Articles Posted in Ponzi Schemes

Silver Law Group is investigating former Overland, Kansas-based Ameriprise Financial Services, Inc. (CRD# 6363) broker John S. Elliot (CRD# 5981598) over allegations that he sold customers an outside investment. According to Elliot’s FINRA BrokerCheck, Ameriprise discharged Elliot in August 2016 for violating Ameriprise compliance policies relating to selling away. Following…

Silver Law Group is investigating former Houston, Texas-based Park Avenue Securities (CRD# 46173) broker Lizabeth Gotuaco Ty (CRD# 4737319) (also known as “Beth Ty”) after FINRA permanently barred her. According to Ty’s FINRA BrokerCheck report, FINRA permanently barred Ty in May 2016 after she failed to provide documents and information…

You would think that it would be easy to spot a Ponzi scheme when there are so many victims, but the truth is a lot more complicated Ponzi schemes are fraudulent investment schemes that involve paying fake investment returns with funds contributed by new investors. Organizers of Ponzi schemes often…

Pursuant to a civil action brought by an aggrieved investor against OM Investment Management (“OMIM”), an investment adviser, and its managing member Gignesh Movalia (“Movalia”) in Miami-Dade County, Florida, the Court appointed a Corporate Monitor to “discover, marshal and preserve funds and assets derived from investors.”  In turn, the Corporate…

The U.S. Securities and Exchange Commission (SEC) has charged former Boston resident, and current Miami resident, Mark A. Jones with operating a $10 million Ponzi scheme that claimed to generate profits from “bridge loans” to Jamaican businesses. According to the SEC’s Complaint — filed earlier this month in federal court…

Silver Law Group is investigating numerous registered investment advisors (“RIAs”) connected to Oregon-based Aequitas Management, LLC’s (“Aequitas”) “Ponzi-like” scheme and $350 million of investor losses. On March 10, 2016, the Securities and Exchange Commission (“SEC”) filed a complaint against Aequitas and its various subsidiaries. The complaint’s most damning allegations include…

A grand jury of the U.S District Court in Spartanburg, S.C. indicted former broker Claus C. Foerster (CRD# 1912949) for defrauding clients of $2.8 million over a 14-year period. Foerster perpetrated the fraud from 2000 to June 2014 while employed as a financial advisor at Smith Barney & Co., Morgan…

Theft of client funds exceeds $1 million in elaborate Ponzi scheme spanning a 20-year career in the securities industry According to FINRA records, Frederick Monroe, an investment broker based in Albany, NY, has been permanently suspended as a broker and was arrested in June 2015 after being charged with theft…

Learn what to look for to avoid being swindled by a Ponzi scheme in South Florida A Ponzi scheme is a type of investment fraud that is directed by a single individual who creates an entire scheme that hinges on new investment funding being used to pay existing investors. As…

How can one person take advantage of so many? And is it possible to identify one before you hand over your money? You hear about Ponzi schemes on the news and wonder how so many people could fall for such and old trick. But behind each Ponzi scheme is always…