Tag:

Securities and Exchange Commission

Hartford
Police & Fire
'Pig Butchering' Scams: Police In CT Warn Of Fraudulent Investment Schemes 'Pig Butchering' Scams: Police In CT Warn Of Fraudulent Investment Schemes
'Pig Butchering' Scams: Police In CT Warn Of Fraudulent Investment Schemes Authorities are warning Connecticut residents to be wary of complex investment scams targeting victims through online platforms such as dating apps and social media.  In an announcement on Tuesday, March 26, Connecticut State Police warned that there has been an increase in "pig butchering" scams involving scammers convincing victims to invest money into a fake trading platform.  According to state police, the scammer will first contact the victim through dating apps, social media, or professional networking platforms. They will then build trust with the victim over several weeks …

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by Ben Crnic
Hackensack
Police & Fire
Feds Indict Bergen Advisor For Stealing $3M From Senior Clients To Gamble, Buy Home, Gold Coins Feds Indict Bergen Advisor For Stealing $3M From Senior Clients To Gamble, Buy Home, Gold Coins
Feds Indict Bergen Advisor For Stealing $3M From Senior Clients To Gamble, Buy Home, Gold Coins A disgraced former broker and investment advisor is now under federal indictment for stealing more than $3 million from clients that authorities said he used to gamble and buy gold coins and a new house in Bergen County. Kenneth A. Welsh, 42, of River Edge, "used his position as an investment advisor to gain the trust of his victims," U.S. Attorney Philip R. Sellinger said. "(He) then exploited that trust,” Sellinger said. Welsh was working at Wells Fargo Clearing Services in Fairfield when federal authorities said he began shifting money from clients' accounts to that he controlled in Ju…

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by Jerry DeMarco
Atlantic
Police & Fire
Ex-NJ Corrections Officer's Crypto Scam Targeted Police, Firefighters, EMTs: Authorities Ex-NJ Corrections Officer's Crypto Scam Targeted Police, Firefighters, EMTs: Authorities
Ex-NJ Corrections Officer's Crypto Scam Targeted Police, Firefighters, EMTs: Authorities A retired New Jersey corrections lieutenant preyed on his peers with a cryptocurrency scheme that cost participating police, firefighters, EMTs, and other first responders more than $620,000, state and federal authorities said. John DeSalvo, 47, of Linwood, also pulled a $100,000 investment scam that authorities said went to covering his credit card bills, day trading in cryptocurrencies and payments to a contractor who handled a luxury bathroom renovation for him. DeSalvo -- who worked for the New Jersey Department of Corrections for 13 years before retiring in 2010 -- created and promote…

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by Jerry DeMarco
Mahwah-Ramsey
News
Feds Charge Exiled Chinese Tycoon With $1B Fraud That Funded $26.5M Mahwah Mansion, More Feds Charge Exiled Chinese Tycoon With $1B Fraud That Funded $26.5M Mahwah Mansion, More
Feds Charge Exiled Chinese Tycoon With $1B Fraud That Funded $26.5M Mahwah Mansion, More Exiled Chinese tycoon Miles Guo was arrested by the FBI Wednesday on charges of swindling his online followers out of more than $1 billion that the government said he used, in part, to buy a 58-room mansion in Mahwah. Some of the agents were still at Guo’s 15-room penthouse in the Sherry-Netherland Hotel on Manhattan’s Upper East Side the afternoon of March 15, six hours after he’d been arrested there, when a mysterious fire broke out on the 18th floor, responders said. No injuries were reported, but authorities said the blaze significantly damaged Guo’s unit. No one drew any immediate conn…

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by Jerry DeMarco
Nassau
News
Barred Glen Cove Investment Broker Indicted for $520K Stock Fraud: DA Barred Glen Cove Investment Broker Indicted for $520K Stock Fraud: DA
Barred Glen Cove Investment Broker Indicted for $520K Stock Fraud: DA A barred investment broker has been indicted on charges he stole $520,000 from six investors who believed they were investing in stocks for several high-profile companies. Long Island resident Peter Quartararo, age 57, of Glen Cove, was arraigned Thursday, March 9 on charges of grand larceny, said Nassau County District Attorney Anne Donnelly. “This defendant allegedly tricked investors into believing they were getting in on the ground floor of high-profile companies that were going public," Donnelly said. During the "scheme" which began in July 2018 and continued through January 2021, Qua…

