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Articles Posted in Investment Fraud

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On Friday, May 13, 2022 the SEC (Securities and Exchange Commission) sued StraightPath Venture Partners LLC and its three founders in federal court alleging the Florida firm raised over $410 million with fraudulent promises to investors about private companies that may hold IPOs (initial public offerings). The civil complaint was filed in Manhattan and seeks the appointment of a receiver to stop fraud at the firm as well as an asset freeze. SEC Alleges StraightPath Made Ponzi-Like Payments The SEC’s complaint alleges that StraightPath sold its investments by describing them as a way for Main Street investors to buy into the exclusive pre-IPO shares in highly-sought after companies like cryptocurrency exchange Kraken and meat-free burger manufacturer Impossible Foods. But according to the SEC, StraightPath in many cases did not have the shares it claimed to. It is also alleged that the company commingled investor and firm assets and made Ponzi-like payments to certain investors.On Friday, May 13, 2022 the SEC (Securities and Exchange Commission) sued StraightPath Venture Partners LLC and its three founders in federal court alleging the Florida firm raised over $410 million with fraudulent promises to investors about private companies that may hold IPOs (initial public offerings). Continue reading ›

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Las Vegas attorney Matthew Beasley was shot by FBI Special Agents who went to his house to interview him regarding his alleged involvement in a $300 million Ponzi scheme. Though shot in the chest and shoulder, Beasley refused to surrender and repeatedly confessed to his involvement in the scheme, Assistant U.S. Attorney Tony Lopez of the District of Nevada said in court. 49-year-old Matthew Wade Beasley was arrested and charged with assaulting a federal officer with a deadly weapon. Beasley made an initial appearance in federal court on March 8, 2022. Allegations in the criminal complaint state that FBI Special Agents went to a home in Las Vegas on March 3, 2022 to interview Beasley for an ongoing investigation. According to a press release from the Department of Justice “When agents knocked on the glass front doors, Beasley appeared with part of his body obscured. After an agent pulled back his suit jacket to show his FBI badge, Beasley then stepped into complete view with a gun pointed at his own head. When agents instructed Beasley to drop the gun, Beasley instead pointed it at the agents in a sweeping motion — causing one or more agents to discharge their firearm and striking Beasley.” An FBI SWAT team “had to forcefully enter the home and bring him out,” Lopez said. Beasley was released from the hospital. His lawyer sought house arrest, but a judge ordered Beasley detained without bond because Lopez said Beasley was a flight risk with significant assets including at least four homes, luxury cars, and an RV.Las Vegas attorney Matthew Beasley was shot by FBI Special Agents who went to his house to interview him regarding his alleged involvement in a $300 million Ponzi scheme.

Though shot in the chest and shoulder, Beasley refused to surrender and repeatedly confessed to his involvement in the scheme, Assistant U.S. Attorney Tony Lopez of the District of Nevada said in court. Continue reading ›

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On February 2, 2022, The Commodity Futures Trading Commission (CFTC) and 27 state securities regulatory agencies filed a joint civil enforcement action against Safeguard Metals, LLC, and its owner, Jeffrey Santulan a/k/a Jeffrey Hill, for a fraudulent scheme ultimately worth $68 million. In the quest to diversify one's investment portfolio many people look too investing in precious metals. Gold, silver, platinum, and palladium are popular choices. It's not only a good investment, but considered a hedge against inflation. Unfortunately, not everything that glitters is gold. That’s certainly the case with company called Safeguard Metals, LLC. This California-based investment company offers IRAs based on gold and silver, as well as “asset preservation.” Safeguard Metal’s target market consists primarily of retired elderly investors, as well as those reaching retirement age with little or no investment experience. By focusing on this vulnerable population, the company smade misleading statements to their audience about the safety and risk of traditional IRA's. This type of marketing had the result of making investors fearful and convinced many of them to purchase “self-directed IRAs” based on precious metals instead. The company's website is still live, making these same types of claims.On February 2, 2022, The Commodity Futures Trading Commission (CFTC) and 27 state securities regulatory agencies filed a joint civil enforcement action against Safeguard Metals, LLC, and its owner, Jeffrey Santulan a/k/a Jeffrey Hill, for a fraudulent scheme ultimately worth $68 million.

