Archive for July, 2008

SEC Tags South Carolina Mayor for Insider Trading

Thursday, July 31st, 2008

The SEC has charged Beaufort, South Carolina Mayor William J. Rauch with insider trading.  According to the Commission: (more…)

Minnesota Ponzi Case Reveals Trend

Wednesday, July 30th, 2008

According to the Minneapolis Star Tribune, when the SEC sued her employer - the Joshua Tree Group - the company’s book keeper followed instructions from the company’s founder, Neulan Midkiff, to remove records and computers from the office.  The book keeper lied to a federal grand jury about it, but is now telling her story to a federal jury assembled to consider Neulan’s liability.  More than 500 Minnesotans lost approximately $30 million in the scheme. (more…)

Father/Daughter Scamsters Plead Guilty in Oil Well Scheme

Tuesday, July 29th, 2008

Len Wells of the Evansville Courier & Press reports that  Carl E. Royse of Fairfield, Ill., and his daughter, Jeanette Riley of Olney, Illinois have pleaded guilty to scamming investors out of approximately $4 million in connection with a scam structured around bogus oil wells.  Wells reports: (more…)

Again with the Ferrari!

Monday, July 28th, 2008

Scamsters have an affinity for fast cars.  The SEC has found another one, charging investment adviser Robert C. Brown, Jr., of Hillsborough, California, with helping himself to more than $20 million of his clients’ money after promising them risk-free returns through option trading.  Among the things Brown bought with the money was the by-now-cliché Ferrari, as well as limousine services, and shopping trips (probably not at Wal Mart). 

According to the SEC: (more…)

New York Attorney General Charges UBS with Misrepresenting ARS’s

Friday, July 25th, 2008

According to the Wall Street Journal, New York Attorney General Andrew Cuomo has sued UBS, claiming that the Zurich-based banking giant misrepresented “to clients the risks of auction-rate securities before the $330 billion auction-rate market seized up earlier this year.” (more…)

SEC Claims Biofuel Company a Fraud

Thursday, July 24th, 2008

Is there anything more in the public consciousness than the price of gas?  Scam artists know that and are busy crafting bogus companies to take advantage of the public’s demand that America find an alternative to foreign oil.  The SEC claims that it has caught one such company, charging U. S. Sustainable Energy Corp. (USSE) and John H. Rivera (Rivera), with issuing false press releases regarding USSE’s supposed ability to make fuel from soy beans.   According to the SEC: (more…)

SEC Shuts Down Unusual Alleged $70 Million Scam

Wednesday, July 23rd, 2008

The SEC has shut down an unusual alleged scheme in Ohio.  According the SEC,  Michael Spillan, his wife Melissa Spillan, and their companies, One Equity Corporation, Triangle Equities Group, Inc., Victory Management Group, Inc. and Dafcan Finance, Inc.  held themselves out as lenders who would take publicly traded stock as security for the loans.  (more…)

SEC Stops Pump and Dump Scheme

Tuesday, July 22nd, 2008

Read the SEC’s press release about a Nevada pump and dump scheme.  The SEC shut the scheme down, but likely not before it cost several baby boomers a good portion of their life savings.  (more…)

SEC Halts Alleged Ponzi Scheme in Western New York

Wednesday, July 9th, 2008

The SEC has once again halted an ongoing Ponzi scheme.  Last week, the SEC obtained a preliminary injunction against Watermark Financial Services Group, Inc. (”Watermark Financial”), Watermark M-One Holdings, Inc. (”Watermark Holdings”), M-One Financial Services, LLC (”M-One”), Watermark Capital Group, LLC (”Watermark Capital”), Guy W. Gane, Jr., and Lorenzo Altadonna.  The Commission’s complaint alleges, in part: (more…)

Big Name Brokerage Firms Hurting Baby Boomers

Tuesday, July 8th, 2008

Mara Der Hovanesian has written a story that all baby boomers should read.  In this week’s BusinessWeek, Hovanesian covers the story that Investor’s Watchblog has been following since our launch and that too few reporters cover.  There is a tidal wave of investment fraud breaking over American baby boomers.  Their nest eggs are disappearing not only into the hands of con artists, but also into the hands of overeager and commission-hungry stockbrokers at America’s largest and best known brokerage houses.  (more…)

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