Articles Posted in Crime

For decades, telemarkers in “boiler rooms” have bilked the elderly by convincing touting them to buy investments which supposedly pay high rates of return or have fabulous growth potential.

Now thieves operating in small offices in Canada and warehouses in India work day and night targeting elderly Americans. Working from lists of names and phone numbers, they call War veterans, retired schoolteachers and thousands of other elderly Americans and posed as government and insurance workers updating their files.

Then, the criminals empty their victims’ bank accounts!

The Colorado Court of Appeals has affirmed the 100-year prison term that was imposed on financial advisor Will Hoover for racketeering, securities fraud, and theft convictions. Hoover had received his original sentencing in 2004, after being convicted for operating a number of investment scams that led to investors losing some $15 million.

According to the appeals court, most of the charges against Hoover were related to the Agency Account of Will Hoover Co. Inc. and Bird Ventures LLC, which were his primary investment schemes.

Hoover had used Agency Account to collect investments between 1999 and 2003, promising investors that their money would be held at the Fleet Bank of Boston in a federally insured account where the money would accrue annual fixed returns that were higher than what investors could get on their own.

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