Boston Accident Injury Lawyer

June 30, 2010 - David Spitzer allegedly operated several business entities as a foreign currency investment fraud, which raised over $105 million from 400 investors. This week, the Securities and Exchange Commission ("SEC") filed a complaint that claims Spitzer misled investors from at least 2004 until as recently as March 2010. Spitzer, a resident of St. Thomas, recruited investors from all over the United States.

According to the complaint, Spitzer and his sales team told investors that their money would be placed in investment funds that would, in turn, primarily be invested in foreign currency. Spitzer allegedly enticed new clients by claiming he was an extremely successful fund manager and always produced exorbitant annual returns, including one year of 180%. To facilitate his purported scheme, Spitzer allegedly issued phony documents, including false K-1s, to clients.

The SEC claims that, in reality, Spitzer only invested $30 million of client funds, including $16.5 million in a foreign entity that ultimately lost money and was liquidated back to Spitzer. Spitzer also apparently invested $16 million in money market funds but only earned a few thousand dollars.

Continue reading "Daniel Spitzer Ponzi Scheme Busted" »

June 17, 2010 - Milowe Brost, Gary Sorenson, Larry Adair, Ward Capstick, Bradley Regier, and Martin Werner allegedly operated their entities Syndicated Gold Depository, Merendon Mining Corp. Ltd., Merendon Mining (Nevada) Inc., and the Institute for Financial Learning Group of Companies, Inc. as a massive $300 million Ponzi scheme. Last week, the Securities and Exchange Commission ("SEC") filed a complaint that alleges Brost and Sorenson were the leaders of the alleged Gold mining fraud, which convinced 3,000 investors to cough up large amounts of money.

The SEC claims that Brost led a sales team, called Structurists, which held investment seminars where they claimed to be independent financial professionals. At the seminars, the men allegedly pushed investments in gold mining businesses that could generate annual returns ranging from 18 to 36 percent.
The SEC also alleges that Brost and the Structurists promised that all investments were collateralized by gold.

The complaint claims that Brost and his sales team sold shares in various entities and then through a unique "structuring" process that ultimately led to the transfer of funds from Syndicated Gold Depository to Merendon Mining Corp. Ltd. Apparently, Sorenson claims to be an independent businessman making loans to Merendon, but in reality controlled the company.

Continue reading "Milowe Brost, Gary Sorenson Gold Investment Fraud Stopped by Feds" »

June 3, 2010 - Luis Felipe Perez allegedly operated his investment business, which he claimed financed jewelry stores and pawn shops, as a massive $40 million Ponzi scheme. The Securities and Exchange Commission ("SEC") filed a complaint, which alleges that from 2006 to June 2009 Perez operated his scam by recruiting primarily Hispanic investors from the Miami area. Allegedly, Perez told investors that their money would be used to finance his jewelry stores, Lucky Star Diamonds Inc. and Luis Felipe Jewelry Design Corp., as well as pawn shops in New York City.

According to the SEC, Perez was able to grow his scam primarily by word of mouth, especially in the Hispanic community. The complaint says that Perez enticed investors by offering "no-risk" loan agreements with annual returns ranging from 18 to 120 percent. The SEC claims that Perez falsely told investors that their loans were secured by diamonds that had specifically been set aside for them in New York City pawn shops, which he financed. Perez apparently even duped clients by providing them access to safety deposit boxes that contained, unknown by investors, fake diamonds. The SEC further claims that Perez misled investors by telling them they were added as beneficiaries to his life insurance policy, which had lapsed at the time.

Continue reading "Luis Felipe Perez Diamond Investment Fraud Busted" »

June 1, 2010 - Sonia Mouco, 36, from Dartmouth, Massachusetts, suffered serious personal injuries when her Volkswagen Jetta was side-swiped by a Honda Civic, which was apparently racing a Honda Accord along Route 18 South in New Bedford. Xaviel Quinones, 18, of New Bedford, was operating the Accord while traveling with two 2 year old boys in the back seat. Brittany Oliveira, 18, also from New Bedford, was riding as a passenger in one of the racing cars and was ejected from that vehicle. Carlos Rodrigues Jr.'s Acura, which was traveling northbound on Route 18, was struck with flying debris from the accident. The accident occurred on Sunday near the Purchase Street exit.

According to the Massachusetts State Police, the Civic, driven by an unidentified 17 year old, hit the right side of Mouco's car and then collided with the Accord. The impact of the crash was so great that the engine from one of the racing cars flew out of the vehicle. The debris that hit Rodirigues Jr.'s car scratched its body and caused one window to break and another to crack. Mouco said she could hear the children screaming in the Accord, but was unable to get out of her own car to rescue them.

Both of the toddlers were taken from the scene by medical helicopter. One was flown to Massachusetts General Hospital in Boston and the other was transported to Hasbro Children's Hospital in Providence. Oliveira was taken to Rhode Island Hospital, where she was listed in fair condition as of Monday. Mouco suffered injuries in the crash and is recuperating at her parent's home. Apparently, none of the injuries suffered in the collision were life threatening.

State police issued several citations to the operators of the Civic and Accord for violations including speeding and racing. This accident remains under investigation by the Massachusetts State Police.

Continue reading "New Bedford, Massachusetts Racing Accident Injures Two Toddlers" »