The U.S. Securities and Exchange Commission (SEC) has brought an enforcement action in a case that reminds us that investor fraud is everywhere. The SEC charged Robert P. Copeland (Copeland) - an attorney practicing not two miles from the Investor’s Watchdog headquarters - with securities fraud. (more…)
Ponzi schemes are becoming more common than pizza in an elementary school cafeteria. They have been in the news so often - and will be in the news so long - that smart educators may decide to teach kids about them. First we study math. Then we study science. Then we study Ponzi schemes. Too many kids will have learned about them already from hearing their parents talk about how grandma and grandpa lost their life savings in such a scam. But one Ponzi is so different from the next that the teacher will have to focus on what all Ponzis have in common: they sweep across the landscape as virulently as the Black Death. (more…)
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
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