Overcast 42°
Tag:

Investment Adviser Fraud

News
$185M Scheme: NY Trio Nabbed For Defrauding 1,400 Investors, Feds Say $185M Scheme: NY Trio Nabbed For Defrauding 1,400 Investors, Feds Say
$185M Scheme: NY Trio Nabbed For Defrauding 1,400 Investors, Feds Say Three New York men have been charged in connection with a $185 million fraud scheme involving over a thousand investors, federal authorities announced. The three are Long Island resident Mario Gogliormella, age 47, of Manhasset; and New York City residents Steven Lacaj, age 27, of Manhattan, and Karim Ibrahim, age 34, of Queens, also known as “Chris Hayes." “By allegedly raising approximately $185 million from over 1,400 investors, Mario Gogliormella, Steven Lacaj, and Karim Ibrahim left a trail of shattered trust and financial ruin," US Attorney for the Southern Distric…

SHARE

by Joe Lombardi
News
NY Financial Advisor Accused Of Misappropriating More Than $1M From Client, Prospective Clients NY Financial Advisor Accused Of Misappropriating More Than $1M From Client, Prospective Clients
NY Financial Advisor Accused Of Misappropriating More Than $1M From Client, Prospective Clients A former registered investment adviser and founder of a New York financial advisory firm has been charged with fraud and money laundering. An indictment was unsealed on Monday, Dec. 6 in federal court in Central Islip charging Long Island resident Jeffrey Slothower, of Suffolk County, with wire fraud, investment adviser fraud, and money laundering in connection with a scheme to misappropriate more than $1 million from current and prospective clients. Slothower was arrested earlier in the day at his home in Southampton. “As alleged, Slothower executed a calculated scheme in which he repeate…

SHARE

by Joe Lombardi
News
Fairfield County Investment Fund Co-Founder Admits To Multimillion-Dollar Fraud Scheme Fairfield County Investment Fund Co-Founder Admits To Multimillion-Dollar Fraud Scheme
Fairfield County Investment Fund Co-Founder Admits To Multimillion-Dollar Fraud Scheme The former co-founder of a multi-million dollar hedge fund has admitted that he lied to his investors and misappropriated nearly $20 million as part of a Ponzi scheme. Jason Rhodes of Fairfield County pleaded guilty to securities fraud, wire fraud, investment adviser fraud, and conspiracy charges in connection with his participation in a scheme to defraud approximately 25 investors in Sentinel Growth Fund Management, a hedge fund he co-founded.  In total, he bilked investors out of approximately $19.6 million by lying to them and using investor funds for his own personal use and t…

SHARE

by Zak Failla
News
Financial Adviser From Norwalk Charged In Multimillion-Dollar Ponzi Scheme Financial Adviser From Norwalk Charged In Multimillion-Dollar Ponzi Scheme
Financial Adviser From Norwalk Charged In Multimillion-Dollar Ponzi Scheme A financial adviser from Fairfield County is facing charges for allegedly running a yearlong multi-million dollar Ponzi scheme. Norwalk resident James Booth, 74, who operated Booth Financial Associates, allegedly solicited money from clients, falsely promising to invest the money in opportunities offered outside of their ordinary advisory and brokerage accounts.  In total, Booth fraudulently obtained nearly $5 million from his customers. Instead of investing their money, Booth used it to pay personal and business expenses, U.S. Attorney Geoffrey Berman said. Booth was arrested on Monda…

SHARE

by Zak Failla
News
Investment Fund Co-Founder From Rowayton Charged In $20 Million Fraud Scheme Investment Fund Co-Founder From Rowayton Charged In $20 Million Fraud Scheme
Investment Fund Co-Founder From Rowayton Charged In $20 Million Fraud Scheme The former co-founder of a multi-million dollar hedge fund is facing charges claiming that he lied to his investors and misappropriated nearly $20 million as part of a Ponzi scheme. Jason Rhodes of Fairfield County was arrested on Tuesday morning on conspiracy, securities fraud, wire fraud, and investment adviser fraud charges.  The charges stem from his participation in an elaborate scheme to defraud investors in the hedge fund and using investor funds to repay earlier investors in a Ponzi-like manner. Beginning in November 2013, Rhodes, a resident of the village of Rowayton in Norwalk, a…

SHARE

by Zak Failla