Tag:

Securities Fraud

Ex-Trump PAC Exec Who Blamed 'That B****' Hillary Clinton For Probe Indicted By Feds In NJ Ex-Trump PAC Exec Who Blamed 'That B****' Hillary Clinton For Probe Indicted By Feds In NJ
Ex-Trump PAC Exec Who Blamed 'That B****' Hillary Clinton For Probe Indicted By Feds In NJ A former pro-Trump PAC exec who blamed "that b**** Hillary Clinton" for his troubles with the law swindled more than two dozen investors out of $7 million, an indictment returned Tuesday by a federal grand jury in Newark alleges. U.S. Homeland Security agents a year ago this month smashed the alleged Ponzi scheme that they said New Jersey-based businessman David Schamens, 65, used to fund a lavish lifestyle. Now comes a March 28 indictment that charges him with wire fraud, securities fraud and money laundering. Schamens, of Greensboro, North Carolina, used some of the investment money fro…
Phucket Fugitive Returned To Face Charges In NJ Deli Fraud Scheme Phucket Fugitive Returned To Face Charges In NJ Deli Fraud Scheme
Phucket Fugitive Returned To Face Charges In NJ Deli Fraud Scheme A fugitive from Thailand was returned to the United States to face charges in a massive market manipulation scheme involving a New Jersey deli company whose stock was once valued at an illogical $100 million, federal authorities announced. A U.S. District Court magistrate judge in Newark ordered one-time Hong Kong businessman Peter Coker Jr. held after he was flown in custody from a Bangkok jail. Coker, 54, formerly of North Carolina, was seized at a hotel in the resort area of Phuket in mid-January following the arrests of his father, Peter Coker Sr., and James Patten in North Carolina. C…
NJ Deli Fraud Scheme Mastermind Arrested In Thailand: Feds NJ Deli Fraud Scheme Mastermind Arrested In Thailand: Feds
NJ Deli Fraud Scheme Mastermind Arrested In Thailand: Feds An international company chairman charged over a purported scheme to manipulate the stock market — one that resulted in a bogus $100M valuation for a Gloucester County deli despite minimal sales — was arrested in Thailand, the feds confirmed. Peter Coker Jr., 54, had been a fugitive since September when prosecutors filed 12 federal charges against him, his father, Peter Coker Sr., 80, and associate James Patten, 63. The trio allegedly boosted the share prices of Hometown International Inc. and another firm, E-Waste Corp. Matthew Reilly, a spokesperson for the New Jersey US Attorney’s Offic…
Billion-Dollar Stock Fraud: Indicted Bergen County Businessman Freed On $100M Bond Billion-Dollar Stock Fraud: Indicted Bergen County Businessman Freed On $100M Bond
Billion-Dollar Stock Fraud: Indicted Bergen County Businessman Freed On $100M Bond A Bergen County businessman was arrested by federal agents on charges of orchestrating a massive market manipulation scheme that caused one of the biggest Wall Street trading collapses in history. Sung Kook “Bill” Hwang put the entire financial system at risk by conspiring with his former chief financial officer to boost profits for his Archegos Capital Management by lying to banks to inflate the stock prices of publicly traded companies, federal prosecutors said on Wednesday, April 27. The fraud scheme ballooned Hwang’s personal fortune from $1.5 billion to more than $35 billion in a singl…
NJ FEDS: Miracle-Aspirin Investment Scam Sends Long Island Man To Prison For 4½ Years NJ FEDS: Miracle-Aspirin Investment Scam Sends Long Island Man To Prison For 4½ Years
NJ Feds: Miracle-Aspirin Investment Scam Sends Long Island Man To Prison For 4½ Years A Long Island man must spend the next 4½ years in prison for scamming investors out of $3.5 million through what he claimed was a revolutionary new aspirin, federal authorities in New Jersey said. Donald A. Milne III, a 57-year-old repeat offender from Massapequa, defrauded more than 70 victims from throughout the country, U.S. Attorney Philip R. Sellinger said. All thought they'd invested in what he touted as a “fast-acting form of powdered aspirin that could instantly stop heart attacks and strokes," Sellinger said. Milne used the money instead for a Caribbean vacation, boating expe…
$150M BANK FRAUD: Teaneck Landlord Gets 8 Years, No Parole $150M BANK FRAUD: Teaneck Landlord Gets 8 Years, No Parole
$150M Bank Fraud: Teaneck Landlord Gets 8 Years, No Parole A Teaneck landlord must spend the next eight years in federal prison -- without parole -- for orchestrating a $150 million bank and securities fraud scheme. Seth Levine, 53, was the founding partner, owner, and managing member of Norse Holdings, the parent company to more than 70 subsidiaries, U.S. Attorney Philip R. Sellinger said. Each of the subsidiary companies owned one or more multifamily buildings, mostly in New Jersey, he said. Beginning in 2009, Levine directed a scheme for nearly a decade to fraudulently refinance the multifamily properties by lying on refinancing appli…
$1.5M Cosmetics Company Scam Sends Englewood Swindler To Federal Prison For 2½ Years $1.5M Cosmetics Company Scam Sends Englewood Swindler To Federal Prison For 2½ Years
