This one reminds us of the damage done by the inclusion of a single word in a well-known saying: If something sounds to good to be true, it probably is. That “probably” is dangerous and we should all remove it from that saying.
Joseph Poteat defrauded investors of $17 million in retirement funds. He’ll have more than three years to think about his crime. U.S. District Judge William M. Nickerson sentenced the 61-year-old last week. Judge Nickerson sentenced Poteat’s cohort, 70-year-old, Marie Bellamy, to 18 months of probation.
From drug dealer to financial guru. The Commodities Futures Trading Commission (CFTC) has alleged that Kenneth L. Branch (Branch) convinced 39 people to invest more than $1.4 million into a supposed commodities trading system – developed during his 12-year federal prison term for cocaine distribution - that supposedly produced “guaranteed” profits.
A ‘Guarantee’ Plus Phony Account Statements Equals Successful Offering Fraud
David Wehrs told prospective investors that he would place their money in an FDIC-insured money market fund that guaranteed to pay 10.85 percent interest annually. Thirteen investors believed him and lost more than $1.9 million. The U.S. Securities and Exchange Commission has filed an enforcement action against Wehrs and his company, Maryland Title and Escrow Co., [...]