In the quest to diversify one’s investment portfolio many people look too investing in precious metals. Gold, silver, platinum, and palladium are popular choices. It’s not only a good investment, but considered a hedge against inflation. Continue reading ›

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Through a press release, the Commodity Futures Trading Commission (CFTC) announced the filing of an enforcement action against five individuals and five companies with misappropriation and violations of registration in connection with a scheme involving foreign currency exchanges (“forex”.) The CFCT filed the complaint in the U.S. District Court for the Southern District of Florida on January 28, 2022.Through a press release, the Commodity Futures Trading Commission (CFTC) announced the filing of an enforcement action against five individuals and five companies with misappropriation and violations of registration in connection with a scheme involving foreign currency exchanges (“forex”.) The CFCT filed the complaint in the U.S. District Court for the Southern District of Florida on January 28, 2022. Continue reading ›

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So-called “romance scams” proliferate, with both women and men being taken for millions of dollars every year. The Commodity Futures Trading Commission (CFTC) has issued a press release on the topic of romance scams that cultivate a “relationship” and then move in the direction of investing in a “great opportunity” as part of a “couple.” With two out of five couples meeting online, people of all ages are more than likely in a relationship with someone they met through an app, on social media, or somewhere else in cyberspace. While online dating has increased the pool of available singles, it’s not without problems. People interested in a relationship only touch a button or swipe to see multiple options for your next date. But it’s precisely that ease that makes online dating dangerous and expensive. In romance scams, where someone befriends another to convince them to send money. Anyone of any age can find themselves in this situation, especially if they are comfortable using dating apps. So-called “romance scams” proliferate, with both women and men being taken for millions of dollars every year. The Commodity Futures Trading Commission (CFTC) has issued a press release on the topic of romance scams that cultivate a “relationship” and then move in the direction of investing in a “great opportunity” as part of a “couple.” Continue reading ›

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GWG Holdings is trying to avoid bankruptcy by looking for emergency financing following the resignation of its auditor, accounting problems, and missed debt payments to L Bond investors, according to an article in the Wall Street Journal. Silver Law Group currently represents GWG L Bonds investors, and may be able to help you recover your L Bonds losses. Please contact us at 800-975-4345 for a no-cost, confidential consultation. GWG L Bonds GWG Holdings (GWGH) is a Dallas, Texas-based financial services company that offers life insurance and alternative investments. In 2021, GWG missed financial reporting deadlines, which caused NASDAQ to threaten to delist the company. The SEC is investigating GWG Holdings.GWG Holdings is trying to avoid bankruptcy by looking for emergency financing following the resignation of its auditor, accounting problems, and missed debt payments to L Bond investors, according to an article in the Wall Street Journal.

Silver Law Group currently represents GWG L Bonds investors, and may be able to help you recover your L Bonds losses. Please contact us at 800-975-4345 for a no-cost, confidential consultation. Continue reading ›

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Since its inception, multiple financial products have appeared for investors to get into cryptocurrency. Recently, Investor.gov published a bulletin describing the risks of interest bearing crypto accounts. Digital-based online currency, or cryptocurrency, is one of the hottest new investments around. But because it’s so new, not even seasoned investors necessarily understand everything about this online-only investment. It was launched in 2009 as a digital currency not backed by any government nor accepted in many parts of the world as legal tender. But Bitcoin and others like it are run by a decentralized authority. Bitcoin is created, traded, distributed, and stored by way of a decentralized ledger system called a “blockchain.”Since its inception, multiple financial products have appeared for investors to get into cryptocurrency. Recently, Investor.gov published a bulletin describing the risks of interest bearing crypto accounts.