$1.5M Cosmetics Company Scam Sends Englewood Swindler To Federal Prison For 2½ Years A former Englewood resident must serve nearly 2½ years in federal prison for scamming three investors out of $1.5 million. Matthew Benjamin, 54, used the victims' money for car and house rental payments, food, international travel, legal fees, technology equipment and summer camp tuition for family members, among other purposes, U.S. Attorney for New Jersey Philip R. Sellinger said. Benjamin, currently of New York, told the victims that his purported company, Clear Solutions Group, had lucrative contracts to purchase closeout or excess cosmetic inventory from one company that he planned to …
Feds: Ponzi Schemer Funded House, Car, More With $6.8M From Investors In NJ, Elsewhere Feds: Ponzi Schemer Funded House, Car, More With $6.8M From Investors In NJ, Elsewhere
Feds: Ponzi Schemer Funded House, Car, More With $6.8M From Investors In NJ, Elsewhere New Jersey residents were among more than two dozen victims who lost a combined $6.8 million to a North Carolina con man running a Ponzi scheme, federal authorities charged. David Schamens, 64, of Greensboro, NC, promised annual return rates of 12% to 30% when he began soliciting investments in 2014 in Secaucus-based TradeStream Analytics LTD, as well as in other entities with names such as TD Trading LLC, TFG Trading LLC, and Tradedesk Financial Group Inc., U.S. Attorney Philip R. Sellinger said. He then launched Tradestream Algo Fund, an algorithm-based trading pool that he clai…
NY Con Man Admits Scamming $3.5M From Elderly Investors In NJ, Elsewhere For Heart Attack Pill NY Con Man Admits Scamming $3.5M From Elderly Investors In NJ, Elsewhere For Heart Attack Pill
NY Con Man Admits Scamming $3.5M From Elderly Investors In NJ, Elsewhere For Heart Attack Pill A convicted con artist from Long Island admitted in federal court in Trenton on Monday that he scammed investors in a purportedly revolutionary new aspirin -- most of them elderly -- out of $3.5 million that he used as his own personal piggybank. Donald A. Milne III, a 57-year-old repeat offender from Massapequa, defrauded more than 70 victims from throughout the country who though they'd invested in Instaprin, which he touted as a “fast-acting form of powdered aspirin that could instantly stop heart attacks and strokes," Acting U.S. Attorney Rachael A. Honig said. He used the money instead…
Feds: NJ Ex-Con Who Served Time For Scamming Charities Charged With $1.35M Investor Ripoff Feds: NJ Ex-Con Who Served Time For Scamming Charities Charged With $1.35M Investor Ripoff
Feds: NJ Ex-Con Who Served Time For Scamming Charities Charged With $1.35M Investor Ripoff A compulsive gambler from Passaic County who went to federal prison for three years for ripping off organizations that benefit schoolchildren and people with life-threatening illnesses went right back to scamming after he got out, federal authorities charged. This time, Gregory Ciccone, 43, of Woodland Park orchestrated a scheme that defrauded investors of $1.35 million, much of which he used to buy a $54,330 BMW, clothes, wine and more, Acting U.S. Attorney Rachael A. Honig said. Ciccone told the 22 victims that he operated companies that reserved blocks of rooms of luxury hotels that then…
South Jersey Man Indicted For Embezzling $200K From Philadelphia High Tech Firm, Feds Say South Jersey Man Indicted For Embezzling $200K From Philadelphia High Tech Firm, Feds Say
South Jersey Man Indicted For Embezzling $200K From Philadelphia High Tech Firm, Feds Say A 54-year-old Atlantic County man has been indicted in a long-running securities fraud scheme, federal authorities said. Joseph Geromini of Linwood, NJ, allegedly embezzled hundreds of thousands of dollars from his former employer, a Philadelphia-based technology start-up, according to a grand jury indictment. A separate but related complaint by the U.S. Securities and Exchange Commission accuses the former chief operating officer of spending much of the embezzled money on lavish personal expenses, including: buying a Land Rover, leasing a summer home on Nantucket Island,  buying Philade…
Feds: Jersey Shore Swindler Embezzled Hundreds Of Thousands From Philly Start-Up Feds: Jersey Shore Swindler Embezzled Hundreds Of Thousands From Philly Start-Up
Feds: Jersey Shore Swindler Embezzled Hundreds Of Thousands From Philly Start-Up A Jersey Shore hustler embezzled hundreds of thousands of dollars in investments from a Philadelphia-based tech startup when he was its chief operating officer, federal authorities have charged. Joseph Geromini, 54, of Linwood told investors who contributed roughly $2.25 million that he would use their money to help build the company, which developed blood testing for various diseases, an indictment returned by a federal grand jury in Camden alleges. The Atlantic County resident promised to “further develop and commercialize its products and services, for lab expenses, and to pay employee s…