$20M Ponzi Scam Results in Guilty Plea for Kiddar Capital Founder Todd Hitt, Kiddar Capital’s founder and a member of a prominent commercial real estate family in Virginia, has pleaded guilty to criminal fraud charges accusing him of operating a $20M Ponzi fraud that involved several schemes. According to prosecutors,…
Ex-Merrill Lynch Broker Will Pay $5M Penalty and Serve Time In Prison A federal judge has sentenced Thomas Buck, an ex-Merrill Lynch broker, to 40 months in prison. Buck pleaded guilty to securities fraud in 2017. As part of his plea, he admitted to lying to Merrill about telling clients about…
A federal court has ordered the Woodbridge Group of Companies and its former CEO and owner Robert H. Shapiro to pay $1B in disgorgement and penalties for allegedly running a $1.2B Ponzi scam that victimized 8,400 retail investors, including many senior investors who ended up losing their retirement money. Of…
John G. Schmidt, an ex-Wells Fargo (WFC) broker, is now facing 128 felony counts over his alleged running of a $1M Ponzi scam. Criminal charges include: 124 counts of forgery 1 count of telecommunications fraud 2 counts of theft from a disabled or older adult 1 count of deceit or…
In federal court in New Jersey, a jury has found former investment manager Vincent P. Falci guilty of securities fraud and multiple counts of wire fraud related to a $10B Ponzi scam that defrauded over two hundred of his former clients, including Falci’s own relatives, friends, business associates, police officers,…
Former HCR Wealth Advisors financial adviser Admits to Defrauding Pro Athlete of $1.2M Jeremy Joseph Drake, an ex-HCR Wealth Advisors financial adviser, has agreed to a consent judgment in the US Securities and Exchange Commission’s case against him in which he admits that he defrauded a pro athlete and his…
Former MRI International Head is Found Guilty in $1.5B Ponzi Scam Edwin Fujinaga, the ex-CEO of medical billings collections company MRI International, has been convicted of multiple counts of wire fraud, mail fraud, and money laundering. He is scheduled to be sentenced earlier this year. According to the release issued…
Steven Pagartanis, an ex-New York broker with Lombard Securities, has pleaded guilty to wire fraud and mail fraud in a Ponzi scam that went on for more than 18 years and caused investors to lose more than $9M of the over $13M that they invested. Many of his victims were…
The Financial Industry Regulatory Authority (FINRA) has barred yet another ex-broker for selling promissory notes that have since been linked to the $1.2B Woodbridge Ponzi scam. The fraud is believed to have bilked around 8,400 investors. According to the self-regulatory authority (SRO), broker Frank Dietrich sold 58 investors $10M of…
Investment Adviser Accused of Lying to Retirement Fund Clients Pleads Guilty Richard G. Cody, an investment adviser who ran Boston Investment Partners and is accused of lying to clients about how he handled their retirement funds, has revised his not guilty plea. Cody is now pleading guilty to both making…