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...
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...
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
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
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...
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...
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
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...
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...