Securities

Recent Posts

Utah Man Pleads Guilty To Running Two Separate Ponzi Schemes
Posted on 23 Apr 2013 by Jordan D. Maglich

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... Read More

After Two Days of Trial, Florida Man Agrees to Plead Guilty to $10 Million Ponzi Scheme
Posted on 14 Mar 2013 by Jordan D. Maglich

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... Read More

Another Investment Fund Fraud Case
Posted on 10 Mar 2011 by Thomas O. Gorman

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... Read More

SEC Wins Summary Judgment Ruling in Ponzi Scheme Case
Posted on 13 Oct 2014 by Thomas O. Gorman

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... Read More

Former Exorcist/Attorney/Bishop Sentenced to 11-Year Term for Role in $6 Million Ponzi Scheme
Posted on 21 Mar 2013 by Jordan D. Maglich

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... Read More

Measuring the Success Of SEC Enforcement
Posted on 20 Sep 2010 by Thomas O. Gorman

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... Read More

Former FBI Agent and Wife Charged with Investment Fraud
Posted on 13 Oct 2011 by Thomas O. Gorman

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... Read More

SEC Alleges Texas Man Ran $4.5 Million Bitcoin Ponzi Scheme
Posted on 25 Jul 2013 by Jordan D. Maglich

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... Read More

Ponzi Scheme Defendants Agree to Pay $55M in Investment Club Action
Posted on 25 Apr 2013 by Michael J. Lello

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... Read More

  • Blog Post: 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...
  • Blog Post: 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...
  • Blog Post: 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 -...
  • Blog Post: 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 ...
  • Blog Post: 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...
  • Blog Post: 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...
  • Blog Post: 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...
  • Blog Post: 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...
  • Blog Post: 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...