Category Archives: Ponzi Schemes
SEC Shuts Down $100 Million Ponzi Scheme; Florida Man Charged
On June 19th, 2018, the Securities and Exchange Commission (SEC) announced that enforcement officials were shutting down a $102 million Ponzi scheme. Several former FINRA advisors were implicated in the charges. According to the SEC, more than 600 investors throughout the United States were defrauded in this Ponzi scheme. Six men have been charged… Read More »
SEC Shuts Down $85 Million Ponzi Schemes; Investors Were Falsely Informed Land Was Being Purchased in Florida
On May 1st, the Securities and Exchange Commission (SEC) announced that it had recently shut down an $85 million Ponzi scheme that had ties to the state of Florida. In a legal complaint that was unsealed in the United States District Court for the Southern District of Mississippi, the SEC alleges that Arthur Lamar… Read More »
Florida Executive Pleads Guilty to Orchestrating $150 Million Investment Fraud Scheme
On April 19th, 2018, the United States Department of Justice (DOJ) announced that Antonio Carlos de Godoy Buzaneli, an executive from Coral Gables, Florida, has pleaded guilty to investment fraud charges related to his role in a $150 million investment fraud scheme. According to court documents, Mr. Buzaneli and several co-conspirators carried out the… Read More »
Federal Jury Convicts Financial Executive in Cay Clubs Ponzi Scheme Case
On March 6th, 2017, the United States Department of Justice (DOJ) announced that David W. Schwartz, the former Chief Financial Officer (CFO) of Cay Clubs Resorts, has been convicted of several serious offenses by a federal jury. Mr. Schwartz now faces up to 93 years in prison. Cay Clubs, which at one point employed… Read More »
Renewable Energy Company Defrauded Investors Out of More Than $30 Million
Recently, the Securities and Exchange Commission (SEC) filed a civil complaint against a renewable energy company. The lawsuit, which was filed in the U.S. District Court for Central California, was brought against Patrick S. Carter and his company 808 Renewable Energy Corp. In related lawsuits, the SEC also took legal actions against several co-conspirators,… Read More »
Texas Man Charged in Bitcoin Securities Fraud Case
A Texas man has pled guilty to what federal authorities describe as the first bitcoin-related securities fraud case, according to a U.S. News report. Bitcoin is a digital currency that operates independent from a central bank. Encryption techniques are used to regulate how many units are generated and verify the transfer of funds. The… Read More »
Will Allen, Former NFL Player, Charged for Role in Ponzi Scheme
Professional athletes and other high-income, high-profile individuals rely on financial advisors and other professionals to responsibly invest their income. But occasionally, financial professionals betray the trust of their clients and investors and make financially unsound decisions or worse – pocket investment funds for themselves. Such is the case of Will Allen, a former National… Read More »
