“The Financial Coach” Pleads Guilty to Wire Fraud
Bryan C. Binkholder, also known as the “The Financial Coach,” will serve nine years in prison for bilking clients. Binkholder used books, a talk show, and YouTube videos to market his “hard money lending” program.
According to prosecutors, he touted himself as serving real estate developers that wanted to flip houses but he only made limited number of loans. Instead, he used investors’ funds to pay for his personal spending, give his wife a salary, and pay interest to other investors.
Binkholder’s financial scam took place from about 2008 to 2013. He pleaded guilty to four counts of wire fraud and must pay over $3.6 million in restitution.
Father & Son Charged in $1.1M Insider Trading Scam
The U.S. Securities and Exchange Commission is charging Sean R. Stewart and his father Robert with running an insider trading scam. Sean, who is a managing director at a renowned investment bank, purportedly tipped his father about upcoming mergers and acquisitions involving clients of two investment banks where he has worked. Robert, a technology company CFO and a certified public accountant, made trades based on these tips that were related to at least half a dozen acquisition and merger announcements. They made some $1.1 million in illegal profits over four years.
Meantime, the U.S. Attorney’s Office for the Southern District of New York has filed a parallel action against them.
Massachusetts Regulator Charges Firm With Illegal Security Sales to the Elderly
Massachusetts Secretary of State William F. Galvin’s office has charged Charles Nilosek and his investment firm Positions Benefit with illegally selling escurites to elderly investors. Both Nilosek and his firm acted as unregistered investment advisers when they sold $4 million of securities that were not registered to more than 140 state residents.
Galvin accused Nilosek and the firm of engaging in “bait-and-swtich” tactics to get investors to buy risky commercial mortgage securities. Position Benefits is accused of selling shares of these securities to retirees, as well as people getting ready to retire, and making it seem as if these investments came with a guaranteed return, which they did not.
Also, the SEC ordered Woodbridge Structured Funding LLC, which made the securities sold by Position Benefits, to pay a penalty of $250,000 for its involvement. The California company has consented to pay back the investors.
Even when regulators bring claims and prosecutors file criminal charges against fraudsters, you should still have an experience securities lawyer representing you to pursue the compensation you are owed. Our investment adviser law firm represents investors throughout the United States. Contact Shepherd Smith Edwards and Kantas, LTD LLP today.
The Financial Coach’ gets 9 years in prison for fraud, BizJournals, May 15, 2015
Secretary Galvin Charges Plymouth Man and Firm for Acting as Unregistered Investment Advisers, Orders California Funds to Offer Refunds and Pay a Civil Penalty for Selling Unregistered Mortgage Loans (PDFs)
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