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Former CEO of Summit Wealth Management Pleads Guilty to Orchestrating a Multi-Million Dollar Fraud Scheme ATLANTA – Angelo Alleca, the former CEO of Atlanta, Georgia, based Summit Wealth Management, has pleaded guilty to conspiring with a former business partner to defraud investors of over $35 million dollars. Alleca marketed several funds that were supposed to […]
Corporate Hijacker Sentenced in $1.4 Million ID Theft Scheme ALEXANDRIA, Va. – Myrick Clift Beasley, 56, of Las Vegas, was sentenced today to 60 months in prison for mail fraud in connection with a scheme to obtain goods and services on credit using the stolen identities of legitimate, inactive businesses. “Beasley used his considerable business […]
Orchestrator Of More Than 40 Pump And Dump Schemes And Secret Owner Of Offshore Brokerage Firm Pleads Guilty To$250 Million Money Laundering Scheme Defendant Used Offshore Shell Companies in Belize and the West Indies to Perpetrate Numerous Schemes, Including the Manipulation of Cynk Technology Corp (CYNK) BROOKLYN, N.Y. – Earlier today, Gregg R. Mulholland, a […]
Nevada Man Charged In $5 Million Investment Fraud Scheme NEWARK, N.J. – A Nevada man was arrested today and charged with defrauding investors out of more than $5 million dollars, U.S. Attorney Paul J. Fishman announced. Lee Vaccaro, 44, of Las Vegas, Nevada, was arrested by special agents of the FBI and charged by complaint […]
The effects of fraud can be felt throughout our economy. Tax fraud can lead to higher tax rates and \ or lower amounts of services citizens receive. Business fraud can lead to higher prices for consumers, value destruction for shareholders, lower profits and low quality products and services just to name a few examples. Fraud […]
Scammers Target the Elderly The telephone call came from out of the blue. The man on the line told the 83-year-old retired schoolteacher she had won a substantial lottery prize. All that was required to claim the windfall was to pay taxes and other fees. Before it was over, the victim—a Virginia resident who had […]
Pharmaceutical Executive Defrauds Investors Out of Millions by Selling Fake Stock in Medical Research Company Greg Ruehle liked to gamble—the only problem was that he did it with other people’s money. In the process, the pharmaceutical executive not only swindled his friends and people from his hometown out of millions of dollars, he injured the […]
What Iѕ Financial Fraud? It’s surprising tо find thаt mоѕt people rеаllу don’t understand whаt fraud is. Sure, thеу hear аbоut it, uѕuаllу оn а grand scale, but thеу don’t understand whаt rеаllу hарреnѕ аnd thе devastating effect іt hаѕ оn people, companies аnd economies. Mу discussion оf thе 57 varieties оf fraud іѕ eye […]