San Diego Man Arrested for Alleged Ponzi Scheme
Robert L. Holloway, 54, has recently been arrested for allegedly running a Ponzi scheme through his Utah-based US Ventures, LC company. According to authorities, the alleged Ponzi scheme ended up being worth $25 million total. Holloway's first court date is set for December 16th in Salt Lake City.
According to authorities, Holloway enticed investors with an offer that would supposedly consistently produce profits of 1% per day. Unfortunately, authorities say he instead used investors' cash to purchase an aerospace consulting business for more than $4 million, and he apparently also lost about $10 million in high-risk trading activities without the consent of investors. Holloway is accused of using the rest of the cash for his own expenses and lifestyle.
Unfortunately, stories like these are not unusual, and even the most sophisticated investors are regularly taken in by investment scams. If you or a loved one has been taken in by a Ponzi scheme, investment fraud, stock scam, or other financial fraud, speak with one of our experienced investment fraud attorneys today in a completely free consultation. Our FINRA lawyers can help explain the steps to financial recovery and skillfully represent you in mediation, arbitration, and litigation proceedings.