Straight Talk

The purpose of this blog is to provide education and news that will help clients through the litigation process.

|Comments Off on Man accused of stealing $10M from 122 elderly West Side victims in reverse mortgage scheme

The Federal Trade Commission filed a civil suit against him in 2003. The Illinois Department of Financial and Professional Regulation suspended his loan originator registration in 2010.

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|Comments Off on Feds Bust Another Ticket Resale Ponzi, Say CEO Took $70M

Federal prosecutors accused a Long Island, New York, man on Wednesday of defrauding investors in a ticket resale business out of at least $70 million, echoing charges filed four months ago against two other men in an unrelated but similar scheme.

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|Comments Off on Starr Austen and Miller is Investigating Auto Assure, LLC’s Direct Mail Solicitation Practices
Starr Austen & Miller is investigating Auto Assure, LLC’s direct mail advertising practices for possible statutory violations. Auto Assure, LLC, based in Plano, Texas, offers vehicle owners service contracts and is not affiliated with any vehicle manufacturer or individual dealer. If you’ve received a direct mail solicitation from Auto Assure, LLC, listing your vehicle’s make, [...] Read More
|Comments Off on Hedge Fund Manager Cops Guity Plea for Multi-Million Dollar Ponzi Scheme

Recently a Virginia hedge fund manager pled guilty to a $9 million Ponzi scheme. The case dealt with over 50 clients who invested in the investment manager’s hedge fund where he bragged of earning returns regularly beating the S & P 500. In reality, he both spent his clients’ monies on his living expenses and used the monies to cover losses he generated in trading activities. In typical Ponzi scheme fashion, he used new investor funds to pay off older investors who decided to cash out.

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|Comments Off on PNC Bank Asks 6th Circ. To Back $70M Ponzi Suit Dismissal

PNC Bank NA has urged the Sixth Circuit to uphold the dismissal of a proposed class action brought by investors in an Ohio couple’s alleged $70 million Ponzi scheme, arguing the lower court was correct to toss the suit because the investors never claimed the bank did anything more to participate in the scheme than provide the couple with normal banking services.

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|Comments Off on Firm, CEO To Pay $4M In Ponzi-Like Life Settlement Scheme

An investment company and its CEO agreed Thursday to pay more than $4 million to settle a New Jersey federal suit alleging they took in new money to pay off earlier investors in a Ponzi-like scheme and cut the owner an outsize take of the capital raised, the U.S. Securities and Exchange Commission announced.

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|Comments Off on Ex-Cay Clubs CFO Seeks Leniency In $300M Ponzi Sentence

A Florida real estate executive convicted for bank fraud in an alleged $300 million Ponzi scheme repeated his opposition to prosecutors’ recommendation of a 93-year prison sentence and millions in restitution and fines on Monday, saying he has no prior arrests and has a low likelihood of recidivism.

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|Comments Off on Securities Broker GTS Agrees To Injunction In $13M Suit

Global Transition Solutions Inc. agreed to an injunction Thursday to settle U.S. Securities and Exchange Commission claims that the transition management brokerage bilked customers out of $13 million by coordinating with routing brokers to impose markups on the transactions and splitting the proceeds.

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|Comments Off on Advisers must protect elderly from financial fraud

The elderly are targeted by fraudsters because they often have a pile of savings and a steady stream of income. Older people are also more prone to cognitive decline, physical disability, isolation and loneliness — all of which leave them susceptible to exploitation. More often than not, that exploitation is perpetrated by a close family member.

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|Comments Off on SEC Cracks Down On Bogus News Articles Promoting Stocks

The U.S. Securities and Exchange Commission on Monday announced a major dragnet of stock promotion schemes that disguised promotions as independent research, unveiling settlements with more than a dozen communications firms, company CEOs and writers, and federal litigation against 10 other parties.

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