October 15, 2009 – The SEC has filed an emergency civil action against David F. Merrick, Traders International Return Network (TIRN), MS Inc., GTT Services, Inc., MDD Consulting, Inc., and Go ! Tourism, Inc alleging financial fraud. According to the complaint, Merrick and his business entities operated a $22 million…
October 9, 2009 – Gregory Bell, a former Chicago hedge fund manager and owner of Lancelot Investment Management, LLC, pled guilty to one count of wire fraud yesterday in the United States District Court for the District of Minnesota. Wire fraud carries a maximum of 20 years imprisonment and a…
October 9, 2009 – Richard M. Harkless, 65 years old from Riverside, California, was sentenced to 100 years in federal prison on September 28, 2009. Harkless was convicted of three counts of mail fraud, three counts of wire fraud, and one count of money laundering. Apparently Harkless operated a multi-million…
September 29, 2009 – Yesterday, a federal court judge in Los Angeles, California entered a default judgment against Clelia A. Flores and her business Maximum Return Investments, Inc (“MRI”) in a lawsuit brought by the SEC. According to the SEC’s complaint filed in April, Flores and MRI operated a $23…
September 9, 2009 – Philip G. Barry and his business entities Leverage Group, Leverage Option Management Co., Inc., and North American Financial Services were sued yesterday by the Securities and Exchange Commission. The SEC has charged Barry with securities fraud alleging that he operated a Ponzi scheme, which commenced in…
September 8, 2009 – Sidney S. Hanson and Charlotte M. Hanson and twelve fraudulent business entities, including Queen Shoals, LLC, have been charged with securities fraud by the Securities & Exchange Commission. The couple had been running a scam promising high interest returns on “private” loans. The SEC announced today that…
July 31, 2009 – Damian Meneses, Edward Lantz Ferguson, Joel S. Ley, Jr. and their four business entities were charged with securities fraud on Monday by the Securities and Exchange Commission (“SEC”). The SEC claims they were& operating a Ponzi scheme primarily based on foreign currency trading. The alleged scheme…
July 18, 2009 – William Parente, 58, attorney, financier and arguably the perpetrator of an investment fraud and grand ponzi scheme, allegedly died on April 20, 2009 in a Towson, Maryland hotel room from self-inflicted knife wounds. According to Baltimore County investigating authorities, prior to taking his own life, he…
A closer look at the Millennium Bank Ponzi Scheme: Boston trial lawyer, the attorney, takes a look at the facts involving Caribbean based Millenium Bank, which operated out of offices in Napa, California until closed by the SEC in March, 2009. It appears the FBI has been given the green…
Massachusetts Investment Fraud Lawyer, the attorney, reviews the latest court filings by the Receiver in the SEC vs. Millennium Bank action now pending in the U.S. District Court for the Northern District of Texas: It appears that the Millennium Bank Receiver has begun the process of liquidating assets seized as a part of the…