Feds Charge Indiana Hedge Fund Manager

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In what is likely to be one of the last cases involving a scam that started before the Great Recession, prosecutors in Indiana have charged Keenan Hauke, manager of the Samex Capital Partners hedge fund, with running a Ponzi scheme. Hauke has agreed to plead guilty to swindling more than $7 million from 67 investors, some of them retired.  Hauke’s scam will sound familiar to readers of this blog. Hundreds of the more than 1,100 scams that we’ve written about over the past three years are almost identical to it. According to Indystar.com: (more…)

Indiana Charges Two with Funding Lifestyle with Investor Money

While proper licensing is no guarantee that an investment salesperson is legitimate, failure to be properly licensed is a sure fire indicator of fraud.

Prosecutors in Indiana have charged two men with a no-frills investment scam. According to investigators at the Indiana Secretary of State’s Office, Jerry A. Smith of Brookville, Indiana, and Jasen M. Snelling of Cincinatti, sold unregistered securities and simply spent the money on themselves.  According to a story on eaglecountryonline.com: (more…)

SEC Charges Fraud Involving “Interest Bearing Certificates”

Never let the title of a supposed investment play any role in your decision to invest.

The “investment” at the center of any financial scam can take any shape.  Sometimes its a stock, sometimes a bond, other times a certificate of deposit.  There a promissory note scams, life insurance policy scams, and mortgage scams.  This week the U.S. Securities and Exchange Commission (SEC) filed an enforcement case involving supposed investments in “interest-bearing certificates.”  Specifically, the SEC ”charg[ed] three senior executives at Akron, Ohio-based Fair Finance Company (“Fair Finance”) with orchestrating a $230 million fraudulent scheme involving at least 5,200 investors – many of them elderly.”  According to the SEC’s press release: (more…)

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