LexisNexis® Legal Newsroom
Measuring the Success Of SEC Enforcement

For over a year an a half, there has been on-going effort to rejuvenate SEC enforcement. Enforcement has new personnel, new organization and new initiatives. During this process the SEC's market crisis investigations have yielded some significant cases such as the action against Goldman Sachs...

Another Investment Fund Fraud Case

The SEC continues to focus on investment fund fraud cases, filing its second action this week that contains Ponzi scheme allegations. SEC v. Beckman , Case No. 11 CV 574 (D. Minn. March 7, 2011). The SEC's most recent investment fund fraud action is against Jason Beckman and his controlled entity...

Former FBI Agent and Wife Charged with Investment Fraud

There is little new about another investment fund fraud or Ponzi scheme case except of course the victims. For whatever reason, these cases were rare prior to the time Bernard Madoff was arrested. Since the King of Ponzi schemes was trotted off to jail however the Commission has brought dozens -...

After Two Days of Trial, Florida Man Agrees to Plead Guilty to $10 Million Ponzi Scheme

In an unlikely turn of events, a Florida man decided to change his plea from 'not guilty' to 'guilty' on the third day of his trial, effectively ending the trial. George Elia, 69, made his decision after hearing a morning of testimony from a number of his victims and several more ...

Former Exorcist/Attorney/Bishop Sentenced to 11-Year Term for Role in $6 Million Ponzi Scheme

A former New York attorney who also claimed to be a trained exorcist and bishop was sentenced to 11 years for his role in a Ponzi scheme that duped investors out of over $6 million. James Lagona received the sentence from United States District Judge William M. Skretny, who dismissed Lagona's...

Utah Man Pleads Guilty To Running Two Separate Ponzi Schemes

A Utah man agreed to plead guilty for his involvement in two separate Ponzi schemes - while on parole for a previous conviction for a third Ponzi scheme - that took in more than $30 million from investors. Wayne Ogden, of Koosharem, Utah, was convicted earlier this year for his role in one of the...

Ponzi Scheme Defendants Agree to Pay $55M in Investment Club Action

WEST PALM BEACH, Fla. - (Mealey's) A federal judge in Florida on April 24 signed consent orders in which defendants agreed to pay nearly $55 million to end a suit in which the U.S. Commodity Futures Trading Commission (CFTC) alleged that they orchestrated a $28 million Ponzi scheme to defraud...

SEC Alleges Texas Man Ran $4.5 Million Bitcoin Ponzi Scheme

The Securities and Exchange Commission has filed civil fraud charges against a Texas man, accusing him of masterminding a Ponzi scheme using the virtual currency known as Bitcoin that promised annual returns exceeding 300%. Trendon T. Shavers, 30, was charged with violations of federal securities laws...

SEC Wins Summary Judgment Ruling in Ponzi Scheme Case

The Commission prevailed in an investment fund scheme action, obtaining a favorable summary judgment ruling. In reaching its conclusion the Court rejected claims that the action was time barred and that the cause of action was outside the scope of Exchange Act Section 10(b). SEC v. Funinaga, Civil Action...