Tag Archives: Ponzi schemes
SEC Charges Fort Lauderdale Broker With Running Ponzi Scheme
On January 15th, the U.S. Securities and Exchange Commission filed a civil lawsuit against a Fort Lauderdale man and various entities under his control. The SEC accuses Frederic Elm of running a Ponzi scheme, defrauding dozens of investors out of more than $17 million. A federal judge has already agreed to freeze Elm’s assets… Read More »
Fort Myers Pair Plead Guilty to Criminal Ponzi Scheme
On Dec. 8, the United States Attorney’s office in Miami announced two Fort Myers residents had pleaded guilty to criminal charges in connection with a real estate-based Ponzi scheme. According to prosecutors, Barry J. Graham and Ricky Lynn Stokes took approximately $300 million from 1,400 investors over a four-year period. Graham, Stokes and three… Read More »
Prosecutors Extradite Accused Ponzi Scheme Operator from Brazil to Florida
On Dec. 8, former Miami Beach concert promoter Jack Utsick made his first appearance in federal court on eight counts of mail fraud related to a Ponzi scheme he ran for nearly 10 years. Utsick previously settled civil charges with the U.S. Securities and Exchange Commission related to the scheme. But four years ago,… Read More »
Black Diamond Ponzi Scheme
Three more members of the infamous Black Diamond Ponzi Scheme were sentenced to prison and ordered to pay millions in restitution to victims. Within the Ponzi scheme, the members claimed that they were a legitimate hedge fund operating in North Carolina, and it came crashing down in 2012 after the operation lost over $40… Read More »
Florida “Blue Sky” Laws
The federal government’s authority over the U.S. securities market is far reaching. The FBI and the Justice Department investigate allegations of fraud. The Securities and Exchange Commission polices industry professionals and wrongdoing investors. Even FINRA’s oversight of brokers and brokerages has its roots in a federal law requiring its existence. Indeed, the federal securities… Read More »