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by Kathy Reakes
Middlesex MA
News
Former FTX CEO, MIT Grad Sam Bankman-Fried Charged With Defrauding Investors Of $1.8 Billion Former FTX CEO, MIT Grad Sam Bankman-Fried Charged With Defrauding Investors Of $1.8 Billion
Former FTX CEO, MIT Grad Sam Bankman-Fried Charged With Defrauding Investors Of $1.8 Billion The former CEO of what used to be one of the world's largest cryptocurrency companies has been charged with defrauding investors of almost two billion dollars, authorities said. The Securities and Exchange Commission (SEC) charged Samuel Bankman-Fried on Tuesday, Dec. 13, with defrauding FTX investors out of more than $1.8 billion.  The SEC alleges that Bankman-Fried raised the funds – including $1.1 billion from 90 US-based investors – by falsely promoting a safe, responsible cryptocurrency since May 2019.  "We allege that Sam Bankman-Fried built a house of cards on a foundation of dece…

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by David Cifarelli
Nassau
Lifestyle
Brand-New Forbes Rankings Reveal Richest NY Residents Brand-New Forbes Rankings Reveal Richest NY Residents
Brand-New Forbes Rankings Reveal Richest NY Residents The richest people in America are revealed in a new Forbes 400 ranking, which includes over a dozen New Yorkers. To come up with its 41st annual list of the 400 wealthiest Americans, the outlet consulted with a variety of sources, including financial advisors, Securities and Exchange Commission documents, court filings, attorneys, and news articles. Researchers looked at assets held, including public and private companies, as well as personal property like car collections, yachts, planes, and jewelry. Debts and charitable giving were also factored in, Forbes said. The top 20 people on th…

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by Michael Mashburn
Prince George's
News
Bowie Man Convicted For Recruiting Investors For $28M Ponzi Scheme Bowie Man Convicted For Recruiting Investors For $28M Ponzi Scheme
Bowie Man Convicted For Recruiting Investors For $28M Ponzi Scheme A Maryland man has been convicted of operating a $28 million Ponzi scheme that promised victims personal wealth and financial freedom, authorities announce. Arley Ray Johnson, 63, convinced victims to invest in the company "1st Million", by holding promotional events at upscale hotels and event spaces, attending church-sponsored events, intending to target investments from churchgoers, and representing themselves as religious men more interested in the financial freedom of others than personal financial gain, according to the Department of Justice. Johnson and co-defendants Dennis Mbongeni …

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by Annie DeVoe
Yonkers
News
Bed Bath & Beyond Exec Faced $1.2B Insider Trading Lawsuit When He Jumped To His Death: Report Bed Bath & Beyond Exec Faced $1.2B Insider Trading Lawsuit When He Jumped To His Death: Report
Bed Bath & Beyond Exec Faced $1.2B Insider Trading Lawsuit When He Jumped To His Death: Report An executive at Bed Bath & Beyond who jumped 18 stories to his death at the so-called "Jenga" tower in New York City where he lived on Friday, Sept. 2 was facing a $1.2 billion insider trading lawsuit, according to a new report. Gustavo Arnal, age 52, was the company's executive vice president and chief financial officer. Arnal was among several defendants named in a complaint alleging a "pump-and-dump" stock fraud scheme, the Daily Mail first reported. Bed Bath & Beyond, the lead defendant, allegedly made a “materially false and misleading statement” in a Securities and Exchange …

