Nebraska Advisor Accused of $1M Fraud, Commits Suicide
Jerome “Joe” Bonnett, a longtime financial advisor from Omaha, Nebraska who was accused by state officials of misappropriating over $1.35 million of client funds, has committed suicide. [su_spacer size=”10″]Bonnett operated the Bonnett Wealth Management investment firms. Two Nebraska law enforcement officials familiar with the two month investigation stated that Bonnett’s clients have lost as much […]
Alabama Man Sentenced For Securities Fraud
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UDF IV Defaults On $35M Loan
United Development Funding IV (UDF IV), a Texas Real Estate Investment Trust (REIT), has defaulted on a $35 million term loan and has suspended its distributions to shareholders. The trust has been surrounded by trouble since December, when an anonymous post on an investor website claimed that UDF IV was operating as a Ponzi scheme. […]
PA Financial Advisor Defrauds Pro Athletes
Louis Martin Blazer, III, a financial advisor from the Pittsburgh, Pennsylvania area took cash from numerous professional athletes to invest in movie projects in which he had an interest, according to the SEC. Blazer used roughly $2.35 million from five clients without their authorization to help finance two motion pictures: “Mafia the Movie” and “Sibling.” […]
Advisor Accused Of Operating $53M Ponzi Scheme
John Bivona, an unregistered advisor from New Jersey, has been accused of operating a massive Ponzi scheme by the SEC. Bivona allegedly raised over $53 million from investors, whom he told he would put the money in pre-IPO technology companies. Rather, he used the funds to pay his nephew’s credit card bills, income taxes, a […]
Former Broker Sentenced For Fraud & Tax Evasion
Jeffrey Eldred Gallagher of Bradenton Beach, Florida was sentenced in Springfield, Massachusetts for an investment scheme that defrauded victims out of over $600,000 from 2008 to 2012. According to U.S. Attorney Carmen Ortiz, Gallagher was sentenced by U.S. District Court Judge Mark G. Mastroianni to three years in prison. Gallagher was convicted in December 2015 […]
Former Broker Indicted On Fraud Charges
Claus Foerster, an ex-broker from South Carolina, was indicted by a grand jury for bilking customers out of $2.8 million during a fourteen-year span. Foerster operated his scheme from 2000 to 2014 while working as a financial advisor at Smith Barney & Co., Morgan Keegan & Co. and Raymond James Financial Inc., according to an […]
Financial Advisor For Ex-Alabama Football Player Pleads Guilty To Fraud
Keith Michael Rogers, a financial advisor from Huntsville, Alabama, pleaded guilty to one count of fraud in connection with the sale of securities, according to the Alabama Securities Commission. Specifically, Rogers’ plea was attributed to his engaging in an act, practice or course of business which operated as a fraud or deceit upon his victims. […]
Frankowski Firm Investigating UDF REITs
The Frankowski Firm is continuing its investigation into United Development Funding III and IV (UDF) on behalf of investors in the company’s real estate investment trusts (REITs). The FBI recently raided the company’s offices in Texas, and immediately afterward UDF IV’s price dropped to $3.20 per share, more than 81% lower than its December 2015 […]
Texas REIT Subpoenaed Following FBI Raid
Management of real estate investment trust United Development Funding IV, a hedge fund accused of operating as a Ponzi scheme, has been subpoenaed to turn over company documents to a grand jury. Last week, the FBI raided the REIT’s offices outside of Dallas. While performing their search, “law enforcement officers served executive officers of the trust […]
