Articles Tagged with Ponzi

Stoltmann Law Offices represents victims of investment fraud where financial advisors have robbed their clients through Ponzi schemes, often targeting vulnerable communities. The U.S. Securities and Exchange Commission (SEC) has charged Miami-Dade County resident Judith Paris-Pinder, alleging that she ”fraudulently raised approximately $2.3 million from over 280 investors through an unregistered securities offering, targeting members of the Haitian and Haitian-American community in South Florida and elsewhere.”

The SEC’s complaint alleges that from 2019 to 2021, “Pinder offered loan agreements to investors promising returns of up to 50%, within 30 to 90 days. As alleged, Pinder made statements to investors claiming the investment was safe and that investor funds would be used to make advance loans to personal injury clients of a prominent Miami-based attorney. In fact, as the SEC alleges, Pinder, misappropriated investor funds and used investor funds to make Ponzi-like distributions to investors.”

The SEC’s complaint also charges Pinder with violating the antifraud provisions of Section 17(a) of the Securities Act and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5. The SEC “seeks permanent injunctive relief, an officer-and-director bar, disgorgement of allegedly ill-gotten gains plus prejudgment interest, and civil penalties against Pinder.

Good news for victims of ponzi schemers Ephren Taylor and Randy Poulson. This week the Securities and Exchange Commission (SEC) filed an administrative proceeding against Equity Trust Company, the custodian for many of the victims of Taylor and Poulson. According to the SEC, Equity Trust Company ignored red flags for accounts with investments that turned out to be fraudulent and took an active role in marketing investments offered by Ephren Taylor, who targeted churchgoers while running a Ponzi scheme, and Randy Poulson, who has been indicted in federal district court for an alleged offering fraud targeting investors in New Jersey. Equity Trust repeatedly failed to protect the interests of its customers when it acted as more than a passive custodian.
This means that victims of Taylor and Poulson can sue Equity Trust Company for the investment losses sustained in the ponzi schemes. This is important because of roadblocks in the form of a lack of collectability victims have had in pursing Taylor and Poulson. To learn more about how to sue Equity Trust Company to recover ponzi scheme losses, please call our law firm.

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