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Operator Of Two NC Companies Pleads Guilty To Securities Fraud

Barry Carlton Taylor, operator of two companies in Franklin, North Carolina, pleaded guilty earlier this week to fraud by commodities pool operator and concealment of money laundering charges, after defrauding investors out of about $2.5 million. Beginning in at least August 2011, Taylor solicited investment funds from at minimum eighteen victims totaling roughly $2.5 million. Taylor operated two limited liability companies: OTC Investments, LLC and Forex Currency Trade Advisors, LLC. According to court documents, Taylor misrepresented to his victims that he was an expert in the foreign currency exchange market (FOREX) and that their investments would be pooled into trading accounts which he would manage and use to invest in FOREX. He also falsely told his victims that he had created a computer software system that could track the FOREX market, which allowed him to make investments that generated very high rates of return, as much as 2.5% per month. Although Taylor opened and maintained FOREX trading accounts in the [...]

By |January 28th, 2016|Fraud, Press Releases & News|
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Top Investor Threats

The following is a list compiled by the North American Securities Administrators Association of the top financial products and practices that threaten to trap unwary investors and small business owners: Unregistered Products / Unlicensed Salesmen: The offer of securities by an individual without a valid securities license should be a red alert for investors. Con artists also try to bypass stringent state registration requirements to pitch unregistered investments with a promise of “limited or no risk” and high returns. Promissory Notes: In an environment of low interest rates, the promise of high-interest-bearing promissory notes may be tempting to investors, especially seniors and others living on a fixed income. Promissory notes generally are used by companies to raise capital. Legitimate promissory notes are marketed almost exclusively to sophisticated or corporate investors with the resources to research thoroughly the companies issuing the notes and to determine whether the issuers have the capacity to pay the promised interest and principal. Most promissory notes must be [...]

By |January 22nd, 2016|Press Releases & News|
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Texas REIT Plummets Following Ponzi Allegations

Stock in United Development Funding IV has gone into a free fall following a report published on an investor website that alleged the real estate investment trust has operated for years like a Ponzi scheme. Harvest Exchange, an online professional network for investors, published an anonymous post about UDF called "A Texas-Sized Scheme: Exposing the Darkest Corner of the REIT Business, United Development Funding," which currently controls $1.3 billion of assets in various REITS, including UDF IV. Based out of the Dallas-Fort Worth area, UDF IV was a nontraded REIT that listed on the NASDAQ in June 2014. It was sold to investors from 2009 to 2013 at $20 per share. “The UDF umbrella exhibits characteristics emblematic of a Ponzi scheme,” according to the Harvest posting. Those characteristics include new capital used to fund distributions to existing investors and subsequent UDF companies providing significant liquidity to earlier vintage UDF companies, allowing them to pay earlier investors. Once the funding of [...]

By |December 14th, 2015|Fraud, Press Releases & News, SEC|
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Madoff Victims Receive Biggest Payout In Years With Checks For $1.1M

Bernard Madoff's victims are getting big checks as the trustee unwinding his fraud sends out $1.2 billion in recovered funds, with checks averaging $1.1 million. This payout is the biggest in over three years and comes a week before the anniversary of Madoff's December 11, 2008 arrest, when thousands of retirees, charities, investment funds, and other clients realized they had lost $17.5 billion in principal in the decades-old Ponzi scheme. The distribution beginning today raises the victims' recoveries to $9.16 billion, about 57% of their lost funds, according to trustee Irving Picard. Picard said that checks will range from $1,298 to $202 million and when this payout, which is the sixth distribution of funds, is complete nearly 1,300 victims will have been made whole. Picard stated that his recoveries "exceed similar efforts related to prior Ponzi scheme recoveries, in terms of dollar value and percentage of stolen funds recovered." He will send another $320 million after pending litigation is resolved. The [...]

By |December 4th, 2015|Fraud, Press Releases & News|
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