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DeWaay Financial Network LLC, one of several broker-dealers being sued by the trustee for DBSI Inc.’s private-actions trust, may pay the ultimate price for selling the real estate firm’s deals. Last month, claiming that bankruptcy looms, DeWaay asked a federal judge in Delaware for a temporary injunction to halt eight arbitration claims that investors have […]
The Securities and Exchange Commission announced today that on November 8, 2011, the U.S. District Court for the Northern District of Texas ruled that Timothy Page, a financial Consultant from Malibu, California, and his company Testre LP are liable for violating the registration provisions of the federal securities laws. The Court ordered Page to pay […]
Today, the Commission filed a complaint against Jonathan R. Curshen, 46, a Sarasota, Florida resident who allegedly founded and led Red Sea Management Ltd., (“Red Sea”), a Costa Rican asset protection company that, according to the complaint, effected pump-and-dump schemes on behalf of its clients and laundered millions of dollars in trading proceeds out of […]
A man has been sentenced to 17 years in prison for his role in a Ponzi scheme that scammed more than $14 million from hundreds of Haitian-American investors in South Florida and New Jersey. U.S. District Court Judge Kenneth Marra sentenced 37-year-old Ronnie Bass Jr. of Delray Beach on Friday and ordered him to pay […]
Prosecutors are expected to ask a judge today to send a man to prison for 15 years for running a Ponzi scheme that took in about $30 million as well as a scam that preyed on homeowners facing foreclosure. This case highlights the pervasive problem of financial fraud in our society, where individuals like Rangel […]