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Ponzi Scheme

Commonwealth of Massachusetts Charges Advisor for Operation Ponzi Scheme

By Tom Costello of Costello Law Group  The Secretary of the Commonwealth in Massachusetts, William Galvin, charged Stephen Eubanks for engaging in a Ponzi scheme. Eubanks solicited customers to purchase shares of a fund he managed named “Eubiquity Capital Fund.” According to authorities in Massachusetts, instead of investing customer monies in the Eubiquity […]

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Advisor Pleads Guilty after $21 million Ponzi Scheme

By Tom Costello of Costello Law Group Patrick Churchville, the owner of Clear Path Wealth Management, plead guilty to five counts of wire fraud and one count of tax fraud. Mr. Churchville allegedly operated a $21 million Ponzi scheme. Investigators believe that the Ponzi scheme began in 2008 and Churchville used investor funds […]

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Advisor to Pro Athletes Swindles $2.35 Million

By Tom Costello of Costello Law Group  Louis Martin Blazer, III, a financial adviser from Pittsburgh, was charged by the Securities and Exchange Commission (SEC) for allegedly creating a Ponzi scheme. The SEC believes Blazer defrauded his pro athlete clients by taking about $2.35 million out of their accounts, without their authorization, and […]

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Claus Foerster Indicted on Fraud Charges after an Alleged Ponzi Scheme

By Tom Costello of Costello Law Group Claus Foerster, a financial advisor from South Carolina, has been indicted on fraud charges. Mr. Foerster was barred by FINRA from the securities industry in 2014 after allegations that he was running a Ponzi scheme. Foerster allegedly ran the Ponzi scheme for 14 years and was […]

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New Jersey Fund Manager Charged by SEC

By Tom Costello of Costello Law Group  William J. Wells, an investment manager for a New Jersey firm named Promitor Capital Management LLC, has been charged by the Securities and Exchange Commission (SEC) with fraud. According to the SEC, Wells operated a Ponzi-like scheme. Wells allegedly told investors he would invest their money […]

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Financial Planner Jailed for Ponzi Scheme

By Tom Costello of Costello Law Group  Financial planner and vice president of Capital Financial Planning, LLC, Frederick Monroe, was arrested for allegedly swindling clients out of $1.26 million. New York State Attorney General Eric Schneiderman believes that Monroe had been operating a Ponzi scheme since 2008. Monroe had clients issue checks to […]

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$6 Million Ponzi Scheme may Cost Former Broker 20 Years in Prison

By Tom Costello of Costello Law Group  A former A.G. Edwards, Merrill Lynch, and Raymond James affiliated broker is facing up to twenty years in prison after allegedly running a $6 million Ponzi scheme. Sunil Sharma allegedly raised $8.36 million from investors over a six year period for a day-trading strategy involving high […]

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Farm Loan Ponzi Scheme Costs Investors Millions

By Tom Costello of Costello Law Group Matthew Haab, president of Partners Inc., faces charges by the Securities and Exchange Commission (SEC) for allegedly running a Ponzi scheme. The SEC believes that Haab deceived eighty of his clients into investing in loans to farmers. The clients were told that the loans would be […]

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2001 New York Giants First Round Pick in trouble with SEC

By Tom Costello of Costello Law Group Will Allen, former Giants cornerback, has been sued by the Securities and Exchange Commission (SEC) after allegedly operating a Ponzi scheme. The SEC claims that Allen and his partner carried out the scheme in order to satisfy a $7 million debt. The investors believed that they […]

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