Digital-based online currency, or cryptocurrency, is one of the hottest new investments around. But because it’s so new, not even seasoned investors necessarily understand everything about this online-only investment. Continue reading ›

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On Friday, February 18, 2022, Silver Law Group and co-counsel filed a class action complaint was filed against GWG Holdings and several of its principals to recover losses suffered by investors who purchased GWG’s “L Bonds”. The Complaint was filed in the United States District Court for the Northern District of Texas and alleges violations of the federal securities laws.  Among other things, the Complaint states that: GWG’s L Bonds were designed to enrich GWG’s principals “accomplished through Defendants’ false and misleading statements and omissions . . .” “The [L Bonds] now lack value on account of GWGH’s inability to service them.” “As a result of Defendants’ wrongful acts and omissions, and the steep decline in the value of the L Bonds, Plaintiffs and other Class members have suffered significant losses and damages, which they now seek to recover through this action.” With The Class Action On File, Silver Law Group Continues Its Investigation Against Financial Advisors Silver Law Group is continuing to investigate GWG’s sales of “L-Bonds” to investors nationwide. Many investors alleged L Bonds were sold as offering investors higher yields than typical publicly traded bonds and as being backed by bundled portfolios of life insurance policies purchased on the secondary market. Unlike publicly traded securities, L Bonds are illiquid, speculative alternative investments that do not have a public market. L Bonds were sold by a network of broker-dealers across the United States. On January 27, 2022, the Wall Street Journal quoted Scott Silver highlighting that “many of our clients are retail investors who bought the bonds after hearing the products were safe and would offer a comfortable income stream for their retirement but that they were shocked to learn that their money was used to pay old investors while the company was under SEC investigation.”On Friday, February 18, 2022, Silver Law Group and co-counsel filed a class action complaint against GWG Holdings and several of its principals to recover losses suffered by investors who purchased GWG’s “L Bonds”. The Complaint was filed in the United States District Court for the Northern District of Texas and alleges violations of the federal securities laws. Among other things, the Complaint states that: Continue reading ›

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If you are among the investors who lost money due to the Northstar Financial Services (Bermuda) Ltd., Omnia Ltd., or the Puerto Rico-based PB Life and Annuity Co. Ltd., you should have experienced securities attorneys presenting you. Silver Law Group is an experienced team of lawyers who represent victims of securities and investment fraud. Silver Law already represents other Northstar claimants in FINRA arbitrations, and the firm’s team continues to investigate their and other claims. Silver Law has a long track record of success in these types of cases: Silver Law is a nationally-recognized securities law firm, and we specialize in helping investors recover losses from unscrupulous brokers. Our clients range the gamut, from individual investors who have lost their retirement savings and investment consortiums to large class actions. And with offices in New York and Florida, we serve clients from around the world—with frequent work in Latin America and the Caribbean. (Para clientes de habla hispana, haga clic aquí para obtener más información.) In the decade since Silver Law first opened its doors, its lawyers have recovered tens of millions of dollars for its clients, in FINRA arbitrations and court proceedings.If you are among the investors who lost money due to the Northstar Financial Services (Bermuda) Ltd., Omnia Ltd., or the Puerto Rico-based PB Life and Annuity Co. Ltd., you should have experienced securities attorneys presenting you. Silver Law Group is an experienced team of lawyers who represent victims of securities and investment fraud. Continue reading ›

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Understandably, investors who have lost money in the bankruptcy of Northstar Financial Services (Bermuda) Ltd. have many questions to ask. Many, of course, are specific to their investment accounts, and to answer those, a phone call or email with counsel may be better. But we can address a few common questions our clients have been asking, to help Northstar investors better understand the issues they’re facing. Can I get my money back? Unfortunately, it’s unlikely that you will receive all of your investment, but you may be able to recover some losses as a creditor. Also, if warranted, you may recover money from your broker-dealer if they are liable for breach of fiduciary duties or other claims arising out of their promotion of Northstar investment products. If I go after my broker, does that mean giving up my Northstar claim? No, these are separate proceedings, and one doesn’t impact the other.Understandably, investors who have lost money in the bankruptcy of Northstar Financial Services (Bermuda) Ltd. have many questions to ask. Many, of course, are specific to their investment accounts, and to answer those, a phone call or email with counsel may be better. But we can address a few common questions our clients have been asking, to help Northstar investors better understand the issues they’re facing. Continue reading ›

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