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by Joe Lombardi
Essex NJ
News
NJ FEDS: Miracle-Aspirin Investment Scam Sends Long Island Man To Prison For 4½ Years NJ FEDS: Miracle-Aspirin Investment Scam Sends Long Island Man To Prison For 4½ Years
NJ Feds: Miracle-Aspirin Investment Scam Sends Long Island Man To Prison For 4½ Years A Long Island man must spend the next 4½ years in prison for scamming investors out of $3.5 million through what he claimed was a revolutionary new aspirin, federal authorities in New Jersey said. Donald A. Milne III, a 57-year-old repeat offender from Massapequa, defrauded more than 70 victims from throughout the country, U.S. Attorney Philip R. Sellinger said. All thought they'd invested in what he touted as a “fast-acting form of powdered aspirin that could instantly stop heart attacks and strokes," Sellinger said. Milne used the money instead for a Caribbean vacation, boating expe…

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by Jerry DeMarco
Paramus
News
Former Trump Communications Chief's SUV Stolen In Paramus, Dumped In Newark, Police Say Former Trump Communications Chief's SUV Stolen In Paramus, Dumped In Newark, Police Say
Former Trump Communications Chief's SUV Stolen In Paramus, Dumped In Newark, Police Say Somewhere Donald Trump may be giggling. The tsunami of vehicle thefts in North Jersey claimed one of the former president's antagonists when someone snatched a 2021 Mercedes Benz owned by onetime White House communications director Anthony Scaramucci from outside a Paramus home. As with just about all of the thefts reported in North Jersey's wealthier counties, the SUV was left unlocked a with a spare key fob inside when it was stolen off Ridgewood Avenue, borough police said. "The Mooch" was one of the lucky ones, though: As with most cases, the flashy financier's wheels were dumped in N…

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by Jerry DeMarco
Suffolk NY
News
Long Island Man Admits Scamming $3.5M From Investors Long Island Man Admits Scamming $3.5M From Investors
Long Island Man Admits Scamming $3.5M From Investors A Long Island man admitted on Monday, Nov. 1 that he scammed investors in a purportedly revolutionary new aspirin out of $3.5 million that he used as his own personal piggy bank. Donald A. Milne III, a 57-year-old repeat offender from Massapequa, defrauded more than 70 victims from throughout the country who thought they'd invested in Instaprin Pharmaceuticals, which he touted as a “fast-acting form of powdered aspirin that could instantly stop heart attacks and strokes," Acting US Attorney for the District of New Jersey Rachael A. Honig said. He used the money instead for a Caribbean vacat…

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by Jerry DeMarco
Hackensack
News
NY Con Man Admits Scamming $3.5M From Elderly Investors In NJ, Elsewhere For Heart Attack Pill NY Con Man Admits Scamming $3.5M From Elderly Investors In NJ, Elsewhere For Heart Attack Pill
NY Con Man Admits Scamming $3.5M From Elderly Investors In NJ, Elsewhere For Heart Attack Pill A convicted con artist from Long Island admitted in federal court in Trenton on Monday that he scammed investors in a purportedly revolutionary new aspirin -- most of them elderly -- out of $3.5 million that he used as his own personal piggybank. Donald A. Milne III, a 57-year-old repeat offender from Massapequa, defrauded more than 70 victims from throughout the country who though they'd invested in Instaprin, which he touted as a “fast-acting form of powdered aspirin that could instantly stop heart attacks and strokes," Acting U.S. Attorney Rachael A. Honig said. He used the money instead…

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by Jerry DeMarco
White Plains
News
Westchester Investment Adviser Charged With Stealing $700K From Church Members Westchester Investment Adviser Charged With Stealing $700K From Church Members
Westchester Investment Adviser Charged With Stealing $700K From Church Members A financial adviser from Westchester is facing charges for allegedly defrauding members of a religious group he belongs to out of hundreds of thousands of dollars, the Securities and Exchange Commission (SEC) announced. This week, the SEC announced it is charging Evarist Amah, of New Rochelle, for his role in a years-long scheme to defraud members of the Grail Movement while operating the financial firm EAC Capital, which dissolved last summer. According to the complaint, between April 2016 and July 2019, Amah, while working out of EAC Capital in New Rochelle, allegedly schemed to raise ap…

