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Tag: SEC

U.S. Employment Numbers Worst Since 1983; Social Security Takes A Hit From Discouraged Early Retirees; FDIC Seeks To Recapitalize In Wake Of Nearly 100 Bank Failures In 2009

When the AdViewGlobal (AVG) autosurf — now failed — was in prelaunch phase in December 2008, it positioned itself as an offshore cure for what ails the U.S. and world economies. Less than two years earlier, promoters of the AdSurfDaily autosurf — which has close ties to AVG — implied that the individual surf accounts…

Oct 3, 2009
UPDATE: Sham ‘Attorney General’ In ‘Indian’ Case Sought $1.7 TRILLION From SEC; Wikipedia Says He Was Jailed In Nevada For ‘Attempted Murder,’ Other Charges

EDITOR’S NOTE: This is an update to supplement a story about bizarre securities litigation that has occurred recently. (Updated 9:10 P.M. EDT (U.S.A.) Think the $250 million judgment sought against a public servant by a sham “sovereign” Utah “Indian” tribe to which AdSurfDaily mainstay Curtis Richmond belonged was bizarre and extreme? It turns out to…

Sep 6, 2009
AdSurfDaily Downline Group Known As ‘Oneteam’ Repeatedly Used Names Of Government Agencies, Bank Of America In Advertisements For Embattled Andy Bowdoin ‘Surf’ Firm

An AdSurfDaily downline group known as “oneteam” used the names of U.S. government agencies, a Congressionally chartered insurance entity for depositors and Bank of America in what appears to have been a brazen bid to disarm doubting prospects continuously in advertisements for at least 18 months. The ads appeared online beginning in February 2007. Among…

May 14, 2009
BREAKING NEWS: AdViewGlobal Aligned With Second Felon?

UPDATEÂ 9:16 P.M. EST (U.S.A.) The indictment against Karl Dahlstrom is available in PDF format at the bottom of this post. Here, below, our earlier post . . . In a desperate bid to hide itself underground after its management structure was exposed, the controversial autosurf AdViewGlobal has formed a private association and is taking…

Feb 28, 2009
Stanford/Bowdoin: ‘A Tapestry Of Believable Lies’

Hats off to Houston Chronicle writer Loren Steffy, who explained economically why cons work. A con, Steffy explained, works because the con weaves “a tapestry of believable lies.” It’s a pointed, short, highly memorable line that deserves special mention because it puts readers “right there.” Steffy detailed some of disgraced financier Allen Stanford’s lies in…

Feb 22, 2009
BREAKING NEWS: FBI Serves Papers On Stanford For SEC; Antigua Calls For Calm; BizAdSplash Asks Customers For More Money, Promotes 100 Percent ‘Matching’ Bonus Program

FBI agents today located financier R. Allen Stanford in Virginia and served papers on him at the behest of the Securities and Exchange Commission. Stanford was not taken into custody. The SEC issued a statement: “At the request of the SEC, Special Agents of the Federal Bureau of Investigation’s Richmond Division today located and identified…

Feb 19, 2009
Former Texas Bail-Bondsman Charged In $45 Million Ponzi Swindle

In the aftermath of a probe by the Securities & Exchange Commission and the FBI, a former Texas bail-bondsman has been accused of swindling investors — many of them senior citizens — out of millions of dollars. Rod Cameron Stringer was named a defendant in an SEC complaint filed yesterday in Texas. Stringer claimed his…

Jan 21, 2009
BREAKING NEWS: SEC Charges Nadel With Fraud

Breaking News 2:24 p.m. EST (U.S.A.). The Securities & Exchange Commission has just accused missing fund manager Arthur Nadel of fraud. “Nadel provided false and misleading information for dissemination to investors about the Funds’ historical returns and falsely overstated the value of investments in the Funds by approximately $300 million,” the SEC said. “In contrast,…

Jan 21, 2009
Investors Relive Bradford Bleidt Ponzi Case

He ran a slow-motion Ponzi scheme in Massachusetts that lasted 20 years. Now Bradford Bleidt is in federal prison, doing 11 years for money-laundering and mail fraud. The scheme fell apart earlier this decade when Bleidt couldn’t pay a $1.5 million redemption requested by a Greek Orthodox church. His final take was estimated at $32.6…

Jan 20, 2009
Regulator Cites Uptick In Ponzi Fraud

â€œWe are seeing an uptick in Ponzi scheme cases because, in this economic climate, new investors cannot be found to perpetuate the scheme. As these schemes collapse, the CFTC will move swiftly to prosecute those who harm innocent investors.â€ — Stephen J. Obie, CFTC “Run the other way” if someone promises you exorbitant investment returns,…

Jan 19, 2009
SEC Up To Its Ears In Ponzi Investigations

The Securities & Exchange Commission has charged CRE Capital Corp. with running a Ponzi scheme that sucked millions of dollars from investors. Meanwhile, a hedge-fund operator in Florida has gone missing — along with $350 million in clients’ money. Although the Florida case is brand new and the SEC hasn’t announced a probe, it almost…

Jan 17, 2009