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Banker Who Faked His Own Death Barred From Securities Industry

The SEC has barred from the securities industry Aubrey Lee Price, an imprisoned former Georgia investment adviser who pleaded guilty in 2014 to a massive fraud that helped bring down his troubled bank and cheated his clients out of millions of dollars. The penalty is inconsequential as Price is expected to spend three decades in federal prison. He submitted his offer to be banned from the industry in August, and the SEC accepted it this week, thus resolving the SEC's civil action against him. Price had disappeared in 2012, having written suicide notes confessing to defrauding his clients and Montgomery Bank & Trust. In some of the notes, he detailed his intent to jump from a ferry in Florida. A Florida judge declared Price legally dead roughly six months after he disappeared, but federal authorities never believed that he was actually dead. On New Year's Eve 2013, Price was captured in a routine traffic stop on I-95 near Brunswick, Georgia. [...]

By |January 15th, 2016|Fraud, Press Releases & News, SEC|
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Texas Man Convicted Of Securities Fraud

A federal jury on Monday convicted a Rockwall, Texas man of securities fraud arising from an investment scheme he ran, according to U.S. Attorney John Parker of the Northern District of Texas. Mark Lee Cleaton was found guilty on four counts of wire fraud and is facing a maximum penalty of twenty years in prison and a $250,000 fine for each count. United States District Judge Jane Boyle remanded Cleaton into the custody of U.S. marshals pending sentencing on February 4, 2016. Cleaton, according to court documents, was the managing member of North American Capital LLC., which was located in Dallas. Cleaton also created a limited partnership, North American Capital Investment Fund, LP ("NACIF") in August 2009. From August 2009 to July 2010, Cleaton solicited $350,000 in investments for NACIF from several people. He promised to invest that money in short-term, high-yield, real estate projects. In reality, though, he used the money for himself. Cleaton provided false investment memoranda and [...]

By |October 21st, 2015|Fraud, Press Releases & News|
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Financial Adviser Sentenced For Defrauding Disabled Woman

Jodene Beaver has spent the majority of her 56 years dealing with physical and mental impairments. She is able to live on her own with the help of her family who cares for her and work as a grocery-store greeter. Two months after her father died, Beaver placed her trust in Jason Wade Cox, a financial adviser. Cox immediately started thieving thousands of dollars from Beaver, transferring funds out of the original account and into Beaver's private checking account and subsequently spending much of it on gambling. Eventually, Cox drained Beaver's entire inheritance and urged her to sell her condo and move into a bedbug-infested apartment. Cox was sentenced to five years in prison, three years supervised release, and ordered to pay over $412,000 in restitution. He pleaded guilty in July to charges of mail fraud, wire fraud, and money laundering. He also told the judge that he had suffered childhood abuse that led to a gambling addiction, forcing him [...]

By |October 16th, 2015|Fraud, Press Releases & News|
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Nine Charged In $30M Computer Hacking, Securities Fraud

Nine alleged computer hackers were charged today for their roles in a securities fraud scheme that earned $30 million in illicit gains by stealing and trading on corporate earnings data procured from newswire services before they were published. The charges, which were brought by U.S. Attorney's Offices for the District of New Jersey and the Eastern District of New York, include securities fraud, wire fraud, fraud in connection with computers, aggravated identity theft, and money laundering conspiracy. Additionally, the SEC has announced fraud charges against these nine defendants as well as twenty-three more. Adding the earnings from these defendants, the illicit gains add up to more than $100 million. "Hacker defendants" Ivan Turchynov and Oleksandr Ieremenko, named in the indictment as computer hackers that lived in Ukraine, compromised a number of newswire services, including PR Newswire (owned by United Business Media, Dark Reading's parent company), Marketwired, and Business Wire. Tens of thousands of press releases were stolen from each of [...]

By |August 12th, 2015|Fraud, Press Releases & News, SEC|
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