According to Reuters, Bernerd Young, a former compliance officer for the Texas-based Stanford Group. Co., contends that the Securities and Exchange Commission’s lack of decision over whether to charge him in R. Allen Stanford’s $7 billion Ponzi scam is not only a denial of his right to due process but…
The U.S. Commodity Futures Trading Commission is charging TC Credit Service, LLC, doing business as Del-Mair Group, LLC), and its owner Christopher D. Daley with Texas securities fraud. In its anti-fraud enforcement action, the CFTC is accusing them of running a $.1.4 million commodity pool scheme. According to the CFTC,…
The U.S. District Court for the District of Columbia has rejected the Securities and Exchange Commission’s lawsuit, which sought Securities Investor Protection Corporation protection for the investors that were defrauded in R. Allen Stanford’s $7 billion Ponzi scam. Federal Judge Robert Wilkins said that under the definition of the Securities…
In Dallas County Court, 11 investors are suing Morgan Stanley Smith Barney and its financial adviser Delsa Thomas for bilking them in an alleged Texas Ponzi scam. They say that Thomas “took advantage of their trust in her when she suggested that they invest in Tejas Eagle Financial LLC. (She…
According to the U.S. District Court for the District of Utah, R. Wayne Klein, the receiver of a Ponzi scam involving Winsome Investment Trust and US Ventures can go ahead with his claims to get back money from an investor who received more than she had invested. Judge Dale A.…
For the third time, billionaire Mark Cuban is asking the U.S. District Court for the Northern District of Texas to reconsider a previous ruling denying his motion to make the Securities and Exchange Commission provide summaries and interview notes related to its probe into his alleged insider trading activities. Cuban…
A judge has sentenced Joseph Blimline to 20 years in prison over his involvement in two complex, oil and gas Ponzi scams that took place in Texas and Michigan. The Dallas man, who was sentenced to two counts of conspiracy, was actually sentenced to 240 months behind bars for each…
Forethought Financial Group, a privately-owned Houston based firm, is bringing more annuities business to Texas with its purchase of The Hartford Financial Services Group Inc. (HIG)’s annuities units. The deal was announced on April 26. It was just in March that The Hartford made it known that it was planning…
In a default decision, San Antonio broker-dealer Pinnacle Partners Financial, Corp. has been expelled by a FINRA hearing officer for Texas securities fraud. The company’s president Brian Alfaro has also been barred. The financial firm and its head are accused of running a boiler room, engaging in the fraudulent selling…
This week, the US Supreme Court decided not to hear the most recent appeal filed by Enron Corp’s former CEO Jeffrey Skilling to have his criminal conviction overturned. The justices offered no comment for why they decided not to review the U.S. 5th Circuit Court of Appeals’ ruling that turned…