Avoiding Investment Fraud: Watch Out for Red Flags!

The Financial Industry Regulatory Authority (FINRA) has issued an alert warning investors to look out for several red flags of fraud. To avoid becoming a victim of investment fraud be on the lookout for the following red flags: 1) Guarantees: Always remember that all investments have a certain degree of risk. Beware of anyone who guarantees performance of an

Georgia Man, Wendell Ray Spell, Pleads Guilty in Ponzi Scheme

According to the Atlanta Journal Constitution, Wendell Ray Spell, of Gainesville, Georgia, pled guilty Tuesday to federal charges relating to a Ponzi scheme. Authorities say that the scheme defrauded investors out of more than $60 million dollars. It was alleged by authorities that Spell, who ran a construction equipment company, lured more than 50 individuals to invest

The Commodities Futures Trading Commission (CFTC) Allowed Ponzimonium To Happen

In a telephone conference today, Bart Chilton, the commissioner of the Washington-based Commodity Futures Trading Commission (CFTC) referred to the recent discovery of unprecedented numbers of ponzi schemes as “rampant Ponzimonium.” According to a Reuters article published today, Mr. Childers was making a play on the word “Lollapalooza,” a popular music festival. In that article, Mr. Chilton was

Attention Ponzi Scheme Victims: It is Not Your Fault!

On March 19th, Bloomberg published an article entitled, Ponzi Scheme Victims All Missed an Easy Clue: Bogus Auditors.  The article discussed how victims could have easily discovered that they were investing in ponzi schemes simply by calling the accounting firms that purported audited the financial of the bogus investments sold by Bernie Madoff, Allen Stanford

The IRS Aids Taxpayers Who Are Victims Of Investment Fraud Schemes

Thousands of U.S. taxpayers have fallen victim to investment fraud schemes, often losing their entire life savings, and now the Internal Revenue Service (IRS) wants to assist taxpayers by articulating  how to handle the complex issues facing these taxpayers when filing their taxes.  On March 17, 2009, the Commissioner of the IRS, Doug Shulman, testified before the Senate Finance Committee

Securities and Exchange Commission Warns Investors of Government Impersonators

The Securities and Exchange Commission (SEC) has issued a warning to investors and financial service firms that there are con-artists claiming to be SEC employees seeking sensitive information to use to defraud. These fraudsters have tricked individuals into revealing private information and, in some cases, into sending money and other assets to the fraudster. Further, these con-artists