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 Capital fund, Eubanks used the funds to pay his personal expenses and pay off earlier investors. All together Eubanks misappropriated $529,000 from investors to perpetrate the scheme.

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