In a federal criminal indictment, Edward Allen and David Olson, both of
Florida, were charged with close to 30 counts of wire fraud and conspiracy
for an alleged
Ponzi scheme that spanned several states. Ohio residents in Youngstown, Niles, Girard,
Columbiana, and several other cities were affected in the investment scam.
A civil lawsuit filed by the Securities and Exchange Commission (SEC)
is also underway.
The two are accused of running a real estate investment scam from an office
in Boardman that took in at least 100 investors from nine states. The
pair allegedly offered a real estate rehabilitation opportunity and "promised"
investors returns of 20% - 45% annually. The charges state that Allen
and Olson used investors' money to bring in new investors and that
investors never saw the "promised"
Our own David P. Meyer, working as an attorney for the civil case, said,
"These two gentlemen got our clients involved in a lot of real estate
deals that went bad so the devastation was significant for all of these
clients. Many folks lost their entire life savings and will be digging
out of this financial nightmare for the rest of their lives."
Both Olson and Allen are due in federal court in Youngstown on July 12th.
Ohio securities fraud attorneys with David P. Meyer & Associates have represented investors nationwide in
stockbroker mediation, arbitration, and litigation claims. In light of this and other similar
cases, we wish to remind investors that education is prevention. Always
do your research before investing, especially if it sounds "too good
to be true".