Maxwell Smith of Fair Haven, New Jersey, operated a financial scam for more than 15 years. He operated the scam at the several brokerage firm he worked for over a 35 year career as a stockbroker. He promised guaranteed returns of between seven and a half and nine percent per year. He raised more than $10 [...]
Bret Grenbow, of Highlands FL, along with his business partner Robert Massimi, were charged with fraud by the Securities and Exchange Commission (SEC) in December 2005. They were eventually sentenced to pay a total of $4.6 million to settle. Grenbow was also charged criminally, and pleaded guilty to investment adviser fraud. He has been sentenced [...]
While Bernard Madoff’s scam does seem to be all over the headlines, it’s not the only Ponzi scheme reeking havoc. Jim Walsh, a Courier- Post staff writer wrote a great article detailing another $1.3 million Ponzi scheme that was aimed at senior citizens.
Yesterday it was Orthodox Jews. Today its members of the Family Federation for World Peace (FFWP) – formerly known as the Unification Church. The SEC has charged Kay Services, LLC, and its sole owner and officer, Marcia Sladich, with orchestrating a Ponzi scheme that bilked at least 1,000 investor of more than $10 million.
Glenn Frey had a hit in the 80’s called “Smuggler’s Blues.” The song includes the lyric “it’s the lure of easy money, it’s got a very strong appeal.” That line speaks as much to financial criminals as it does to drug smugglers.
Robert E. Kessler of Newsday reports:
Registered Broker-Dealer. Member of the Financial Industry Regulatory Authority (FINRA). Securities Investor Protection Corporation (SIPC). Every brokerage firm you’ve ever done business with touts those three things. Let’s admit it–unless you work in the industry, those claims make the firm sound stable, solid, and safe. They give it an aura of legitimacy. A case the SEC [...]
Investment Adviser Travels the Globe, Allegedly At Her Clients’ Expense
Please remember that it is very easy to become registered as an investment adviser. It is no mark of competence or trustworthiness. An adviser who tells you otherwise is preparing to rip you off.