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Schemer From Aldie Who Bilked Investors Out Of $15M Learns His Fate: Feds
A Loudoun County man who bilked investors from up and down the East Coast out of millions of dollars will spend years behind bars.
Aldie resident Babu Ramaraj, 47, who owned DAB Inspection and Consulting Services, a small home contractor with modest revenues doing patio and deck projects, was sentenced to more than seven years in prison for causing upwards of $15 million in losses, federal authorities announced.
His victims were primarily in Virginia, Maryland, North Carolina, New Jersey, and Missouri.
According to court documents, Ramaraj claimed to investors and potential …
$1B Scheme: Pair Of CEOs, Including Manhasset Man, Defrauded 10K Investors, Jury Finds
A New York resident was one of two CEOs convicted in federal court of a $1 billion fraud scheme involving thousands of investors.
Long Island resident David Gentile, age 57, of Manhasset, and Jeffry Schneider, age 55, of Austin, Texas, were found guilty in federal court on all counts of an indictment charging them with conspiracy to commit securities fraud, conspiracy to commit wire fraud, and securities fraud.
Gentile, the owner and CEO of GPB Capital Holdings, was also convicted on two counts of wire fraud.
The verdict came after an eight-week trial.
When sentenced on Thursd…
Murder Suspect Busted In Mexico Back In MD After 12 Years On The Run: State's Attorney
After 12 years on the run, a man wanted in connection to the 2010 murder of a professor in Maryland is set to face a judge following his arrest in Mexico.
Jorge Rueda Landeros, 53, has been extradited back to Montgomery County to face charges for the 2010 killing of Sue Marcum in Bethesda, the state’s attorney’s office announced on Wednesday, July 26.
On Oct. 25, 2010, officers found Marcum dead inside her basement in the 6200 block of Massachusetts Avenue, prosecutors say, noting that her death was immediately deemed to be suspicious by detectives.
According to investigators, a rear wind…
New Canaan Resident Used Investor Funds To Pay Taxes, Credit Card Expenses, Gets Prison Time
A current Fairfield County resident formerly from New Haven County will spend years in prison for tax evasion and defrauding investors by using their funds to pay his personal expenses.
New Canaan resident Brian Hughes, age 58, formerly of Madison, was sentenced to two and a half years in prison on Monday, March 6 for defrauding investors of two companies, and for tax evasion, the US Attorney's Office for the District of Connecticut announced.
The charges stem back to March of 2015 when Hughes founded Handcrafted Brands, LLC (HBC), in order to raise money to purchase the alcoholi…
Barred Nassau County Investment Broker Accused Of Stealing $80K, DA Says
A Long Island man was arraigned after he was accused of stealing more than $80,000 from people who believed they were investing in shares of Petco, DoorDash, and Airbnb.
Peter Quartararo, age 56, of Glen Cove, was arraigned on Tuesday, Aug. 31, and charged with second-degree and third-degree grand larceny, according to Acting Nassau County District Attorney Joyce Smith.
He is set to appear in court again on Wednesday, Oct. 20.
In August of last year, Quartararo allegedly introduced himself to the first victim, claiming to possess pre-initial public offering shares of DoorDash and offe…
Long Island Broker, Business Partner Charged For Alleged $436K Fraud Scheme, DA Says
A barred investment broker from Long Island and his business partner are facing charges for allegedly stealing hundreds of thousands of dollars from investors who thought they were getting in on the ground floor of major upcoming companies.
Glen Cove resident Peter Quartararo, the barred broker, and his partner, Paul Casella, of East Meadow, were arraigned on Tuesday, April 27 for allegedly stealing $436,000 from four investors to live a life of luxury, the District Attorney's Office announced.
Nassau County District Attorney Madeline Singas said that the investors believed they were invest…
Owner, CEO Of Manhattan Investment Fund Among Trio Indicted For $1.8B Ponzi-Like Scheme
A man who was the head of a Manhattan investment fund was arrested on Thursday and is facing securities fraud charges for his role in an alleged $1.8 billion Ponzi-like scheme that saw his company paying clients with their own money.
Long Island resident David Gentile, age 54, of Manhasset, the founder, owner, and CEO of GPB Capital Holdings, was charged with two others for scheming to defraud investors by misrepresenting the source of funds used to make monthly distribution payments to them, federal officials said.
Specifically, the three were charged with securities and wire fraud, …
Morristown Adviser In Investment Scams Fined $750,000, Loses Registration
A Morristown investment adviser was fined $750,000 and had his registration pulled for selling more than $12 million of unregistered securities in New Jersey, some of which were tied to Ponzi schemes and other scams, state authorities said Tuesday.
Gary Scheer, managing member and sole investment adviser representative of Retirement Financial Advisors, LLC in Morristown, recommended and sold unregistered securities to at least 50 investors from 2010 through 2018, state Attorney General Gurbir S. Grewal said.
He made more than $600,000 in commissions on the sales, which involved franchises, …
Stamford Man Sentenced For $2M Investment Scheme
The former CEO of a Fairfield County business has been sentenced to nearly a decade in prison after being convicted of defrauding investors of more than $2 million, including several women he met on an online dating website.
Stamford resident Thomas Connerton, the founder, president, and CEO of Safety Technologies, LLC, which operated out of Westport, Stamford, Madison, and Simsbury, was found guilty in federal court for his role in a $2 million investment scheme.
On Thursday, Dec. 19, Connerton was sentenced to 108 months in prison, followed by three years of supervised release for hi…
CT Financial Advisor, Securities Broker Admits Misappropriating Client Funds
A Connecticut financial advisor and securities broker admitted to misappropriating $575,000 from investment clients during a seven-year scheme.
Lester Burroughs, 60, of Torrington, pleaded guilty on Wednesday, Dec. 4 in Bridgeport district court to one count of wire fraud while he was the owner of Burroughs Financial Group in Torrington.
Between 2012 and November this year, Burroughs, who was a registered securities broker with the Financial Industry Regulatory Authority misrepresented to clients that their money would be invested in legitimate, guaranteed investment contracts.
Instead, Bu…
