{"id":1721,"date":"2015-10-07T11:34:45","date_gmt":"2015-10-07T11:34:45","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2015\/10\/sec_case_headlines_new_jersey"},"modified":"2022-04-04T12:41:26","modified_gmt":"2022-04-04T17:41:26","slug":"sec-case-headlines-new-jersey","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-case-headlines-new-jersey\/","title":{"rendered":"SEC Case Headlines: New Jersey Fund Manager Faces Charges Over $1.1M Ponzi Scam, $32M Fraud Scam Involving Amber Mining is Halted, and Executives Face Charges for Allegedly Bilking Investor in Stock Fraud"},"content":{"rendered":"

NJ Fund Managers Faces SEC Fraud Charges<\/strong>
\nThe Securities and Exchange Commission is charging William J. Wells and his Promitor Capital Management LLC with bilking investors in a $1.1 million Ponzi scam<\/a>. According to the regulator, Wells falsely misrepresented himself as a registered investment adviser to some investors. However, rather than invest their money in specific stock as he told them he would, Wells and his firm placed most of the funds primarily in risky options that garnered poor results. He then allegedly hid the outcomes using bogus investor account statements that recorded performance figures that were severely inflated.<\/p>\n

Wells also allegedly tried to conceal the investment loses by making Ponzi-like payments in which he paid earlier investors using the funds of new investors. By the end of this summer, fund brokerage accounts at Promitor held under $35 while the remainder were sucked dry from the Ponzi-like payment, trading losses, or transferred into Wells’ own bank account.<\/p>\n

Meantime, the U.S. Attorney’s Office for the Southern District of New York has filed a parallel criminal action against Wells.<\/p>\n

Regulator Files Charges, Obtains Asset Freeze in $32M Amber Mining Scam<\/strong>
\nThe SEC has gotten asset freeze and file fraud charges against Steve Chen and 13 entities based in the state of California. According to the regulator, Chen falsely promised investors they would make money in an investment venture involving amber holdings.
\n Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

NJ Fund Managers Faces SEC Fraud Charges The Securities and Exchange Commission is charging William J. Wells and his Promitor Capital Management LLC with bilking investors in a $1.1 million Ponzi scam. According to the regulator, Wells falsely misrepresented himself as a registered investment adviser to some investors. However, rather than invest their money in […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3792,3760,3741],"tags":[],"class_list":["post-1721","post","type-post","status-publish","format-standard","hentry","category-ponzi-scams","category-sec-enforcement","category-securities-fraud"],"yoast_head":"\nSEC Case Headlines: New Jersey Fund Manager Faces Charges Over $1.1M Ponzi Scam, $32M Fraud Scam Involving Amber Mining is Halted, and Executives Face Charges for Allegedly Bilking Investor in Stock Fraud — Investor Lawyers Blog — October 7, 2015<\/title>\n<meta name=\"description\" content=\"NJ Fund Managers Faces SEC Fraud Charges The Securities and Exchange Commission is charging William J. 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