FINRA Sanctions Alabama Broker Terry Bagwell
Alabama stockbroker and supervisor Terry Bagwell submitted a Letter of Acceptance, Waiver, and Consent (“AWC”), accepting and consenting to FINRA’s findings that he violated the regulatory authority’s rules. Bagwell, who is currently associated with Pruco Securities, LLC, was the supervisor of a registered representative who sold eighteen individuals millions of dollars in investments as part […]
North Carolina Man Sentenced To 21 Years For Ponzi Scheme
William Wise, a former broker from Raleigh, North Carolina, has been sentenced to over 21 years in federal prison for operating a Ponzi scheme that bilked investors out of more than $75 million. In April, a federal judge will determine how much restitution Wise will have to pay his victims. Wise ran Millennium Bank from […]
California Woman Sentenced To 12.5 Years For $25M Ponzi Scheme
U.S. District Court Judge Josephine L. Staton sentenced Bich Quyen Nguyen of San Jose, California to 12 and a half years in prison and ordered her to pay almost $25 million in restitution for operating a Ponzi scheme that defrauded over 250 investors. A jury found Nguyen guilty of conspiring to commit wire fraud last […]
Hoover, Alabama Man Faces Civil Suits In Ponzi Scheme Case
MyFoxAL.com – FOX6 WBRC Birmingham, AL The Frankowski Firm is currently representing 24 investors between the ages of 36 and 93 in four civil suits against Bryan Anderson of Hoover, Alabama and his former employers. In his criminal case, Anderson is expected to plead guilty at a hearing scheduled for February 25 to one count […]
Central Florida Men Sentenced In Ponzi Scheme Case
Donald Babb and Ralph Ruth, both of central Florida, were sentenced to ten years in federal prison and were ordered to pay $18.7 million in restitution by a federal judge in Orlando. The pair is alleged to have defrauded investors out of nearly $19 million, and both pleaded guilty to conspiracy to commit wire fraud […]
Illinois Man Sentenced For $34M Ponzi Scheme
Daniel Spitzer of North Barrington, Illinois, who blew almost $1 million at a casino in Las Vegas after thieving millions from investors, was sentenced to twenty-five years in prison this week. Authorities believe that Spitzer operated a Ponzi scheme for roughly six years, bilking almost 300 investors out of $34 million, including his own brother-in-law. […]
Orlando Ponzi Scheme Targeted Italian Investors
Federal authorities seized property in Orlando, Windermere, and Aventura, Florida after allegations of a Ponzi scheme that defrauded Italian investors surfaced. Attorneys for the victims in the civil suits claim that the scheme bilked up to one hundred people, most of whom were Italian, and up to $40 million. Federal documents named Leone Alfano Lacava, […]
California Men Plead Guilty To $100 Million Ponzi Scheme
Joel Barry Gillis, president of a Calabasas, California firm that was used to operate a Ponzi scheme that bilked investors out of over $100 million, pleaded guilty this week to federal fraud charges. Edward Wishner, the second man charged, pleaded guilty earlier this month. The fraud is believed to have lasted thirteen years and scammed […]
Investor Asserts Innocence In Tech Traders Ponzi Scheme
Gregg Amerman, an investor who the U.S. Commodity Futures Trading Commission accused of moving funds into a $13.5 million Ponzi scheme, has requested that the U.S. Court of Appeals for the Eleventh Circuit reverse the trial court’s summary judgment for the CFTC, asserting that he was not a commodity pool officer and had no knowledge […]
Bronx Ponzi Schemer Sentenced To Up To 11 Years
This week Robert Van Zandt, a tax preparer from the Bronx, New York, was sentenced to up to eleven years in prison, having previously pleaded guilty in November to operating a multimillion dollar Ponzi scheme. His victims said they trusted him with their life savings for decades, but he stole $4.8 million from them, leaving […]
