IFAwebnews » Ponzi schemes

FINRA ‘searching out’ high-yield investment programs online

Bob Graham — Mon, 19 Jul 2010 19:36:34 +0000

The Financial Industry Regulatory Authority (FINRA) is fighting alleged Internet Ponzi schemes with its own foray into the Internet.

FINRA ‘searching out’ high-yield investment programs online via IFAwebnews.

Financial advisor to the stars charged in $30 million fraud

Keith L. Martin — Fri, 28 May 2010 14:04:02 +0000

A financial advisor who provided guidance to several Hollywood stars now faces federal charges in what officials say was an elaborate Ponzi-like scheme to cheat his clients out of $30 million.

Financial advisor to the stars charged in $30 million fraud via IFAwebnews.

California man sentenced in $61 million investment Ponzi scheme

Keith L. Martin — Tue, 18 May 2010 12:27:02 +0000

An Orange County, Calif., financial advisor was sentenced to 10 years and one month in federal prison for his role in what officials say was a $61 million Ponzi scheme.

California man sentenced in $61 million investment Ponzi scheme via IFAwebnews.

Texas life settlement firm, run by ‘recidivist,’ put in receivership

Keith L. Martin — Thu, 06 May 2010 13:08:22 +0000

The Texas State Securities Board has been granted receivership of a life settlements firm accused of fraud in collecting $65 million from investors and using deceptive practices in the sale of investments tied to insurance death benefits.

Texas life settlement firm, run by ‘recidivist,’ put in receivership via IFAwebnews.

Neb. investment advisor admits role in $8 million Ponzi scheme

Keith L. Martin — Tue, 27 Apr 2010 16:30:23 +0000

An Omaha, Neb., investment advisor could spend up to 20 years in federal prison and face a $1 million fine after pleading guilty to securities fraud.

Neb. investment advisor admits role in $8 million Ponzi scheme via IFAwebnews.

Owner of Pa. investment firm linked to $25 million Ponzi scheme

Keith L. Martin — Fri, 02 Apr 2010 15:38:40 +0000

The owner of a Kennett Square, Pa., investment firm is accused of running a $25 million Ponzi scheme, allegedly using the profits to purchase homes throughout the East Coast.

Owner of Pa. investment firm linked to $25 million Ponzi scheme via IFAwebnews.

Report: FINRA to close GunnAllen, leave 400 unemployed

IFAwebnews Staff — Tue, 23 Mar 2010 12:26:54 +0000

A move by the Financial Industry Regulatory Authority to close broker-dealer GunnAllen Financial is resulting in more than 400 financial advisors searching for a new employer.

Report: FINRA to close GunnAllen, leave 400 unemployed via IFAwebnews.

SEC halts alleged Ponzi scheme targeting Ill., Calif. retirees

Keith L. Martin — Thu, 11 Mar 2010 12:15:28 +0000

The U.S. Securities and Exchange Commission received an emergency court order to shut down an alleged Ponzi scheme targeting retirees in California and Illinois it says took in $20 million with only $900,000 currently in the possession of the alleged perpetrators.

SEC halts alleged Ponzi scheme targeting Ill., Calif. retirees via IFAwebnews.

Members of acclaimed gospel music family accused of Ponzi scheme

Keith L. Martin — Mon, 08 Mar 2010 12:26:54 +0000

For decades, the last name Winans has been affiliated with award-winning gospel music, but Michigan regulators say it was also used to scheme church members out of what could amount to $11 million through a Ponzi scheme.

Members of acclaimed gospel music family accused of Ponzi scheme via IFAwebnews.

Group wants FINRA’s ‘incestuous relationship’ with industry addressed

Bob Graham — Wed, 03 Mar 2010 13:54:39 +0000

A government watchdog group has sent a letter to congressional committees in charge of financial oversight asking them to challenge the government’s reliance on financial self-regulatory organizations like the Financial Industry Regulatory Authority (FINRA).

Group wants FINRA’s ‘incestuous relationship’ with industry addressed via IFAwebnews.