Boston Accident Injury Lawyer

May 22, 2010 - Edward Allen and David Olson operated their real estate company, A & O Investments, LLC, as a Ponzi scheme according to the Securities and Exchange Commission ("SEC"). The SEC's complaint filed in an Ohio federal court claims that from September 2005 to December 2008 Allen and Olson raised about $14.8 million from at least 100 investors.

Apparently, A & O Investments enticed buyers by offering promissory notes with annual interest rates of 20%. Allegedly, Allen and Olson claimed that the money raised from the notes would be used to purchase and rehabilitate real estate, primarily in Florida. The complaint further alleges that A & O would profit from sales of the refurbished real estate and Allen and Olson represented to clients that they had been making successful transactions.

The SEC alleges that Allen and Olson recruited investors by sending mass mailings and word of mouth. Also, Allen and Olson apparently solicited customer of their former employer World Group Securities, Inc., a Georgia based securities broker-dealer.

Continue reading "Edward Allen, David Olson, and A & O Investments Scam Halted" »

May 16, 2010 - Keith Yorke, 55, from Sandwich, Massachusetts has died as a result of serious personal injuries sustained when he was struck by a 1997 Ford Escort, driven by Nicole Giles, 18, from Mashpee. The accident occurred at around 5:17 a.m. while Yorke was walking his dog along Asa Meiggs Road.

Yorke was transported by ambulance to Forestdale School and was then taken by a medical helicopter to Boston Medical Center, where he was pronounced dead. Giles was not injured in the crash. According to the Sandwich Police Department, Giles called police from the scene to notify them of the accident.

The crash is still under investigation by the Sandwich Police and no charges have been filed.

Source: Cape Cod Times

Continue reading "Sandwich, Massachusetts Pedestrian Hit by Car" »

May 10, 2010 - Victims of the Millennium Bank Ponzi scheme have survived a motion to dismiss filed by Defendant JPMorgan Chase Bank in their class action lawsuit. The complaint alleges that the bank aided and abetted the perpetrators of a $200 million Ponzi scheme which operated out of offices located in Napa, California. U.S. Magistrate Judge Edward Chen refused to dismiss four out of five of the counts, which will now proceed into a discovery phase requiring JPMorgan to produce documents and answer questions about its banking activities.

JPMorgan is the successor of failed Washington Mutual Bank ("WAMU"), which had branches in Napa, where Millennium's mastermind, William Wise and his associates, carried out their banking activities. Wise lured over 250 investors by offering certificates of deposit (CDs) with unrealistically high interest rates. Millennium Investors were instructed to mail checks to Napa, which were presented for deposit at the WAMU branches. Millions were commingled and then either transferred offshore or used by Wise and his cohorts for personal expenses, including payments for a private jet, an extensive wine collection, and to support Wise and his family's extravagant lifestyle.

The complaint alleges that WAMU continued to conduct business with Millennium even though it knew that investor monies were being siphoned away. Judge Chen determined that the allegations in the Complaint, if proved, would state a cause of action. Specifically, he permitted the claims of aiding and abetting fraud, aiding and abetting conversion, breach of fiduciary duty, and violation of California Business Code to proceed. However, he found no evidence to support the claim that there was a conspiracy to commit fraud.