Ponzi Scams

Ponzi Scheme Attorneys

Published on: December 29, 2024 | by Shepherd Smith Edwards & Kantas, LLP

Ex-LPL Broker John Matson Accused of Operating Ponzi Scam. Our Ponzi Scheme Attorneys Are Investigating Investor Losses

If you are someone who sustained losses while working with former LPL Financial broker John Nicholas Matson, also the principal of South Bay Acquisitions, Shepherd Smith Edwards and Kantas (investorlawyers.com) want to talk to you. Matson, who was barred by the Financial Industry Regulatory Authority (FINRA) in 2022 following allegations of promissory note fraud involving an elderly customer, was fired by the broker-dealer that same year. Now, the US Securities and Exchange Commission (SEC) has filed charges accusing him of defrauding investors, including ex-brokerage customers, in an alleged Ponzi scam.

The SEC contends that between January 2012 and September 2021, Matson and his company made unregistered offerings of securities, raising more than $1.5M in the process. Through these “LLC Bonds” from South Bay, investors’ money was then allegedly used for Matson’s personal use.

Ponzi Scam Lawyers

Published on: August 18, 2024 | by Shepherd Smith Edwards & Kantas, LLP

GPB Investors’ Best Bet Remains To Pursue Damages From Broker-Dealers. Alternative Asset Company’s Executives Are Convicted of Securities Fraud

If you are an investor who sustained losses in GPB Capital Holdings’ more than $1.7B Ponzi-like scam, contact the Shepherd Smith Edwards and Kantas Ponzi Scam Lawyers (investorlawyers.com) today. For the past few years, we have been representing those whose financial advisors allegedly unsuitably recommended these private placements to them.

On August 1, 2024, a New York federal jury convicted former GPB Capital CEO David Gentile and GPB placement agent Ascendant Capital owner Jeffry Schneider of securities fraud, wire fraud, and conspiracy to commit both. The US Justice Department noted that the jury determined that the defendants lied about the health of the GPB funds and the source of fund distribution payments while fraudulently using investors’ money to keep up the “appearance of successful portfolio companies.” Prosecutors said that many thousands of investors were defrauded. Now, the two men face up to 20 years in prison.

Horizon Private Equity Ponzi Scam Attorneys

Published on: February 18, 2024 | by Shepherd Smith Edwards & Kantas, LLP

Ex-Oppenheimer John Woods Sentenced In $110M Horizon Private Equity III Scam

Our Broker Fraud Lawyers Are Continuing To Investigate Investor Losses

John J. Woods, a former Oppenheimer & Co. financial advisor who was caught defrauding hundreds of investors in a $110M Ponzi scam, is now sentenced to nearly eight years in prison. The ex-Georgia broker pleaded guilty to wire fraud last year. He has been ordered to pay up to $49.6M in restitution.

Ponzi Fraud Lawyers

Published on: June 19, 2023 | by Shepherd Smith Edwards & Kantas, LLP

Are You Still Waiting To Recoup Your Losses In The Alleged GWG Ponzi Scam?

Our Skilled Ponzi Fraud Lawyers Are Continuing to Sue Brokerage Firms On Behalf Of Investors

Shepherd Smith Edwards and Kantas team of Ponzi Fraud Lawyers (investorlawyers.com) recently filed another three FINRA lawsuits over investor losses sustained related to GWG L Bonds. The claimants include:

Oppenheimer Ordered To Pay $36.7M to Eight Investors of Alleged Horizon Private Equity III Ponzi Scam

Published on: September 16, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Customers Were Sold Private Equity Shares By Ex-Georgia Broker and Southport Capital Investment Adviser John Woods

A Financial Industry Regulatory Authority (FINRA) arbitration panel in Atlanta has ordered Oppenheimer & Co. to pay several investors $36.7M in the wake of losses sustained in the alleged $110M Horizon Private Equity III Ponzi Scheme. The investment fraud was allegedly run by its former Georgia stockbroker John Justin Woods for several years, including while he was under the firm’s supervision. This award is six times what the claimants had sought.

The investors had originally asked for punitive damages and $6M in compensatory damages after accusing the firm of broker-dealer negligence, and other claims, as well as of violating the Georgia Racketeer Influenced and Corrupt Organizations Act

SEC Sues Ex-Morgan Stanley Broker Shawn Good Over Alleged $4.8M Ponzi Scam

Published on: April 25, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Ex-Morgan Stanley Broker Accused of Defrauding Investors, Including Retirees

The Securities and Exchange Commission (SEC) has filed civil charges against former Morgan Stanley financial advisor Shawn Edward Good accusing him of operating a years-long Ponzi scheme and misappropriating millions of dollars from customers.

Shawn Good is accused of raising at least $4.8M from five clients at the firm, including retirees and a single mom with young children, to supposedly invest in low-risk, tax-free bonds and land development projects.

Senior Investors Say Seeman Holtz Reneged On Paying Them Millions

Published on: January 20, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Boca Raton Insurance & Financial Services Firm Accused of Ponzi Scam

Many senior investors say that Seeman Holtz failed to pay out millions of dollars upon the maturity of their investments.

These investors contend that they had expected to make an interest of up to 8% yearly and garner fixed return rates of up to 18%. These investors bought $10K to $10M of “secured promissory notes” through National Senior Insurance and several affiliates

Former GPB Capital Holdings CEO David Gentile Sues The Alternative Asset Firm

Published on: January 4, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Founder Faces Charges Over $1.8B Ponzi Scam and Wants GPB Capital to Pay His Legal Fees

Beleaguered private equity firm GPB Capital Holdings is back in the news. This time its founder and former CEO, David Gentile, is suing the company in Delaware Chancery Court.

Gentile, who is facing criminal, civil fraud, and conspiracy charges related to the over $1.8B Ponzi scam that GPB is accused of perpetuating, wants his legal defense fees paid for and not out of his own pocket.

Ex-Parkland Securities Broker Keith Ashley, Who Is Accused of Murder, Faces FINRA Charges

Published on: December 21, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Ex-Texas Financial Advisor Allegedly Killed An Investor While Operating a Ponzi Scam

Keith Todd Ashley, who was fired by Parkland Securities in October 2020 and is charged with murder, is now also facing Financial Industry Regulatory Authority (FINRA) charges.

FINRA filed its complaint in December 2021 and is alleging that Ashley took part in undisclosed business activities, misappropriation, and engaged in private securities transactions from February through October 2020. During this entire time, Ashley was a registered representative with Parkland Securities.

FINRA Bars Ex-Wells Fargo Broker James Seijas Who Is Accused In More Than $33M Ponzi Scam

Published on: November 4, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Former New Jersey Financial Advisor Allegedly Targeted Florida Doctors

James Alan Seijas, an ex-Wells Fargo Clearing Services broker, was barred by the Financial Industry Regulatory Authority (FINRA) beginning November 2, 2021. The former New Jersey investment advisor did not provide information in the self-regulatory organization’s (SRO’s) investigation into his alleged involvement in an over $33M Ponzi scam.

Seijas, ex-UBS broker Michael Ackerman, and general surgeon Quan Tran are accused of running a cryptocurrency scam that targeted mostly Florida doctors through the entity Q3 Trading Club from 2017 to 2019. This would have been during Seijas’ time as a Wells Fargo registered representative.