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by Zak Failla
South Passaic
News
'GOING TO WAR': Armed-To-The-Teeth Trinitarios Gang Members Rounded Up In Paterson 'GOING TO WAR': Armed-To-The-Teeth Trinitarios Gang Members Rounded Up In Paterson
'Going TO WAR': Armed-To-The-Teeth Trinitarios Gang Members Rounded Up In Paterson Fourteen Paterson drug dealers who defended their turf against rivals by heavily arming themselves with guns and large-capacity magazines were charged in a major sweep, state and local authorities announced Thursday. Five handguns were seized, including a “community gun” shared by members of the “400 Block” set of the Trinitarios, who authorities said dominated the heroin, cocaine and opioid pill trade in the center of the city. So were nearly 800 rounds of ammunition and six large-capacity magazines, they said. New Jersey’s new chief law enforcer, Acting Attorney General Andrew J. Bruck (…

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by Jerry DeMarco
Mount Pleasant
News
Trio Accused Of Insider Trader After NY Company's Stock Surged Following Rebranding Trio Accused Of Insider Trader After NY Company's Stock Surged Following Rebranding
Trio Accused Of Insider Trader After NY Company's Stock Surged Following Rebranding The Securities and Exchange Commission has charged three people with insider trading on allegations they bought shares of a New York company before its announcement it would "pivot" to a surprise name change and new business model. Eric Watson, an undisclosed control person of Long Island-based Long Blockchain, drove the business change during the 2017 crypto craze and tipped off his friend and broker, Oliver Barret-Lindsay, according to the SEC's complaint, filed in the United States District Court for the Southern District of New York on Friday, July 9. Long Blockchain, based in…

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by Joe Lombardi
Suffolk NY
News
Long Island Broker, Business Partner Charged For Alleged $436K Fraud Scheme, DA Says Long Island Broker, Business Partner Charged For Alleged $436K Fraud Scheme, DA Says
Long Island Broker, Business Partner Charged For Alleged $436K Fraud Scheme, DA Says A barred investment broker from Long Island and his business partner are facing charges for allegedly stealing hundreds of thousands of dollars from investors who thought they were getting in on the ground floor of major upcoming companies. Glen Cove resident Peter Quartararo, the barred broker, and his partner, Paul Casella, of East Meadow, were arraigned on Tuesday, April 27 for allegedly stealing $436,000 from four investors to live a life of luxury, the District Attorney's Office announced. Nassau County District Attorney Madeline Singas said that the investors believed they were invest…

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by Zak Failla
Hackensack
News
This One Rivals Madoff: $1.8B Ponzi Scheme Victimizes Hundreds Of NJ Investors, Authorities Say This One Rivals Madoff: $1.8B Ponzi Scheme Victimizes Hundreds Of NJ Investors, Authorities Say
This One Rivals Madoff: $1.8B Ponzi Scheme Victimizes Hundreds Of NJ Investors, Authorities Say Hundreds of New Jersey investors were among those scammed in a $1.8 billion Ponzi scheme that authorities said was orchestrated by a trio of partners in a Manhattan-based advisory firm who projected an “aura of success” while hemorrhaging losses. Instead of securing returns for clients, the founder and CEO of GPB Capital Holdings, David Gentile, and his associates used investments to cover shortfalls and pay for private jets, a Ferrari and other personal luxuries, New Jersey Attorney General Gurbir S. Grewal said. Victims from the Garden State alone pumped more than $70.4 million into the s…

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by Jerry DeMarco
Suffolk NY
News
Former Broker From Long Island Accused Of Swindling $1M From Friends, Neighbors Former Broker From Long Island Accused Of Swindling $1M From Friends, Neighbors
Former Broker From Long Island Accused Of Swindling $1M From Friends, Neighbors A former investment broker from Long Island has been accused of using a fake hedge fund to fleece friends and neighbors out of more than $1 million in a Ponzi scheme. Rand Heckler, 55, of Glen Head, allegedly used his clients’ money – more than $1 million – to pay for his mortgage, country club membership and other expenses, Nassau County District Attorney Madeline Singas said. Heckler was arraigned on Wednesday, Sept. 30 in Mineola and charged with: three counts of grand larceny in the second degree (a Class C felony),  grand larceny in the third degree (a Class D felony), sc…

