The U.S. Securities and Exchange Commission (SEC) has charged an Illinois man with violating federal securities laws and for his alleged participation in a Ponzi scheme involving $12 million. FBI agents arrested Robert R. Anderson, 59, in his home on Thursday morning, October 7, 2010.The SEC claims that Mr. Anderson, president of American Homes Inc., which is …
“CHiPs” Are Down for Larry Wilcox Who’s Accused of Securities Fraud
“CHiPs” star Larry Wilcox faces securities fraud charges for his involvement in an elaborate kickback scheme involving penny stocks. Mr. Wilcox, who played California Highway Patrol Officer Jonathan Baker in the hit TV show “CHiPs” in the late 70s and 80s, was charged on Thursday, October 7, 2010, by federal regulators.The U.S. Securities and Exchange Commission (SEC), …
What the Financial Reform Bill’s Whistleblower Program Means for You
There has been a lot of talk recently regarding the new “whistleblower” provisions included in this summer’s Dodd-Frank Wall Street Reform and Consumer Protection Act. Basically, Section 922 of the Act amends the whistleblower program established in The Securities Exchange Act of 1934 and gives the SEC the new authority to financially award whistleblowers who …
Three Bay Area Men Have Been Charged in Fraud Case
The Securities and Exchange Commission (SEC) has charged three men in an alleged investment scheme involving approximately 450 investors. The announcement came September 21, 2010, when the SEC filed its complaint in federal court in Minneapolis, Minnesota. According to the SEC, the three men, Todd Duckson of Prior Lake, Minn., Timothy Redpath of Mill Valley …
Investment Scam Could Be New Hampshire’s Biggest Ponzi Scheme
The New Hampshire Secretary of State has announced that hearings will begin next week to investigate the state’s potentially largest Ponzi scheme. According to reports, on Tuesday, October 5, 2010, the perpetrators pleaded guilty for their involvement in the investment scam. Scott Farah, 46, and Donald Dodge have pleaded guilty before U.S. District Court Judge Paul …
SEC Bars Financial Advisor Over Alleged Ponzi Scheme
The Securities and Exchange Commission (SEC) has barred a Tennessee financial advisor from the securities industry for his alleged involvement in a Ponzi scheme that took in approximately $5.5 million. The SEC has accused 32-year-old Aaron Donald Vallett, a registered financial advisor in Brentwood, Tenn., of running a Ponzi-type scheme where he raised approximately $5.5 million from …
Villalba Sentenced to Jail Today; Law Firm Continues Investigation
Ohio-based investment advisor, Enrique F. Villalba, Jr., was sentenced to jail today by a federal judge in Cleveland. Mr. Villalba solicited investors in several states through his investment advisory business, Money Market Alternative L.P., by touting an investment strategy that he professed to be conservative and low risk and that investors would realize an eight …
Man Admits Guilt in Ponzi Scheme Worth $100 Million
An investor has been accused of operating a Ponzi scheme worth approximately $100 million. The investment scam involved more than 350 unsuspecting investors.Michael S. Goldberg has pleaded guilty to three counts of wire fraud involving a diamond scam, according to David B. Fein, U.S. attorney for the District of Connecticut and Kimberly K. Mertz, special agent of …
FINRA Proposes Rule Change to Allow Investors the Option of All-Public
The Financial Industry Regulatory Authority (FINRA) announced today that it plans to file a rule proposal to expand and make permanent its Public Arbitrator Pilot Program. The rule proposal, which FINRA plans to file next month for approval with the Securities and Exchange Commission (SEC), would apply to all investor claims. Under current FINRA rules, …
FBI Investigates Investment Broker at School
The FBI is investigating an investment broker, who handles the Mona Shores school district’s funds, for investment fraud. According to the complaint, Dante DeMiro, of Michigan, is being accused of operating a Ponzi scheme for his own benefit.Superintendent Terry L. Babbitt has stated that Mr. DeMiro was handling about $3.7 million of the school district’s funds that …
Illinois Investment Advisor Barred From Industry for Stealing From Clients
Steve W. Salutric was barred from the securities industry by an administrative proceeding Order on September 10, 2010, for allegedly stealing $1.8 million from at least 17 investors over the past three years. Salutric was a registered investment advisor with Results One Financial LLC in Elmhurst, Illinois. The SEC’s original complaint against Salutric was filed …
Indiana Investment Watch Launches Investor Protection Campaign
The Indiana Investment Watch is running an online advertising campaign to educate investors on how to spot and avoid online investment fraud. The campaign is built around four fictional companies. The ads are placed on websites frequented by online investors. When an investor clicks on the ad, a message from Indiana Securities Commissioner Chris Naylor …
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