Archive for the ‘Georgia’ Category

Scam on the Run

Monday, January 26th, 2009

Every day that passes without authorities finding Arthur Nadel makes me think of Homer Forster, a fraudster we pursued in my days at the U.S. Securities and Exchange Commission.  Forster redeemed customers’ variable annuity contracts without their knowledge or consent and took the money (just over $1.6 million) for himself.  He had been planning his escape for quite sometime, and managed to leave the country before the criminal authorities could track him down.  He and his girlfriend had applied for and received U.S. Passports under assumed names, and used them to flee the States. (more…)

SEC Deflates Another Pump and Dump

Friday, August 1st, 2008

The SEC has shut down another pump and dump scheme, charging Mobile Ready Entertainment Corp. (Mobile Ready) and its former co-chief executive officers Michael H. Magolnick (Magolnick) and Craig A. Mora with running the scheme.   According to the Commission: (more…)

Another Mortgage Company Official Exposed as a Ponzi Operator

Wednesday, February 27th, 2008

Former Atlanta mortgage company president, Anthony G. Christou, will soon be on his way to federal prison.  A jury convicted him last week of running a $29 million Ponzi scheme through his company, Atlas Mortgage Company.  Christou, 57, raised the money by telling investors that he would use it to underwrite bridge loans to wealthy borrowers.  The jury heard evidence that Christou ran the scheme for two years beginning in January 2004, using about $7 million of the amount raised to feed his gambling habit at casinos from Mississippi to Las Vegas to Atlantic City.  (more…)