At least 175 investors lost a total of $30.6 million in the alleged David Salinas Ponzi scheme, and authorities say additional claims may still be uncovered.
In January, the SEC’s filing listed 89 investors and $10.2 million in claims. The SEC’s latest filing, however, stated that the court-appointed receiver, Steven A. Harr, has verified an additional 86 investors and another $20.4 million in claims. Harr also stated that he’s only about halfway through the verification process; additional claims will likely be added in future filings.
He committed suicide on July 17 while under investigation by the SEC.
In its Aug. 2011 complaint, the SEC alleged that Salinas and others solicited millions of dollars in investments in fraudulent securities schemes, commingled investor assets, made undisclosed transfers, and failed to conduct proper due diligence. Salinas allegedly enticed investors to part with their funds by promising they could obtain safe, fixed income through highly rated corporate bonds. Allegedly, however, the bonds were never purchased.