July 29th, 2009 
Before You Invest The U.S. Securities and Exchange Commission said it halted a $50 million Ponzi scheme near Detroit that raised money for a real-estate investment fund and targeted the elderly.
A federal judge in Michigan agreed to freeze assets after the SEC sued John Bravata, 41, and Richard Trabulsy, 26, claiming they lured more than 400 investors by promising 8 percent to 12 percent annual returns, the agency said today in a statement.
Posted in Finance Fraud 
Tags: 1 Million, 50 Million, Assets, Bravata, Exotic Vacations, Federal Judge, Ferrari, Gambling Debts, Gillette, Jewelry, Luxury Homes, Maserati, Merri, Mortgage, Prospective Investors, Real Estate Investment, Real Estate Investment Fund, Regional Office, Securities And Exchange, Securities And Exchange Commission 
No Comments » July 14th, 2009 Before You Invest A former vice president of Morgan Stanley is to plead guilty to charges of stealing $2.5 million from the company.
According to Bloomberg, defense attorney Larry Ferdella stated Richard Garaventa Jr has submitted a letter accepting responsibility for the theft.
He is said to have written 50 checks to a company he set up between 2001 and 2008 in order to accrue the money, which he then spent on jewelry, cars and traveling.
The prosecution has recommended a prison sentence of between two and six years and Acting State Supreme Court Justice Gregory Carro said that Mr Garaventa’s $500,000 property may be repossessed, stating: “The defendant was living a lifestyle he couldn’t afford. He should no longer live that lifestyle and that includes that house.”
Mr Garaventa is expected to return to court on July 21st and could also be ordered to pay restitution of $250,000.
April 28th, 2009 Before You Invest Amit Mathur, founder and former president of Entrust Capital Management of Worcester, was convicted last May. He wants a new trial and is challenging the credibility of a primary witness.Assistant U.S. Attorney John Capin has filed a motion opposing the bid for a new trial, saying Mathur’s arguments show his “continued refusal to accept responsibility.”Investigators say Mathur used the $13 million to cover trading losses and personal expenses such as jewelry and a Porsche sport utility vehicle. He is being held in a federal detention facility in Rhode Island while awaiting his scheduled May 11 sentencing.
April 28th, 2009 Before You Invest Amit Mathur, founder and former president of Entrust Capital Management of Worcester, was convicted last May. He wants a new trial and is challenging the credibility of a primary witness.Assistant U.S. Attorney John Capin has filed a motion opposing the bid for a new trial, saying Mathur’s arguments show his “continued refusal to accept responsibility.”Investigators say Mathur used the $13 million to cover trading losses and personal expenses such as jewelry and a Porsche sport utility vehicle. He is being held in a federal detention facility in Rhode Island while awaiting his scheduled May 11 sentencing.
Posted in Finance Fraud Tags: Capin, Capital Management, Credibility, Detention Facility, Federal Detention, Former President, Investigators, Jewelry, Personal Expenses, Porsche, Porsche Sport, Rhode Island, Sport Utility Vehicle, Trading Losses, Witness Comments Off January 9th, 2009 Before You Invest Richard Piccoli, 82, was arraigned in federal court in upstate New York Thursday in an alleged $17.0 million Ponzi scheme using his companies, Gen See Capital and Gen Unlimited. The prosecutor contends Piccoli targeted Catholics in particular, advertising in Church-related newspapers with offers of term certificates that earned a guaranteed 7.1% annually.
Posted in Finance Fraud Tags: Assets, Capital Group, Catholics, Customer Accounts, Discounted Mortgages, Jewelry, John E Walsh, Justice Department, Lifestyle, Money, Newspapers, Private Jets, Prosecutor, Prosecutors, Prospective Investor, Strip Clubs, Term Certificates, Two Men, Upstate New York, Wire Fraud No Comments »
