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Have you heard about the Dallas-based company selling limited partnership interests in an investment that returns 12%/annually, paid twice a year? The company claims to have 10,000 investors who have invested $250 million and earned $30 million interest. Sounds great. Right? Not so fast! Prestige Equity is yet another investment scam, like thousands before it. Recently, the Texas State Securities Board issued a cease and desist order to Robert Clemmons, Felix Crayborn, Grant Myers, William…
New investment fraud cases arise weekly in the form of oil and gas investments, real estate scams, Ponzi schemes, or even an occasional pump and dump case. But when the SEC sues seven defendants and four relief defendants in one case, you just know someone has put a lot of effort into stealing investors’ money. Richard Dale Sterritt, Jr. (a/k/a Richard Richman) is accused of a laundry list of crimes including securities offering fraud, market…
Who among us hasn’t heard the importance of who you know, and that the best sales leads are referrals? Too many times these “truths” find their way into investment fraud and Ponzi schemes. Milton Dosal, a 29-year-old Colorado fast talker, bilked 41 investors in just 14 months. While the total amount he absconded with was fairly small, the case is a great reminder of how people fall every single day for fraudulent investment schemes. The…
Call it marijuana, cannabis, or weed. You don’t have to smoke it or consume it to enjoy some reward. This pseudo-pharma industry is on the rise, and with it, a quickly emerging buyer beware investors’ market. States aren’t the only ones cashing in on revenue from marijuana sales. For those seeking an alternative to potentially high yielding oil and gas investments or even risky cryptocurrency investments, the cannabis investment trade is developing a following.…
“I can’t believe I gave them money.” “He seemed like such a nice guy.” “She worked for me as a trusted employee for years.” “I wish I’d come to you sooner, but I was embarrassed.” After decades of assisting victims of financial and investment fraud, these words still sadden me. Violations of trust hurt not only your pocketbook but also your faith in humanity. Admittedly, sometimes clients use more colorful language, but who could blame…
Small Investors Beware When investors only lose around $1.1 million, and the person perpetrating the fraud is enriched $400,000, the story generally won’t make headlines. We’re not sure what dollar amount is significant to the news media, but the Sneed case is illustrative of how ordinary investors get scammed. Digital Asset Mining Pools Clifton Curtis Sneed, aka Kaison Sneed, is being sued by the SEC in North Texas. Sneed established a company, The Trade Group…
Cunning Digital Currency, BitCoin Scheme Is Hatched Need a luxury house in Missouri City, Texas, a house in Corpus Christi for a relative, a Cadillac Escalade, and a Ford F250 truck, all worth $1.1 million? When Rowland Marcus Andrade wanted this luxury package, he started NAC Foundation, LLC (NAC) in Nevada, and sold $5.6 million of unregistered digital assets to 2,400 retail investors. NAC purportedly “developed blockchain digital tokens called AML BitCoin.” SEC Complaint NAC…
Cunning Digital Currency, BitCoin Scheme Is Hatched Need a luxury house in Missouri City, Texas, a house in Corpus Christi for a relative, a Cadillac Escalade, and a Ford F250 truck, all worth $1.1 million? When Rowland Marcus Andrade wanted this luxury package, he started NAC Foundation, LLC (NAC) in Nevada, and sold $5.6 million of unregistered digital assets to 2,400 retail investors. NAC purportedly “developed blockchain digital tokens called AML BitCoin.” SEC Complaint NAC…
Institutional and other large investors are always ready to invest in the next big deal, especially one in technology or digital assets that they think they can resell for a large profit. The people who own a popular app promoting secret, disappearing messages, Messenger, have entered the cryptocurrency business with a product called Gram. However, they failed to register the investment with the SEC. In June the courts approved an SEC settlement with Telegram Group…
San Antonio First Responders Among Many Who Fell Prey To Investment Scam Investing in 30-month secured promissory notes with 10-12% return on investment paid out quarterly sounds like a good, safe investment, especially when the first several quarters, checks arrive as promised. Why not keep investing? From 2013 to 2019, Victor Lee Farias told investors that Integrity Aviation and Leasing “purchased aircraft engines and other aviation assets that would be leased or sold to major…