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by Joe Lombardi
Somers
News
Area Man Charged With Running Multimillion-Dollar Ponzi, Embezzlement Schemes Area Man Charged With Running Multimillion-Dollar Ponzi, Embezzlement Schemes
Area Man Charged With Running Multimillion-Dollar Ponzi, Embezzlement Schemes The Securities and Exchange Commission has filed charges against a Hudson Valley investment adviser who allegedly operated a multimillion-dollar investment club that was actually a Ponzi scheme targeting the Haitian community. Nanuet resident Ruless Pierre, 50, was charged with securities fraud, wire fraud and structuring charges by the SEC in an indictment unsealed in Manhattan federal court this week after he was involved in a pair of fraud schemes. The SEC's complaint alleges that Pierre ran an investment club called the Amongst Friends Investment Group in Nanuet that operated as a frau…

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by Zak Failla
Norwalk
News
Private Equity Firm Director From Norwalk Indicted For Obstruction Of Justice Private Equity Firm Director From Norwalk Indicted For Obstruction Of Justice
Private Equity Firm Director From Norwalk Indicted For Obstruction Of Justice A former Securities and Exchange Commission investigator from Fairfield County is facing an obstruction of justice charge for alleged unauthorized computer access and disclosure of confidential information to a firm where he sought a job. Michael Cohn, 59, of Norwalk, the Chief Compliance Officer of GPB Capital Holdings in Manhattan allegedly stole information from the SEC before he started working for FPB in October last year. Cohn was charged obstruction of justice, unauthorized computer access and unauthorized disclosure of confidential information and released on a $250,000 bond followi…

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by Zak Failla
Fairfield
News
Lawyer Who Hid Money To Avoid Paying Fraud Scheme Victims Restitution Gets Additional Sentence Lawyer Who Hid Money To Avoid Paying Fraud Scheme Victims Restitution Gets Additional Sentence
Lawyer Who Hid Money To Avoid Paying Fraud Scheme Victims Restitution Gets Additional Sentence A lawyer already behind bars for helping to facilitate a $19 million fraud scheme received an increased sentence after she attempted to hide nearly $50,000 in cash from the government. Diane Dalmy was sentenced in New Haven District Court to 60 months in prison, followed by three years of supervised release for her role in a securities “pump and dump” scheme. She was also found guilty of attempting to hide $47,000. From January 2009 through July 2016, Dalmy, who now lives in Denver, used her position as an attorney to assist others in defrauding more than 12,000 investors out of nearly…

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by Zak Failla
Pascack Valley
Police & Fire
Authorities: Hillsdale Investment Adviser Who Admitted Scamming Friends Of $1.5M Does It Again Authorities: Hillsdale Investment Adviser Who Admitted Scamming Friends Of $1.5M Does It Again
Authorities: Hillsdale Investment Adviser Who Admitted Scamming Friends Of $1.5M Does It Again Soon after agreeing to pay $1.5 million to settle charges of defrauding close friends and community members, a Hillsdale investment adviser was back at it, local and federal authorities charged. Both the Securities and Exchange Commission and the Bergen County Prosecutor's Office filed new complaints against Bruce Fixelle for conning unwitting victims out of more than $500,000 through two companies that he controlled. Fixelle, 58, used the money "for his own purposes and to pay other investors," then tried to cover his tracks by giving the victims bogus capital investment statemen…

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by Jerry DeMarco
Fairfield
News
Ex-CFO From Area Sentenced, Ordered To Pay $21M Accounting Fraud Ex-CFO From Area Sentenced, Ordered To Pay $21M Accounting Fraud
Ex-cfo From Area Sentenced, Ordered To Pay $21M Accounting Fraud A former chief financial officer of Bankrate Inc. who lived in Fairfield County was given a “significant” prison sentence for accounting and securities fraud and must pay back more than $20 million. Monroe resident Edward DiMaria was sentenced to 10 years prison followed by three years of supervised release after pleading guilty in June to conspiracy to make false statements about a public company; falsifying a public company’s books, records and accounts; securities fraud and making false statements to the SEC. DiMaria must also pay $21.23 million in restitution. According to prosecutors, …

