Ash Narayan Banned For Defrauding Pro Athletes
Former financial adviser Ash Narayan agreed to be barred from associating with brokerage or advisory firms to settle regulators’ allegations that he secretly received nearly $2 million from companies that he invested his professional athlete clients in for at least five years. Narayan additionally placed clients in unsuitable private investments and misrepresented himself as a […]
Levi David Lindemann Receives 6-Year Sentence For Ponzi Scheme
Levi David Lindemann, a Minnesota investment advisor, received a six-year prison sentence for stealing from clients and operating a Ponzi scheme, according to the Minnesota Department of Commerce. Lindemann was sentenced to 74 months imprisonment by a U.S. District Court, having pleaded guilty earlier this year to federal mail fraud and money-laundering charges. He was the […]
SEC Hits UDF With Wells Notice
The Frankowski Firm, LLC currently represents multiple investors who have invested in troubled United Development Funding REITs. Earlier this week, the Securities and Exchange Commission issued a Wells notice against the Texas company, which indicates that the SEC has made a preliminary determination to potentially recommend an enforcement action against it. Meanwhile, the NASDAQ stock […]
Thomas Conrad Jr. Defrauds Investors 40 Years After Ban
According to the SEC, Thomas Conrad Jr.–an 85 year old man from Alpharetta, Georgia who was barred from the securities industry 45 years ago for fraud–was defrauding investors all over again with the assistance of his 55 year old son, Stuart P. Conrad. The two allegedly defrauded investors in a group of hedge funds they […]
Andrew Caspersen Pleads Guilty To $40M Fraud
Andrew Caspersen, an ex-Wall Street executive and descendant of a wealthy family, pleaded guilty this week to federal charges that he defrauded friends, family, and a hedge fund billionaire’s foundation out of almost $40 million. He pleaded guilty to one count of securities fraud and one count of wire fraud, each of which carries a […]
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 […]
Medical Capital COO Gets 10 Years For Ponzi Scheme
Joseph J. Lampariello, the former president and Chief Operating Officer of Medical Capital Holdings Inc., was sentenced to ten years in federal prison by U.S. District Judge David O. Carter. Additionally, Lampariello was ordered to pay nearly $40 million in restitution to investors. [su_spacer size=”10″]Medical Capital was a private placement that turned into a Ponzi […]
NFL And MLB Athletes Victim Of $30M Fraud
Three professional athletes–Denver Broncos’ quarterback Mark Sanchez, San Francisco Giants’ pitcher Jake Peavy, and former major league pitcher Roy Oswalt–are the victims of an alleged Ponzi-like scheme operated by an investment adviser who appealed to their Christianity. According to the SEC the three were conned out of roughly $30 million. The SEC has filed suit […]
Trader Accused Of $23M Investor Fraud
Haena Park, a New York foreign exchange trader, has been charged with investor fraud, claiming her investments were profitable when she actually lost over $16 million since 2012. The SEC claims Park misrepresented her investment background in raising at least $14 million from over thirty investors for funds she operated under the name Phaetra and […]
Philadelphia Broker Pleads Guilty To Fraud
William Bucci, a former stockbroker from Philadelphia, Pennsylvania, pleaded guilty to securities fraud and related charges for thieving around $3 million from investors for an import business that never existed and other ventures. According to prosecutors, Bucci told investors that he would import high-end olive oil and wine from Italy. He further convinced his clientele […]
