest of up to 18% from Major League Baseball, National Basketball Association, National Hockey League, and NFL players. They marketed the business as giving athletes access to at least $75,000 loans in the off-season or early in the season, when they may be strapped for cash based on their contracts. Between 2012 and early 2015, Allen and Daub raised $31 million from at least 40 investors but allegedly misled them about the terms of the loans. They used investor funds to pay for personal expenses, including charges at pawn shops, casinos, and nightclubs. The SEC accuses Allen of paying some of [...]

By |April 10th, 2015|Press Releases & News|
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