Archive for the ‘Colorado’ Category

A History of Bad Behavior

Monday, June 15th, 2009

Jason T. Brooks was indicted on 24 counts of securities fraud for running a $10 million multi-state Ponzi scheme.  According to an article by Chalan Harper in TimesCall.com, Brooks collaborated with another man, Donald S. Carew, in convincing dozens of people to invest in the buying and reselling of electronics and appliances through Brooks’s company, Genius, Inc. (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…)

Proactive Protection

Monday, February 23rd, 2009

If you’ll notice, there are more and more scams hitting the news. And if you spend anytime on the FINRA or SEC website, you’ll also notice that the regulatory firms are doing what they can to find and punish the scamsters. And while I’m very grateful for that, the problem is it doesn’t offer protection from scams that have yet to be discovered.  (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…)

SEC Shuts Down Ponzi Scheme Early, But Who Will Protect Baby Boomers from the Coming Crisis?

Friday, December 21st, 2007

The Securities and Exchange Commission (SEC) has charged Jarrod W. McMillin, Laurence Young, Anne B. Liebermann, and Jason A. Kolakowski, all of Denver, Colorado, with operating a Ponzi scheme under the names American Investors Network (“AIN”), Fairweather Management, Access Funding, and Innovative Projects, Inc.  At the SEC’s request, the Court issued a temporary restraining order, asset freeze and other equitable relief against the defendants.  (more…)