Archive for the ‘Colorado’ Category

SEC Halts Another Alleged Oil and Gas Scam

Wednesday, May 20th, 2009

The U.S. Securities and Exchange Commission (SEC) has charged Colorado Springs-based Wellco Energy, LLC (”Wellco”), its principal, Justin William Rifkin, and salesmen Patrick Looper, Richard Pacheco, and Dustin White, with securities fraud in connection with an alleged oil and gas scheme.  (more…)

Classic Cars, Mountain Cabins, and Rembrandt

Friday, April 10th, 2009

The U.S. Securities and Exchange Commission (SEC) has halted another alleged Ponzi scheme, this one in Colorado.  The SEC charged Shawn R. Merriman of Aurora, Colorado, and his firm, Market Street Advisors, with securities fraud. (more…)

When Stockbrokers Leave the Industry

Thursday, February 26th, 2009

The U.S. Securities and Exchange Commission has filed suit against a former stockbroker, William L. Walters, charging him with running a $16.8 million Ponzi scheme that victimized 80 investors.  According to the SEC, Walters, of Lone Tree, Colorado, promised annual returns between 20% and 40%, but did very little trading, using the bulk of the money to keep the illusion of success going by paying early investors supposed “profit distributions.”  The SEC says that Walters used the rest of the money to support a lavish lifestyle, “with expensive cars and homes in Colorado and Hawaii.” (more…)

The Long Road to Justice

Friday, October 31st, 2008

The Colorado District Court sentenced Robert Ray White Samples to 10 years in jail and ordered him to pay $1.3 million in restitution to his victims.  The Security and Exchange Commission (SEC) charged the defendant with operating two fraudulent investment schemes that raised more than $1 million from investors. Some of his defrauded investors were senior citizens. (more…)

SEC Charges Yet Another Scamster

Wednesday, October 1st, 2008

The U.S. Securities and Exchange Commission (SEC) has charged David William Thomas of Global Marketing Consultants, LLC with misappropriating investor funds through two different fraudulent investment schemes.  According to the SEC, the defendants raised approximately $6.3 million from over 140 investors, with roughly one-third of the investors being seniors.  According to the SEC’s press release: (more…)

SEC Halts Colorado Oil and Gas Fraud

Friday, September 5th, 2008

Things have come to a pretty pass when we get excited about paying less than $4 per gallon for gasoline.  Scam artists know that every American who drives pays attention to the price at the pump.  Scam artists also know that they can use that awareness to sell oil and gas scams.  The SEC has charged Donald H. Allen, a resident of Colorado Springs, Colorado, and his two wholly-owned companies, H&M Petroleum Corporation (“H&M”) and American Energy Resources Corporation (“AER”) with doing just that.  The SEC’s press release reads in part as follows: (more…)

SEC Stops Prime Bank Scam

Wednesday, August 6th, 2008

The SEC has stopped a prime bank scam operating in Colorado.  The Commission charged  Stanley W. Anderson, Edwin A. Smith, with running the scheme through their companies, Trinity International Enterprises, Inc., and CFO-5, LLC, and charged Michael D. Norton, Nicholas R. Fair, and Charles L. Kennedy with selling the bogus investments.   (more…)

Over the Rainbow

Tuesday, April 8th, 2008

David William Thomas of Loveland, Colorado has copped to bilking more than 50 people out of more than $4.4 million in a Ponzi scheme.  According to his signed plea agreement, Thomas promised investors high investment returns from what he called “non-depleting” accounts.  Instead, he ‘depleted’ the accounts to pay his personal expenses and to pay earlier investors with amounts invested by those who came later in classic Ponzi fashion.  To maintain the illusion of success Thomas also sent investors phony account statements.    (more…)

Another Preventable Loss

Tuesday, March 18th, 2008

According to Colorado prosecutors, Rick Van Vleet raised more than $3 million in a series of investment scams.  One scam involved investment in The TouchStand kiosks, which supposedly allowed users to play and download MP3 files for a fee and displayed advertisements while not in use.  Another involved investment in promissory notes.  Still a third involved investment in a company called Synergy Media Group.  The common link, according to prosecutors, was that Van Vleet took the investments and put them in his pocket.  If convicted on all counts, Van Vleet could face 84 years in prison and more than $5 million in fines.   (more…)

Trial Begins for Pastor Charged with Securities Fraud

Wednesday, January 9th, 2008

Churches are so often the targets of financial scams these days that you would think that, ”Thou shalt trust anyone who quotes scripture,” is the 11th commandment.  It isn’t, of course-Jesus called his disciples to be “as cunning as snakes but as innocent as doves.” (more…)