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Articles Posted in Ponzi Schemes

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The Securities and Exchange Commission (SEC) announced that it has taken emergency action to stop an alleged $6 million Ponzi scheme that took money from at least 55 people, many of whom are seniors. The SEC obtained a temporary asset freeze and restraining order against Neil Burkholz of Boca Raton, Florida, and Frank Bianco, of Pembroke Pines, Florida and their companies Palm Financial Management LLC and Shore Management Systems LLC.The Securities and Exchange Commission (SEC) announced that it has taken emergency action to stop an alleged $6 million Ponzi scheme that took money from at least 55 people, many of whom are seniors.

The SEC obtained a temporary asset freeze and restraining order against Neil Burkholz of Boca Raton, Florida, and Frank Bianco, of Pembroke Pines, Florida and their companies Palm Financial Management LLC and Shore Management Systems LLC. Continue reading ›

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GPB Capital has been accused of being a Ponzi scheme, which is a type of fraud where new investor money is used to pay off old investors. Investors in a Ponzi scheme believe they are getting a return from the business they invested in, but they’re really getting another victim’s money. Ponzi schemes are unsustainable because they require more and more new money to pay returns to investors. When new money can’t be found, the scheme collapses, and investors lose their money. Silver Law Group represents investors in securities arbitration claims against stockbrokers who sold GPB.GPB Capital has been accused of being a Ponzi scheme, which is a type of fraud where new investor money is used to pay off old investors. Investors in a Ponzi scheme believe they are getting a return from the business they invested in, but they’re really getting another victim’s money.

Ponzi schemes are unsustainable because they require more and more new money to pay returns to investors. When new money can’t be found, the scheme collapses, and investors lose their money. Silver Law Group represents investors in securities arbitration claims against stockbrokers who sold GPB. Continue reading ›

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Silver Law Group has filed another FINRA arbitration claim against SagePoint Financial to recover losses for a client who invested $100,000 in GPB Capital on the advice of her broker. Silver Law Group filed the first arbitration claim against SagePoint Financial to recover GPB investment losses, and continues to file claims on behalf of GPB investors with other brokerage firms. The SagePoint investor lives in California and is seeking the securities arbitration to be heard in Los Angeles, California.Silver Law Group has filed another FINRA arbitration claim against SagePoint Financial to recover losses for a client who invested $100,000 in GPB Capital on the advice of her broker.

Silver Law Group filed the first arbitration claim against SagePoint Financial to recover GPB investment losses, and continues to file claims on behalf of GPB investors with other brokerage firms. The SagePoint investor lives in California and is seeking the securities arbitration to be heard in Los Angeles, California. Continue reading ›

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On November 12, 2019, Scott Silver of the Silver Law Group and co-counsel filed a lawsuit in the Northern District of Florida against Phillip Timothy Howard (Tim Howard), a Tallahassee, Florida attorney and investment fund manager, based on claims that Howard defrauded an investor of more than a half-million dollars as part of a real estate fraud scheme. The suit alleges (1) violation of the federal civil Racketeer Influenced and Corrupt Organizations Act (RICO); (2) fraud in the inducement; (3) breach of fiduciary duty; (4) negligent misrepresentation; and (5) unjust enrichment.On November 12, 2019, Scott Silver of the Silver Law Group and co-counsel filed a lawsuit in the Northern District of Florida against Phillip Timothy Howard (Tim Howard), a Tallahassee, Florida attorney and investment fund manager, based on claims that Howard defrauded an investor of more than a half-million dollars as part of a real estate fraud scheme.

The suit alleges (1) violation of the federal civil Racketeer Influenced and Corrupt Organizations Act (RICO); (2) fraud in the inducement; (3) breach of fiduciary duty; (4) negligent misrepresentation; and (5) unjust enrichment. Continue reading ›

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On Thursday, November 7, 2019, Scott Silver, managing partner of Silver Law Group, and Jay Berkowitz, CEO and founder of marketing agency Ten Golden Rules, delivered a presentation to members of the South Florida Interactive Marketers Association (SFIMA).On Thursday, November 7, 2019, Scott Silver, managing partner of Silver Law Group, and Jay Berkowitz, CEO and founder of marketing agency Ten Golden Rules, delivered a presentation to members of the South Florida Interactive Marketers Association (SFIMA).

