Meyer Wilson

Recovering Losses Caused By Investment Misconduct

Blog Posts in January, 2011

After pleading guilty to a fraud scheme as well as grand larceny charges, financial planner Jay Hoffman was sentenced to up to seven years in jail. For sentencing purposes, the former president of ... Continue reading "Alleged Propagator of 20 Year NY Ponzi Scheme Sentenced" »
Dante DeMiro appeared in U.S. District Court in Port Huron for a hearing on a request by his high-profile attorney to withdraw from the Ponzi scheme case in which Mona Shores is one of several alleged ... Continue reading "Alleged Mastermind Behind Mona Shores Public School Ponzi Scheme Arrested" »
Lloyd Y. Kimura recently pled guilty in federal court to charges that he swindled more than 50 people out of $20 million for allegedly fraudulent investments. For sentencing purposes, Kimura admitted ... Continue reading "Maui Businessman Pleads Guilty to 20-Year Alleged Ponzi Scheme" »
Late Friday night, the SEC submitted a report to Congress that recommended the fiduciary standard of care be expanded to include any financial professional that provides personalized investment advice ... Continue reading "SEC Recommends "Universal Fiduciary Duty"" »
NASAA Warns Investors to Weigh the Risks of Peer-to-Peer Loans Before Investing The National American Securities Administrators Association Inc. issued an investor alert this month that advises ... Continue reading "Investors Warned to Weigh the Risks of Peer-to-Peer Loans Before Investing" »
The court-appointed receiver for the Bravata companies, which are allegedly connected with a $50 million Ponzi scheme, said that it may not be possible for all claims against BBC Equities and Bravata ... Continue reading "Investors in Alleged BBC Equities Ponzi Scam May Not Get Their Money Back" »
William Arthur Sassman II entered a guilty plea this past November on 13 alleged counts of grand theft in a case prosecuted by the U.S. Justice Department. Last Friday, he was sentenced to 18 years in ... Continue reading "Sassman sentenced to 18 Years in Prison, $4.5 Million in Restitution" »
For sentencing purposes, Cheddi Goberdhan pled guilty last week before U.S. District Judge Shira A. Scheindlin in Manhattan federal court to a seven count indictment. The charges included conspiracy ... Continue reading "Attorney Pleads Guilty in Connection with $23 Million Real Estate Scheme" »
China Green has issued a press release disclosing an SEC inquiry and the fact that the company's legal representative in the U.S. "[…] has voluntarily provided a comprehensive report ... Continue reading "CGA Embroiled in SEC Inquiry, Alleged Financial Fraud" »
Officials state that the Winans gospel-music family led a multimillion-dollar fraudulent investment program promoting fake oil bonds from Saudi Arabia. Although the alleged scheme probably ceased ... Continue reading "Winans Alleged Ponzi Scheme Swindled Millions from Churchgoers" »
The results are in from the first round of investigations by the Financial Fraud Enforcement Task Force created in 2009. More than 300 people have been charged criminally, and 189 are facing civil ... Continue reading "New Ponzi Scheme Uncovered by Financial Fraud Enforcement Task Force" »
FINRA has ordered Oppenheimer & Co. to repurchase $650,000 in auction-rate securities from investors Jordan Moffet and Margot Trombley. The firm, one of the largest sellers of the products to ... Continue reading "Oppenheimer Ordered to Repurchase $650,000 in Auction-Rate Securities" »
The latest lawsuit in a string of several seeking more than $300 million was filed Wednesday, December 29, 2010, in federal court by Douglas A. Kelley, the court-appointed trustee for Mr. ... Continue reading "J.P. Morgan Chase Sued for Petters Ponzi Scheme" »
The Securities and Exchange Commission (SEC) stated last month that investment fraud schemes are on the rise nationwide. The statement came as the SEC and the Justice Department disclosed the results ... Continue reading "Financial Fraud on the Rise, Says SEC" »
New York's Martin Act (aka the "blue sky" law) was enacted in 1921 in order to give New York attorneys general the ability to prosecute financial firms for investment fraud. In a bizarre ... Continue reading "New York's "Blue Sky" Law Offers No Immunity to Madoff Feeder Funds, Says Judge" »
In a recent article, James Kaplan, of Audit Integrity, tore down the arguments voiced by critics (such as former SEC chairman Harvey Pitt) of the SEC's revised whistleblower program. ... Continue reading "Critics of the SEC's Whistleblower Program May Be Blowing Hot Air" »
Last month, the SEC filed a civil injunctive action against two former Wachovia employees. According to the SEC Litigation Release, the complaint charged William K. Harrison and Eddie W. Sawyers with ... Continue reading "Two Former Wachovia Employees Charged with Securities Fraud" »

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