According to an article by Charles Wilson, of the Associated Press, former pastor Vaughn Reeves and three of his sons were charged with securities fraud in Indiana, for a scheme aimed at church members. The secretary of state’s office said that arrest warrants have been issued for all four men, charging each with 10 felony [...]
The SEC’s recent action against former Countrywide Mortgage Inc. CEO Angelo Mozilo has exposed how far public companies will go in lying to the public about the ugly truth behind their slick marketing campaigns. After what we’ve learned over the past twenty years about the tobacco companies we shouldn’t be surprised, I guess, to find out that the [...]
There is a news article published in UK’s Times Online, by Mr. Mike Harvey, discussing the rise in pyramid and Ponzi fraud schemes in Britain and the United States. It is very well written, speaking about the internet advertisers and videos helping to make the sale. According to the article, the scams are being “spurred by the [...]
As all the Ponzi schemes hit the news, it’s getting more difficult to decide what you should do with your money. Whether it’s Madoff, Nadel, or Cosmo, there are always more details to the latest scams on the front pages of the news. It’s gotten so extreme that the Massachusetts Secretary of State, William Galvin, [...]
The Securities and Exchange Commission (SEC) has filed an emergency action against Creative Capital Consortium, LLC, Creative Capital Concepts, LLC, and its principal, George L. Theodule, to halt an alleged Ponzi scheme and affinity fraud. According to the complaint, Theodule raised at least $23.4 million from thousands of investors in the Haitian-American community through a network [...]
MARIETTA, GEORGIA – December 16, 2008For former SEC Enforcement Branch Chief, Pat Huddleston, the Madoff fraud came as no surprise. “There were warning signs,” he says. “Madoff was clever, but his secretiveness and his supposed track record would have been enough for us to warn our clients away from him.” Huddleston’s company, Investor’s Watchdog LLC, [...]
We’ve come to that time in our walk through the life of an investment scam when you, as the investor, are patting yourself on the back. The checks are coming, and you are making financial decisions on the assumption that they’ll continue to arrive on schedule. Maybe you bought that lake house you always dreamed [...]
You may think that the Nigerian e-mail scam is a thing of the past. Since there’s been so much education around it, surely scamsters would have run out of easy targets. But according to a recent article from the Associated Press, the opposite is true.
Harvy Lipman, a staff writer for NorthJersey.com, wrote a fantastic article about an investment scheme that preyed on church members. David A. Talbot is best known for being Michael Vick’s financial advisor before being removed by a Virginia bankruptcy court for misappropriating Vick’s assets. But now, according to the state attorney general, Talbot is at [...]
Sentence Shortened for Fraudster?
Former Qwest CEO Joe Nacchio was convicted in 2007 on charges that he illegally sold $52 million in Qwest stock in early 2001, based on insider information. He was sentenced to six years in prision. But according to an article in The Denver Post, by Andy Vuong, a ruling last week may shorten his prison [...]