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September 2015 Archives

$13 Million Ponzi Scheme gets Advisor 25 years in Prison

Sean Meadows of Meadows Financial Group was sentenced to 25 years in prison after allegedly orchestrating a Ponzi scheme that cost 55 clients $13 million. Meadows promised clients that they would receive a 10% annual return on investments allegedly made in stocks and bonds. The money instead went to Meadows to pay both business and personal expenses. Prosecutors believe that at least $100,000 went to adult entertainment establishments. Prosecutors asked for a 30 year sentence because of the manner in which Meadows preyed on his clients. As part of the judgement, Meadows was ordered to surrender any real or personal property that had any ties to the Ponzi scheme. This included watches, real estate and a boat.

Penny Stock Fraud Cost Investors $12 Million

The Securities and Exchange Commission (SEC) filed a complaint against Hans Peter Black. The founder of Interinvest Corporation is accused of defrauding investors and inflicting damages up to $12 million. The SEC believes that Black failed to disclose that he sat on the board of four penny stock companies in which he advised his client to invest. The SEC estimates that of the $ 12 million of the $17 million invested in those penny stocks was lost. One of the victimized clients is a church in New Hampshire.

Financial Planner Jailed for Ponzi Scheme

Financial planner and vice president of Capital Financial Planning, LLC, Frederick Monroe, was arrested for allegedly swindling clients out of $1.26 million. New York State Attorney General Eric Schneiderman believes that Monroe had been operating a Ponzi scheme since 2008. Monroe had clients issue checks to him, personally, which he then deposited into his own personal checking account. Monroe is facing multiple felony charges including scheme to defraud, grand larceny, money laundering, and securities fraud. Monroe faces 25 years in prison and was sent to jail after failing to comply with his bail requirements.

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