The Securities and Exchange Commission today announced that it has charged Beverly Hills, Calif.-based NewPoint Financial Services, Inc. and its co-owners and controller for conducting an unregistered offering fraud aimed at Iranian-Americans in the Los Angeles area. The SEC obtained an emergency court order to freeze their assets and preserve remaining funds that were collected from investors.
Posts Tagged ‘Fraudulent Scheme’
SEC Halts Fraudulent Scheme Targeting Iranian-American Community
January 11th, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: Angeles Regional Office, Central District Of California, Certificates Of Deposit, Corporate Bonds, False Promises, Farsi Language, Fraudulent Scheme, Fund Construction, Futures Trading, Government Bonds, Interested Listeners, Investor Funds, Iranian Americans, John Farahi, Language Radio, Options Futures, Personal Residence, Rastegar, Securities And Exchange Commission, Today Announced That 
No Comments »SEC CHARGES EZRA C. LEVY, FORMER CFO OF INVESTMENT ADVISORY FIRM, WITH FRAUD AND SEEKS ORDER FREEZING HIS ASSETS
November 11th, 2009 Before You Invest The Securities and Exchange Commission today announced that it has filed fraud charges against Ezra C. Levy, the former Chief Financial Officer of Boston Provident, L.P. According to the complaint filed in U.S. District Court for the Southern District of New York, Levy executed a fraudulent scheme to benefit himself at the expense of Boston Provident and its clients, by deliberately arranging secret sales of securities from his personal trading account to Boston Provident’s accounts at inflated prices.
Posted in Finance Fraud Tags: Advisory Firm, Exchange Act Of 1934, Ezra, Federal Securities Laws, Fraud Charges, Fraudulent Scheme, Inflated Prices, Investment Fraud, Levy, Personal Account, Personal Trading, Provident, Rule 10b, Sec Charges, Section 17, Securities Act Of 1933, Securities And Exchange Commission, Securities Exchange Act, Securities Exchange Act Of 1934, Southern District Of New York No Comments »GunnAllen, Frank Bluestein and E-M Management Company
October 31st, 2009 Before You Invest The Securities and Exchange Commission today charged Detroit-area stock broker Frank Bluestein with fraud, alleging that he lured elderly investors into refinancing the mortgages on their homes in order to fund their investments in a $250 million Ponzi scheme.The SEC alleges that Bluestein acted as the single largest salesperson in the Ponzi scheme operated by Edward May and his company, E-M Management Company LLC (E-M).
Posted in Finance Fraud Tags: Attendees, Bluestein, Company Llc, Detroit Area, Eastern District Of Michigan, Elderly Investors, Fraudulent Scheme, Guise, Gunnallen, Informal Conversations, Investment Products, Investment Seminars, M Management, Management Company, Mays, Ponzi Scheme, Salesperson, Securities And Exchange Commission, Stock Broker, Stock Fraud No Comments »US pair charged over ATM fraud
September 23rd, 2009 Before You Invest Authorities in the US have charged two men with running an $80 million Ponzi scheme.Vance Moore II and Walter Netschi have been accused of orchestrating the fraud through the use of a number of automatic teller machines (ATMs) placed in shops and hotels around the country.The pair are said to have attracted investors by telling them they would make money from the charges levied for use of the cash dispensers, but they instead used the cash to “further the fraudulent scheme and to enrich themselves” rather than buy ATMs.It is alleged that over the course of the scheme – which ran from 2005 until January 2008 – the pair told investors that collectively they had bought around 4,000 cash machines.But, approximately 90% of these either did not exist or were not owned by Moore and Netschi.
SEC Halts Bevrly Hills California Hedge Fund
May 2nd, 2009 Before You Invest The Securities and Exchange Commission today obtained a court order halting a fraudulent scheme in Beverly Hills, Calif., in which investors were coaxed into investing in two hedge funds that purportedly held more than $800 million in assets when in fact the funds lost money and have less than $1 million in assets.The SEC alleges that Bradley L.
Posted in Finance Fraud Tags: 1 Million, Account Statements, Apple Microsoft, Assets, Beverly Hills, Capital Partners, Fraudulent Scheme, Hedge Fund, Hedge Funds, Investing, Investor, Investors, Microsoft, Microsoft Corp, Qualcomm, Sec, Securities And Exchange, Securities And Exchange Commission, Wal Mart, Wal Mart Stores No Comments »SEC Amends Complaint Against Political Party Leader and Hedge FUnd Manager For NY Pension Kickback Scheme
April 22nd, 2009 Before You Invest In an amended complaint filed in federal district court in Manhattan, the SEC alleges that Raymond Harding, who is a former leader of the New York Liberal Party, and Barrett Wissman, a former hedge fund manager, participated in a scheme that extracted kickbacks from investment management firms seeking to manage the assets of the New York State Common Retirement Fund.
Posted in Finance Fraud Tags: Barrett Wissman, Close Ties, Complaint Alleges That, David Loglisci, Federal District Court, Fraudulent Scheme, Fund Business, Harding, Hedge Fund Manager, Investment Management Firms, Investment Managers, Kickback Scheme, Kickbacks, Liberal Party, Lucrative Investment, Management Contracts, New York State, Party Leader, Retirement Fund, Sham No Comments »
