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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 market has delisted UDF IV shares. The UDF REITs have been in trouble for nearly a year. A hedge fund with a short position in UDF IV shares last December claimed the company had been operating as a Ponzi scheme for years. The FBI raided the REIT's headquarters in a suburb of Dallas in February. At that time, the NASDAQ stopped the trading of UDF IV shares at $3.20, which was down 81% over the previous year. During the last few months, UDF IV has publicly claimed that it was working to file its 2015 annual reports and its last three quarterly reports with the SEC [...]

By |October 19th, 2016|Fraud, Press Releases & News, SEC|
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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 managed that held $10.7 million. According to the SEC's complaint, Conrad ceased payouts to investors for over four years beginning in 2008. He, however, allegedly continued to pay out cash to himself, his son, other relatives, and a few favored investors from the investment fund. Thomas Conrad Jr.'s funds previously ran afoul when one substantial investment was found to be a Ponzi scheme run by another money manager, according to the agency. The fund had to repay $2.3 million of alleged "false profits" that the fund had received from the scheme. At the same time numerous investors were fighting for their [...]

By |July 28th, 2016|Fraud, Press Releases & News, SEC|
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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 maximum penalty of twenty years imprisonment. Caspersen's decline is nearly unfathomable. He is an Ivy-League educated financier whose attorney claimed that a "compulsive gambling addiction and mental illness" forced him to orchestrate and run a Ponzi-like scheme. “The people I harmed were people I cared for the most,” Caspersen said, reading from a statement. His voice wavered as he stumbled over the last words, “I could not be more sorry or ashamed for my crimes.” The plea was expected. His attorney stated that Caspersen would not fight the charges. It is yet to be seen whether Federal Judge Jed S. Rakoff will [...]

By |July 7th, 2016|Fraud, Press Releases & News|
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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 in personal federal income taxes,  the statement alleges. Churchville is the owner and president of ClearPath Wealth Management. According to the statement, he will plead guilty to five counts of wire fraud and one count of tax fraud. Churchville is also the subject of a civil lawsuit brought by the SEC in May 2015. The U.S. Attorney's Office alleges that from 2008 to 2011, Churchville invested about $18 million of client funds in JER Receivables, despite the fact that he learned in June 2010 that ClearPath had been defrauded by the company. Rather than alerting his clientele of the situation, he paid [...]

By |July 6th, 2016|Fraud, Press Releases & News, SEC|
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