Call Now For a Free Consultation:
(614) 502-6165

Alleged Securities Fraud May Have Led to Bankruptcy and Investor Loss

Stephen Durland, of Greensboro, North Carolina, has received a sentence of two years and nine months after his alleged involvement in a securities fraud scheme. Durland pleaded guilty earlier this year to counts of securities fraud, conspiracy to commit securities fraud, and falsifying records. Durland had been CFO of Fremont-based Pegasus Wireless Corp., which later moved to West Palm Beach, Florida. According to officials, Durland allegedly created fake promissory notes to represent fake debt, and then issued shares. Durland, working with former Pegasus CEO Jason Knabb, allegedly sold the shares to friends, family, and other investors. Durland and Knabb are said to have brought in millions in this fashion, and they have been accused of using most of the cash for their own purposes. Knabb is expected to be sentenced in November after also pleading guilty to similar securities fraud charges. Prosecutors have also alleged that the securities fraud ended up diluting Pegasus Wireless' stock, led to the company's later bankruptcy, and caused millions of dollars in losses for their clients. At Meyer Wilson, we are experienced FINRA lawyers who can represent victims of investment fraud, stock scams, and Ponzi schemes in stockbroker mediation, arbitration, and litigation anywhere in the nation. We are proud to have recovered millions of dollars in losses for our own clients, and look forward to helping you.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Columbus Office

614-224-6000
305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

310-905-8688
2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

216-600-1355
4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

248-817-8214
41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram