Texas Man Sentenced For Selling Unregistered Securities To Alabama Investor

Richard Waskom of McKinney, Texas pleaded guilty to one count of Sale of Unregistered Securities before Jefferson County, Alabama Circuit Court Judge Tommy Nail and was given probation for selling unregistered securities pertaining to a project to re-enter previously drilled oil wells. Waskom was sentenced, under a plea deal with prosecutors, to five years imprisonment. The sentence was suspended, and Waskom was allowed to return to Texas for his probationary period. A condition on that probationary period was verification that Waskom had paid $28,350 restitution in full to the Alabama victim. A Jefferson County Grand Jury had indicted Waskom in October 2011 on charges of violating Alabama securities laws. He was not, however, arrested until earlier this year. It is unknown whether the project behind the investment Waskom sold to the victim even exists. But according to the indictment, Waskom had failed to disclose that the requested money would be used for non-investment purposes. Waskom had approached the Alabama investor, [...]

Two Charged In Alabama Securities Fraud Case

Bruce Alexander Gwyn of Metairie, Lousiana and James Anthony Ghio of Fairhope, Alabama were arrested on charges of fraud and illegal sales, the Alabama Securities Commission announced. The indictment alleges that they offered or sold securities described as limited partnership interests in Level III Trading Partners LP to an Alabama resident. The indictment further accuses that Gwyn used the victim's cash to pay off other investors, failed to use the money as he claimed he would, or made unauthorized investments. Gywn then lied about his use of the money to the victim. Gwyn is additionally alleged to have lied to investors, telling them that they would be provided with yearly financial statements and monthly progress reports. The duo was indicted by a Baldwin Count grand jury in August. Gwyn was charged with one count of sale of unregistered securities, one count of sale of securities by an unregistered investment adviser, and three counts of fraud in connection with the sales [...]

SEC Alleges California Men Ran Religious Scam

The Securities and Exchange Commission announced fraud charges and an asset freeze to stop a continuing real estate investment scheme operated by three California businessmen, who allegedly stole investor funds after guaranteeing them "indestructible wealth." The SEC claims that Paul Ricky Mata, David Kayatta, and Mario Pincheira took investor cash to use as their own and also moved a portion of the cash to other businesses they owned. The group acquired over $14 million from more than a hundred investors from California as well as outside the state for two unregistered funds purportedly investing in real estate. Mata posted videos on his website and YouTube to recruit investors to investment seminars called "Finances God's Way" or "Indestructible Wealth." At the seminars, the group urged the crowd to sell the securities they held at the time and invest in their funds, which promised high returns. In actuality, the funds were never profitable. According to the SEC's complaint, a website operated by [...]