Securities Fraud News

  • Feds Bust Pump And Dump Scheme; 15 Arrested

    Federal authorities arrested fifteen people in a $30 million "pump and dump" stock manipulation scheme that affected over 20,000 investors.  

  • Renaissance Asset Fund Accused of Jehovah's Witness Affinity Scam

    SEC files civil fraud charges against Renaissance Asset Fund, Inc., Ronald J. Nadel, and Joseph M. Malone alleging that they had raised over $16 million by exploiting certain Jehovah’s Witnesses congregations.  Nadel and Malone were principals of Renaissance.  The SEC reported that more than 190 investors nationwide were affected by the scam.  Many were elderly.

     

  • Jason Konior and Absolute Fund indicted for securities fraud: Konior concocts elaborate ponzi scheme

    On Monday, February 11, 2013, a New York fund manager was arrested on charges that his fund, Absolute Fund LP, was at the center of a $2 million Ponzi scheme.  The fund manager, Jason J. Konior, is accused of stealing from three different hedge fund investors.  He allegedly promised to match their investments in his fund by up to nine times.

  • Affinity Fraud Scheme Targets Elderly Through Real Estate Investments

    Affinity investment fraud refers to investment scams that prey upon members of identifiable groups, such as i.e. religious or ethnic communities, the elderly or professional groups.  The SEC shut down a $15,000,000 affinity scheme run by Mark Palazzo, Edward Tackaberry, Pittsford Capital Income Partners, LLC.  

  • Non-Traded REITS Oversold to Investors

    Thousands of investors now own non liquid REITS in retirement portfolios and other conservative investments.  In many instances, stockbrokers sold investors these REITS (earning huge commissions) without properly explaining to them the risks. 

  • Senior citizens are often the target of securities fraud

    On January 9th, former stockbroker Ross Haugen of North Dakota pled guilty to charges that he was involved in a $2.5 million securities fraud scheme targeting elderly clients in 2006 and 2007. Mr. Haugen admitted to selling phony investments to clients who ranged in age from 55 to 87 years old.  One victim, an elderly widow, lost an astounding $1.15 million after investing with Mr. Haugen.

  • SEC Shuts Down $220 Million Ponzi Scheme

    Management Solutions, Wendell and Allen Jacobsen have assets frozen;  SEC alleges $220 million securities fraud ponzi scheme

  • BP Pays SEC $525 Million to Settle Security Fraud Charges

    BP pays SEC $525 million to settle securities fraud allegations that BP mislead investors re flow rate of oil into Gulf