Archive for the ‘Alabama’ Category

Alabama’s Top Securities Cop Awaits Extradition of California Men

Saturday, December 29th, 2007

Investors in Alabama have no better friend than Joe Borg (Borg), Alabama’s Securities Commissioner.  Honored this year with the highest award given by the Public Investors Arbitration Bar Association (PIABA), Borg has been protecting investors and prosecuting those who prey on them for many years.  He is the immediate past president of the North American Securities Administrators Association (NASAA) and has testified before Congress many times on investor protection issues.

Borg is now awaiting extradition of Randy Morton, Daniel Caterino and Candice Lynn Lewis of Orange County, California.  The three are accused of running a scam that targeted Alabama residents.  They were indcited in November for using unregistered sales agents to solicit investments from Alabamians for body imaging centers in California, Arizona and Texas. (more…)

Investors Beware Financial Planning Survey Scam

Friday, November 23rd, 2007

Joe Borg, Alabama’s Top Securities Cop, has issued a press release identifying a new scam operating in Alabama.  State borders cannot contain a scam that fraudsters find effective.  Expect to see this scam where you live.

It operates like this:  The promoter will draw people in by offering an incentive for participating in a ‘financial planning survey,’ supposedly being conducted by a well known Wall Street firm.   In cases reported so far, promoters have offered a payment of $1,000 and $250 per year thereafter for participating in the ’survey.’ The promoter stresses that the investor has no obligation beyond participating in the survey. Participating in the survey, though, requires submitting information (more…)