The U.S. Department of Justice (DOJ) announced just yesterday that
six men from both the U.S. and Switzerland have been indicted in Nevada for selling
fraudulent investments and stealing a suspected $5.6 million from investors. The scheme involved
taking cash from unsuspecting investors, telling them their money was
being placed into
high-yield securities from Europe, but instead pocketing the money for themselves.
The indictment alleges that this scheme lasted four years. So far, 12 individuals
have been named as victims, although court documents have only released
the victims' initials. Losses per investor range anywhere from $200,000
to over $1 million.
The six recently-indicted men promoted their fraudulent investment using
Malom Group AG, a Swiss investment firm. To give credence to the scheme, the men produced fraudulent documents
from major banks in Europe like UBS, HSBC and Deutsche Bank.
Some investors began to raise suspicions, and some even publicly posted
complaints online, but the fraudsters threatened lawsuits and never followed
through on their promise to give investors their money back, according
to the indictment.
The names of the indicted men are:
Anthony Brandel – Director of MY Consultants Inc.
Joseph Micelli – Posed as Malom Group's compliance officer
James Warras – Director of Malom Group's U.S. division
Sean Finn – Malom Group broker in U.S.
Martin Schlaepfer – CEO of Malom Group
Hans-Jurg Lips – Chairman of Malom Group's structured finance division
The Federal Bureau of Investigation (FBI) conducted the criminal investigation
into this case that produced the indictment while the U.S. Securities
and Exchange Commission (SEC) investigated the civil aspect of this case.
The "Malom" in Malom Group literally stands for "Make a Lot of Money." These types of get rich quick schemes promise excessively high
yields in a short amount of time. Beware of these types of investment
pitches. They are often scams. If you lost a substantial amount of money
due to an investment scheme like Malom Group's,
contact an investment and securities fraud lawyer at Meyer Wilson today. Our firm
pursues investor claims and class actions in cases of investment misconduct.