Latest Securities fraud News

Aspiring actor pleads guilty in $650 million Ponzi scheme

Oct. 04, 2021 20:33 PM EDT

LOS ANGELES (AP) — An aspiring actor pleaded guilty Monday to running a massive Ponzi scheme that raised at least $650 million from investors in phony Hollywood film licensing deals. Zachary Joseph Horwitz, 34, of Los Angeles, entered a plea to a federal charge of...

Man accused of using Turkish background to defraud investors

Sep. 27, 2021 12:22 PM EDT

ATLANTA (AP) — Federal regulators have brought civil charges against a Georgia man they say defrauded investors who shared his Turkish cultural and religious background. The U.S. Securities and Exchange Commission filed a complaint Friday in federal court in Atlanta...

Ex-CEO of suburban Chicago company acquitted in federal case

Sep. 21, 2021 15:46 PM EDT

CHICAGO (AP) — A federal judge has acquitted the former CEO of a suburban Chicago manufacturing company of all charges in a case that accused him of inflating revenue reports by $24 million. U.S. District Judge Robert Gettleman cleared Gary Winemaster of all counts...

Official: Reality TV star sentenced for Ponzi scheme, fraud

Sep. 15, 2021 18:39 PM EDT

ATLANTA (AP) — A former cast member on the reality television show Love & Hip Hop: Atlanta has been sentenced to more than 17 years in federal prison for conspiracy and wire fraud related to a Ponzi scheme and related charges involving a fraudulent Paycheck Protection Program loan...

Man gets over 7 years in prison in cryptocurrency scam

Sep. 15, 2021 18:01 PM EDT

NEW YORK (AP) — An Australian man who pleaded guilty to securities fraud for cheating investors in his cryptocurrency fund of over $50 million was sentenced to over seven years in prison Wednesday by a judge who questioned the sincerity of his apology. U.S. District...

Chinese tycoon's companies pay $539M in US securities case

Sep. 14, 2021 02:40 AM EDT

NEW YORK (AP) — Three companies linked to a Chinese businessman who is a prominent critic of his country’s ruling Communist Party have agreed to pay $539 million to settle charges they conducted an illegal securities offering, according to regulators. The New York-...

Proceeds from Quiros' settlement aim to help Newport recover

Sep. 10, 2021 11:17 AM EDT

NEWPORT, Vt. (AP) — Proceeds from a Vermont settlement with a former ski resort owner — who was accused of massive fraud involving foreign investors’ money in area developments — are being used to help the city of Newport recover from the failed projects, officials said. ...

Fund manager admits orchestrating $100M investment fraud

Sep. 09, 2021 14:45 PM EDT

NEWARK, N.J. (AP) — An investment fund manager from Philadelphia has admitted orchestrating a $100 million securities fraud scheme, federal prosecutors in New Jersey announced Thursday. Brenda Smith, 61, faces up to 20 years in prison and a $5 million fine when she is...

Cryptocurrency promoter pleads guilty in $2 billion fraud

Sep. 02, 2021 20:15 PM EDT

SAN DIEGO (AP) — A Los Angeles man pleaded guilty Wednesday to participating in what prosecutors called a “textbook Ponzi scheme” that defrauded cryptocurrency investors worldwide of more than $2 billion. Prosecutors said Glenn Arcaro, 44, sat atop the North...

Leading Minnesota race horse owners accused in Ponzi scheme

Sep. 01, 2021 18:10 PM EDT

MINNEAPOLIS (AP) — A Minnesota couple whose race horses have been among the most successful at Canterbury Park over the years is accused of defrauding 200 investors of nearly $18 million in an investment scam. The U.S. Securities and Exchange Commission alleges that...