Latest Securities fraud News

Las Vegas man indicted in Ponzi betting scheme out of Ohio

Aug. 11, 2022 20:20 PM EDT

LAS VEGAS (AP) — A Las Vegas man is facing federal charges for allegedly bilking dozens of Ohio residents out of millions of dollars in a sports betting Ponzi scheme. The U.S. Attorney’s Office in the Northern District of Ohio announced that 49-year-old Matthew Turnipseede was...

New crypto oversight legislation arrives as industry shakes

Aug. 03, 2022 17:32 PM EDT

WASHINGTON (AP) — After 13 years, at least three crashes, dozens of scams and Ponzi schemes and hundreds of billions of dollars made and evaporated, cryptocurrencies finally have the full attention of Congress, whose lawmakers and lobbyists have papered Capitol Hill with proposals on how to...

Film producer pleads guilty in fraud investment scams

Jul. 22, 2022 19:02 PM EDT

ATLANTA (AP) — A movie producer has pleaded guilty to several counts of fraud and money laundering arising from his fraudulent promotion of two cryptocurrency investment schemes, federal prosecutors said. Ryan Felton, 48, entered the plea on the fourth day of his jury trial in his...

Attorney pleads guilty in timber investment fraud scheme

Jul. 14, 2022 18:41 PM EDT

JACKSON, Miss. (AP) — A Mississippi attorney has pleaded guilty to conspiracy to defraud investors in a multimillion-dollar timber investment scheme. Jon Darrell Seawright, 50, of Jackson, entered the plea Wednesday before U.S. District Judge Carlton Reeves. ...

California man will plead guilty in cannabis pen fraud

Jul. 01, 2022 19:40 PM EDT

LOS ANGELES (AP) — A Southern California man who once competed on the Philippines national decathlon team has agreed to plead guilty to bilking investors out of more than $28 million with a phony scheme to market cannabis vape pens, federal prosecutors announced Friday. David...

Former Minnesota oil executive convicted of securities fraud

Jun. 16, 2022 16:33 PM EDT

MINNEAPOLIS (AP) — A former oil industry executive from Minnesota who co-founded a facility that loaded crude from the North Dakota oil patch onto rail cars has been convicted in a stock manipulation scheme. A federal jury in New York on Tuesday found Michael Reger guilty of...

Musk appeals ruling that upheld securities fraud settlement

Jun. 16, 2022 11:43 AM EDT

DETROIT (AP) — Tesla CEO Elon Musk is appealing a federal court ruling that upheld a securities fraud settlement over Musk's tweets claiming that he had the funding to take Tesla private in 2018. Musk's lawyer Alex Spiro filed a notice of appeal Wednesday with the federal appeals...

Los Angeles energy exec pleads guilty in $15M Ponzi scheme

Jun. 14, 2022 19:32 PM EDT

LOS ANGELES (AP) — A former energy company executive from Los Angeles pleaded guilty Tuesday in a $15 million scheme to defraud investors in phony business arrangements for services to oil and gas companies in North Dakota, federal prosecutors said. Joey Stanton Dodson was...

Texas AG strides into Twitter takeover drama to bolster Musk

Jun. 07, 2022 18:57 PM EDT

WASHINGTON (AP) — State officials across the nation have taken on Big Tech companies in the courts and state legislatures, and federal regulators have nipped at Twitter over alleged violations of users’ data privacy. Now, one state attorney general with an outsize personality and...

Former executive gets prison for $1 billion solar fraud

May. 31, 2022 20:31 PM EDT

SACRAMENTO, Calif. (AP) — A former executive of a California solar power company was sentenced Tuesday to eight years in prison and ordered to pay nearly $620 million in restitution for his role in a $1 billion fraud scheme, federal prosecutors said. Alan Hansen, of Vacaville,...