About SFIMA

Founded in 2004, SFIMA is an all-volunteer organization that promotes education, networking, and professional growth opportunities for marketers in southeast Florida. SFIMA holds monthly educational and networking events with an industry speaker. Continue reading ›

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GPB Capital Holdings, the troubled alternative asset management firm that’s being investigated by the FBI, SEC, and others, and is accused of operating like a Ponzi scheme, allegedly has significant ties to the Church of Scientology. Scientology is a system of religious beliefs and practices created by American science fiction writer L. Ron Hubbard in 1952. The religion has had many controversies over the years, including “Operation Snow White” in the 1970s, in which up to 5,000 agents infiltrated US government agencies to remove unfavorable evidence about Scientology and L. Ron Hubbard.GPB Capital Holdings, the troubled alternative asset management firm that’s being investigated by the FBI, SEC, and others, and is accused of operating like a Ponzi scheme, allegedly has significant ties to the Church of Scientology.

Scientology is a system of religious beliefs and practices created by American science fiction writer L. Ron Hubbard in 1952. The religion has had many controversies over the years, including “Operation Snow White” in the 1970s, in which up to 5,000 agents infiltrated US government agencies to remove unfavorable evidence about Scientology and L. Ron Hubbard. Continue reading ›

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Silver Law Group continues to file GPB securities arbitration claims. GPB Capital Holding’s Chief Compliance Officer and Managing Director, former Securities and Exchange Commission (SEC) examiner Michael S. Cohn, was indicted on October 23, 2019, on charges of obstruction of justice, unauthorized computer access, and unauthorized disclosure of confidential information.Silver Law Group continues to file GPB securities arbitration claims.

GPB Capital Holding’s Chief Compliance Officer and Managing Director, former Securities and Exchange Commission (SEC) examiner Michael S. Cohn, was indicted on October 23, 2019, on charges of obstruction of justice, unauthorized computer access, and unauthorized disclosure of confidential information. Continue reading ›

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Two investors in GPB Capital Holdings have filed a class action lawsuit against the troubled company. The complaint, filed in Manhattan federal court, alleges that GPB breached its fiduciary by failing to give investors its annual audited financial statements. This lawsuit is just the latest problem for GPB, which was recently sued by one of its partners, who accused the company of operating like a Ponzi scheme. The company is also the subject of investigations by the FBI, SEC, FINRA, and New York’s Business Integrity Commission.Two investors in GPB Capital Holdings have filed a class action lawsuit against the troubled company.

The complaint, filed in Manhattan federal court, alleges that GPB breached its fiduciary by failing to give investors its annual audited financial statements.

This lawsuit is just the latest problem for GPB, which was recently sued by one of its partners, who accused the company of operating like a Ponzi scheme. The company is also the subject of investigations by the FBI, SEC, FINRA, and New York’s Business Integrity Commission. Continue reading ›

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Silver Law Group’s managing partner Scott Silver was interviewed for and gave a quote to The New York Times for an article on Ponzi schemes. Scott Silver is a leading investment fraud attorney recognized as being one of the best lawyers for victims of stockbroker misconduct. Scott is a frequent speaker and author on securities arbitration and is the chair of the securities and financial fraud group of the American Association for Justice. The article examines the new tactics used by perpetrators of Ponzi schemes in the years since Bernie Madoff was caught running the largest Ponzi scheme ever in 2008.Silver Law Group’s managing partner Scott Silver was interviewed for and gave a quote to The New York Times for an article on Ponzi schemes.

Scott Silver is a leading investment fraud attorney recognized as being one of the best lawyers for victims of stockbroker misconduct. Scott is a frequent speaker and author on securities arbitration and is the chair of the securities and financial fraud group of the American Association for Justice.

The article examines the new tactics used by perpetrators of Ponzi schemes in the years since Bernie Madoff was caught running the largest Ponzi scheme ever in 2008. Continue reading ›

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The future is uncertain for GPB Capital Holdings and its investors. As state and federal agencies investigate the troubled alternative asset management company, investors wait, unable to sell, wondering if the money they invested will evaporate. It wasn’t supposed to be this way. Clients were told by their brokers that GPB had solid assets and that investing in the company was low-risk. Sure a private placement in GPB was illiquid, but it would provide a healthy income stream for years to come, and one day the company could go public and make them a healthy profit, they said. Many investors did not appreciate that one of the primary guarantees for the selling brokerage firms was the substantial commission that GPB offered to pay the financial advisors who sold GPB Capital Notes. The future is uncertain for GPB Capital Holdings and its investors. As state and federal agencies investigate the troubled alternative asset management company, investors wait, unable to sell, wondering if the money they invested will evaporate.

It wasn’t supposed to be this way. Clients were told by their brokers that GPB had solid assets and that investing in the company was low-risk. Sure a private placement in GPB was illiquid, but it would provide a healthy income stream for years to come, and one day the company could go public and make them a healthy profit, they said.

Continue reading ›

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