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Articles Tagged with Ponzi Scam

Rand Heckler of Rand Heckler, Inc. is Now The Subject of SEC and Criminal Fraud Charges

Former stockbroker Rand Allan Heckler of Long Island, New York, is facing US Securities and Exchange Commission (SEC) charges accusing him of investor fraud. Heckler, who was barred by the Financial Industry Regulatory Authority (FINRA) last year, is also now facing criminal charges alleging that he ran an over $1M Ponzi scam.

Over his 22 years in the securities industry,  Rand Heckler worked at 11 broker-dealers. Four of these firms were expelled by FINRA. 

Texas Brothers Sue Financial Services Company for $1.5M

After turning down a settlement that would have reimbursed them 60 cents for every dollar, brothers Jim and Ken Karger are suing Monex Grupo Financiero for the $1.5M they lost in an alleged decades-long Ponzi scam. This alleged scam not only defrauded them but also other expatriates living in the town of San Miguel de Allende resulting in a loss of up to $40M.

Mexico Daily News, which conducted an investigation into the allegations last year, found that the money was stolen from 150 Monex accounts held by expatriates, including retirees. 

Ex-NYLIFE Securities Broker Accused Of Selling Investments In Mass Ponzi Scam 

If you suffered losses after former NYLIFE Securities broker, Kari Bracy, also known as Kari Falwell, or any other registered representative persuaded you to invest in Future Income Payments, please contact Shepherd Smith Edwards and Kantas (SSEK Law Firm) today. 

Our stockbroker securities law firm has been looking into claims involving Future Income Payments, LLC. By the time the company stopped doing business in 2018, over 2600 investors were owed more than $300M. The firm has since been accused of running a Ponzi scam. 

Ex-Securities America Broker Investigated For Ponzi Scam Involvement

The US Securities and Exchange Commission (SEC) announced that it has permanently barred ex-Securities America broker, Ronald Roach, in the wake of his involvement in a $909M Ponzi fraud. 

Ronald Roach pleaded guilty last month to criminal fraud charges and is facing up to 10 years behind bars. According to InvestmentNews, Securities America fired him the day after he entered his plea. The SEC contends that Roach and Joseph Bayliss, a general building and electrical contractor, operated an alternative energy tax credit Ponzi scam associated with the company DC Solar. 

Ex-GPB Capital Partner Accusing Firm Of Running A Ponzi Scam

David Rosenburg, a former GPB business partner, is once more accusing GPB Capital Holdings of committing a “massive securities fraud” when it raised over $1.5B from investors. Rosenberg is a former GPB employee and the ex-CEO of its Prime Automotive Group. 

Two years ago, before going to work for GPB, he sold $235M of his stake in the Prime Automotive Group to the alternative asset firm. GPB Capital fired him in September just weeks after Rosenberg sued the company in Massachusetts Superior Court and accused it of operating a major Ponzi scam. 

Frederick Randhahn, a former Sigma Financial Corporation broker, is suspended by the Financial Industry Regulation Authority (FINRA) for nine months after he allegedly sold $625K of Woodbridge promissory notes to investors without the brokerage firm’s permission and approval to sell these products. 

In a letter of acceptance, waiver and consent, Randhahn agreed to pay a $5K fine and disgorge the almost $32K in commissions plus interest that he made from the sales. However, he did not admit to or deny the self-regulatory authority’s (SRO) findings. 

Randhahn Fired For Selling Unapproved Investments

Our investment fraud lawyers at Sheperd Smith Edwards and Kantas, LLP (SSEK Law Firm) represent a number of investors who have suffered losses from investing in GPB private placements that were sold to them by brokerage firms and their brokers. 

Kalos Capital and Ameriprise Financial (AMP) are of these broker-dealers. Our broker fraud attorneys have filed a brokerage firm misconduct claim against them on our client’s behalf. This is not our first GPB investor fraud claim involving Kalos Capital

GPB Investor Fraud Claim: Kalos Capital, Ameriprise Financial & Ex-Broker Gary Imel Investigated 

Kalos Financial Defends Its Sale Of GPB Private Placements 

In a letter issued to investors on November 4th, Kalos Financial President, Larry Lyons, reported that its due diligence team recently met with senior GPB Capital Holdings executives including CEO, David Gentile. 

The brokerage firm is one of dozens of broker-dealers under fire for selling GPB private placements that were issued by the asset management company, which has since been accused of operating a $1.8B Ponzi fraud. 

New Class Action Offers Details Into Alleged GPB Ponzi Scam

This week in Austin, Texas, another proposed class securities case was filed on behalf of investors of GPB Capital Holdings and its many funds. This latest investor lawsuit directly accuses the alternative asset firm and its executives of running an alleged $1.8B Ponzi scam and provides new details into the fraud.  

Filed in the US District Court for the Western District of Texas by the lead plaintiff and GPB investor Millicent Barasch, the class action securities fraud case was announced at a press conference. Toni Caiazzo Neff, an ex-Financial Industry Regulatory Authority (FINRA) examiner, spoke about how she’d previously tried to blow the whistle on GPB Capital Holdings. 

A Financial Industry Regulatory Authority (FINRA) panel has ordered Pershing, LLC to pay $1.4m to six investors who lost money in R. Allen Stanford’s $7.2B Ponzi scam. Pershing is a Bank of New York Mellon Corp. (BK) division. It acted as Stanford Group Co.’s clearing broker for several years.

Pershing is accused of enabling the Stanford Ponzi Fraud, including through its transfer of hundreds of millions of dollars from US investors’ securities accounts, as it continued to make money from the sales of at least $500M in fake, unregistered certificates of deposit (CDs).

Pershing also allegedly disregarded the unusual ways in which Stanford ran his operations, including the use of offshore transfers and the high compensation awarded to brokers. The unregistered CDs were issued out of Stanford International Bank, a Stanford Financial Group unit based in Antigua, and then sold by Stanford’s brokerage firm in the US.

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