Latest Reported Ponzi Scheme Had Over 600 Victims
Whenever you read about Ponzi schemes, you likely think of Bernie Madoff. His scheme ripped off retirees and charities for decades. But Ponzi schemes did not die out with the unraveling of Madoff’s fraud. On June 19, the Securities and Exchange Commission (SEC) announced it had shut down another Ponzi scheme that bilked $102 million from over 600 investors. The SEC alleges that defendants sold shares in companies they controlled by telling investors the money would be used to grow the companies and that investors were guaranteed double-digit returns. Instead, defendants spent the money to enrich themselves, paid out $38.5 million in Ponzi payments (new money paying off old investors), and transferred the remainder to unrelated businesses. The SEC shut the scheme down and froze all the defendants’ assets.
The San Francisco and California securities fraud attorneys at Evans Law Firm, Inc. represent California victims of securities fraud and class actions and whistleblower cases alleging both federal and State securities law violations. If you are over 65 any securities fraud will also constitute financial elder abuse entitling you to extra damages and reimbursement of your attorneys’ fees and costs in suing the wrongdoer. Our attorneys understand fraudulent practices like Ponzi schemes that violate both federal and California securities laws. If you or a loved one lives in California and has suffered a loss as a result of securities fraud, call us today at (415)441-8669.
As a last reminder, always check out the background of any broker or advisor before transacting any business with them. The SEC and the California securities fraud lawyers here at Evans Law Firm encourage you to use the free and simple search tool on http://Investor.gov. Be cautious of any broker or advisor with a history of misconduct, including disciplinary actions by the Financial Industry Regulatory Authority (FINRA). By taking this simple step, you may protect yourself against potential fraud.
If you have been defrauded by a broker or advisor through a Ponzi scheme or other type of fraud, call the San Francisco and California securities fraud attorneys at Evans Law Firm, Inc. at (415) 441-8669, or by email at <a href=”mailto:email@example.com”>firstname.lastname@example.org</a>. Our attorneys have experience with fraud and financial elder abuse cases and complex qui tam or whistleblower cases including offshore tax avoidance cases, complex financial contract cases and cases against large insurance companies. We can help guide your case through a jury trial or toward an equitable settlement. We also handle cases involving physical elder abuse, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.
 Evans Law Firm, Inc. is not involved in this case in any way but our lawyers share it to alert our readers that Ponzi schemes are unfortunately still out there bilking investors in large numbers.