Latest Securities fraud News

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...

Connecticut man gets 4 years in prison for investment scam

Sep. 01, 2021 17:20 PM EDT

NEW YORK (AP) — A Connecticut man was sentenced Wednesday to four years in prison for cheating investors of over $25 million through a securities fund he co-founded. Jason Rhodes was sentenced in Manhattan federal court by Judge Sidney H. Stein, who also ordered him to...

New lawsuit says Vermont officials knew of ski resort fraud

Aug. 25, 2021 17:36 PM EDT

Top state officials knew that portions of a long-running plan to develop areas of Vermont’s northeastern corner were part of a Ponzi scheme, but did nothing to stop the project's last phase, the construction of a hotel project at the Burke ski resort, a new lawsuit alleges. ...

Key player in $19M stock fraud scheme dies in I-95 crash

Aug. 24, 2021 18:57 PM EDT

GREENWICH, Conn. (AP) — A key player in a stock fraud scheme that cheated about 12,000 investors out of $19 million has died in a car crash on I-95 in Greenwich. Christian Meissenn, 49, of Suffield was convicted in 2018 of conspiring with others to defraud investors,...