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Articles Tagged with Securities Fraud Cases


$300M Stock Scam Allegations Lead to Guilty Verdict

A Brooklyn jury has convicted ex-OmniView Capital Advisors LLC CEO Abraxas J. Discala of conspiracy, wire fraud, and securities fraud in a $300M market rigging scam/ pump-and dump fraud.  A second defendant, lawyer Kyleen Cane, was acquitted after initially being charged with conspiracy and securities fraud.

According to prosecutors, the stock fraud occurred from 10/2012 through 7/2014. Trades in four publicly traded companies were reportedly involved.

Businessman Settles SEC Case Over Immigrant Visa-Related Investor Scam

Ariel Quiros, a businessman accused of defrauding foreign investors seeking to earn US residency through the EB-5 Immigrant Investor Program, has agreed to the settle the Securities and Exchange Commission’s case against him. As part of the settlement, which a court still has to approve, Quiros will be held liable for over $81M in disgorgement of ill-gotten gains and a $1M penalty. He also has to forfeit about $417K.

Over 700 investors from at least 75 nations invested with Quiros. Their funds were supposed to go toward “construction projects at the Jay Peak Resort and a proposed (nearby) biomedical research facility,” said the SEC. Instead, contends the regulator, Quiros misused over $50M to buy another ski resort and pay for his own spending, including the purchase of two luxury condos. He also failed to direct about $30M to the construction projects, which was necessary for these investors to become US residents.

Now, Quiros must give up the two condos and the resort that he bought using investors’ funds, as well as surrender his ownership stake in Jay Peak and many other properties.

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