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by Zak Failla
Danbury
News
Adviser, CEO From Litchfield Charged With Misleading Retail Investors Adviser, CEO From Litchfield Charged With Misleading Retail Investors
Adviser, CEO From Litchfield Charged With Misleading Retail Investors The federal Securities and Exchange Commission charged a Connecticut investment advisory firm and its chief executive officer with putting $19 million of investor money, including elderly investors' retirement savings and pension plans, in risky investments and secretly pocketing hefty commissions from those investments. The SEC's complaint alleges that Temenos Advisory, Inc. and George L. Taylor steered advisory clients and other investors, including senior citizens and individuals approaching retirement, into four risky, illiquid private offerings.  While Temenos and Taylor charged adviso…

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by Jon Craig
Mount Pleasant
News
Two From Westchester Among Four Charged With 'Cooking Books' For Hedge Fund Two From Westchester Among Four Charged With 'Cooking Books' For Hedge Fund
Two From Westchester Among Four Charged With 'Cooking Books' For Hedge Fund A pair of Westchester residents were among those charged in federal court to their roles in an alleged securities scam that saw them overstate their investment firm’s worth by hundreds of millions of dollars to bilk investors. U.S. Attorney Audrey Strauss announced on Wednesday that White Plains resident Ashish Dole, 34, and Armonk resident Amin Majidi, 52, have been involved in an elaborate scheme that saw them mismark funds they managed by more than $200 million. According to Strauss, Majidi, Dole and New York City residents Jeremy Shor and Frank Dinucci, Jr. from 2014 through 2016, they …

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by Zak Failla
Westport
News
Former Executive From Westport Sentenced For Violating Supervised Release Former Executive From Westport Sentenced For Violating Supervised Release
Former Executive From Westport Sentenced For Violating Supervised Release A former rental company executive in Westport who spent more than two years in prison for cooking his company’s books is heading back behind bars after failing to pay back several million dollars since his release. John Durham, the United States Attorney for the District of Connecticut, announced this week that John Milne, 58, has been sentenced to a term of 24 months in prison for violating the conditions of his post-prison supervised release. Milne was sentenced to 27 months in prison on March 11, 2010, followed by three years of supervised release for conspiring to falsify the books and …

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by Zak Failla
New Canaan
News
New Canaan Man Charged In Massive Fraud Scheme Could Get 85 Years In Prison New Canaan Man Charged In Massive Fraud Scheme Could Get 85 Years In Prison
New Canaan Man Charged In Massive Fraud Scheme Could Get 85 Years In Prison A New Canaan man working as an executive for an audit firm is facing nearly 100 years in prison for his role in an elaborate wire fraud scheme. Geoffrey Berman, the United States Attorney for the Southern District of New York, announced this week that David Britt, 54, was among five former employees at accounting firm KPMG who are facing charges in connection with their scheme to defraud the Securities and Exchange Commission for several years through an elaborate series of back channels. The Public Company Accounting Oversight Board (PCAOB), which is overseen by the SEC inspects audit work…

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by Zak Failla
Hackensack
Police & Fire
Sessions Names Christie Ally Interim U.S. Attorney For New Jersey Sessions Names Christie Ally Interim U.S. Attorney For New Jersey
Sessions Names Christie Ally Interim U.S. Attorney For New Jersey Attorney General Jeff Sessions on Wednesday announced the appointment of Craig Carpenito, an ally of outgoing Gov. Chris Christie, as Interim U.S. Attorney for New Jersey. Carpenito, 44, whose appointment takes effect this Friday, replaces Acting U.S. Attorney William Fitzpatrick, who resumes his role as an assistant U.S. attorney. He's currently a partner at Alston & Bird LLP, where he is a co-chair of the firm’s Litigation and Trial Practice Group and its Government and Internal Investigations Team.  Carpenito, of Middlesex County's Monroe Township, "has successfully prosecuted…

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by Jerry DeMarco