Category Archives: Elderly Investors
SEC Sues Florida Men For Operating Ponzi Scheme That Defrauded Teachers and Retirees
On Aug. 29, 2011, the SEC charged two Florida men for running a Ponzi scheme set up as an alleged private equity fund that fraudulently raised over $22 million from more than 100 investors, including many Florida teachers or retirees. The SEC’s complaint alleges that James Davis Risher of Sanibel handled the fund’s trading… Read More »
Sarasota’s Diamond Appeals Conviction
Robert Barnes, attorney for Sarasota resident Beau Diamond, has appealed his client’s conviction to the U.S. Court of Appeals for the Eleventh Circuit. As a result of a Ponzi scheme where he defrauded nearly 200 investors by convincing them they were trading in foreign currency, Diamond was convicted on 18 felony counts. On December… Read More »
FINRA Expels Brokerage Firm and Its Employees for Draining $1 million From Elderly Investor
On December 29, 2010, the Financial Industry Regulatory Authority (FINRA) announced that it expelled APS Financial Corporation (APS), barred the firm’s former President, George Conwill, and the firm’s former broker, Peter Aman, for engaging in a scheme which overcharged an elderly investor by $1.2 million. FINRA found that Aman charged mark-ups ranging from 4.15%… Read More »
Advisor Invested in Two Ponzi Schemes, Now Charged By SEC
Neil Greenberg, an investment advisor in Boulder, Co., invested $174 million of his clients’ money in funds run by Ponzi schemers Bernie Madoff and Tom Petters. Now, Greenberg is facing repercussions of his own after being charged by the SEC for fraud and breach of fiduciary duty. No redemptions have been allowed on Greenberg’s… Read More »
SEC Charges Investment Advisor with Multi-Million Dollar Fraudulent Offering
The SEC has charged a New Jersey investment adviser and 3 firms she ran with operating a multi-million dollar offering fraud, including the sale of fraudulent promissory notes to clients. Investment advisor Sandra Venetis told clients the notes were guaranteed by the FDIC and would earn interest of 6-11 percent annually and would be… Read More »
Securities Regulators Issue Report on Best Practices to Protect Senior-Citizen Investors
The SEC, FINRA, and North American Securities Administrators Association (NASAA) today have issued a 2010 Addendum to their report of best practices for financial services firms to improve their policies and procedures for serving senior-citizen investors. The 2010 Addendum focuses on the following categories of practices: • Communication with seniors; • Training brokers on… Read More »
SEC Charges Miami Fraudster in Ponzi Scheme for “No-Risk” Loan Agreements
On June 2, 2010, the SEC charged Luis Felipe Perez in a $40 million Ponzi scheme who raised funds to purportedly support jewelry businesses and pawn shops. Perez arranged “no-risk” loans with mostly Hispanic investors and promised to pay them guaranteed annual returns of 18 percent to 120 percent. Perez misrepresented to investors that… Read More »
South Florida Senior Citizen Bilked in Investment Scam
Local police in Boca Raton, Florida are investigating an investment scam that cost an 86 year old woman $70,000 of her life’s savings. Edith Schneider apparently gave the money to a Jamaican man named David McAllister. Schneider’s niece called police to report the scam. Police are investigating the case and would not give further… Read More »