GCA Ponzi Scheme Promoted by Investment Professional Who Recruited Investors

Duncan MacDonald and Gloria Solomon, organizers of the Global Corporate Alliance alleged Ponzi scheme, were assisted by an investment professional who helped recruit investors for the scheme, according to investigation by attorneys Jason Kane and Joe Peiffer. MacDonald and Solomon were sued earlier this year by the Securities and Exchange Commission and by the US Attorney’s office and accused of orchestrating a fraudulent… Read more »

Martin McClary Receives 3 Years in Prison for Multi-Million Investment Scam

Martin McClary was sentenced to three years in prison for an investment scam which swindled 34 investors, including some friends of his family. McClary was said to have been working together with his partner Parry Clark, to solicit investment in Prosidian, a Florida based medical malpractice insurance company. Prosidian was later found to be unregistered and unlicensed despite McClary’s assurance to the victims. McClary collected investment… Read more »

George J. Bussanich, Son Charged with Fraud

George J. Bussanich and his son, George Bussanich, both residents of Bergen County, New Jersey, have been sued by the New Jersey Attorney General and charged with orchestrating a fraudulent investment scheme that bilked more than two dozen investors out millions of dollars. Court documents reviewed by securities lawyers Jason Kane and Joe Peiffer indicates that George Bussanich and… Read more »

Feisal Sharif Ordered to Pay Over $3 Million to Settle Fraud Charges

Feisal Sharif of Branford, Conneticut was ordered by a federal court to pay restitution of $2,230,000 to defrauded customers and a $900,000 civil monetary penalty, in connection with his fraudulent investment scheme, First Financial LLC. Sharif was also sanctioned with permanent trading and registration bans for violations of the Commodity Exchange Act (CEA), according to CFTC complaint. Feisal… Read more »

Jonathan Daspin, Thomas Lekargeren, and ConvergEx Subsidiaries Charged with Fraud

ConvergEx Group subsidiaries, Jonathan Daspin, and Thomas Lekargen were charged with fraud by the Securities and Exchange Commission, for deceiving customers about their commissions and causing them to pay substantially higher amounts that the disclosed values of commissions. The clients paid millions of dollars in unjustified trading fees, according to the charges.  The ConvergEx subsidiaries agreed to pay more than… Read more »

Adorean Boleancu Sentenced to Prison for Stealing $1.8m from Elderly Investor

Adorean Boleancu, 47, of Napa, a former financial advisor and a former vice president at Morgan Stanley & Co. and Wells Fargo Advisors, admitted to forging an elderly client’s name on $1.8 million worth of checks. Boleancu was sentenced in California federal district court to one year and eight months in prison and ordered to pay… Read more »

Glen Galemmo Agrees to Plead Guilty to Wire Fraud and Money Laundering

Glen Galemmo, a Cincinnati investment advisor and founder of Queen City Investment Fund, agreed to plead guilty to wire fraud and money laundering charges. He was charged with running a massive Ponzi scheme promising investment returns would reach more that 400% annually. Between 50 and 200 investors allegedly lost between $7 million and $20 million from Galemmo’s scheme… Read more »

Peiffer Wolf’s $5 Million Award on Behalf of Investors Including Miss Venezuela Featured in the WSJ

Attorney Joe Peiffer, managing member of the Peiffer Wolf law firm, was recently quoted in the Wall Street Journal.  Mr. Peiffer represented a group of investors, including blue-collar workers and retirees, who lost their life savings in an investment program. One of the investors represented by attorney Peiffer was actress and singer Maria Conchita Alonso,… Read more »

Philip Leon, Paul Rangel Sanctioned for Fraud and Misappropriation

Philip Leon of Altamonte Springs, Florida, and Paul Rangel of Apopka, Florida, were ordered to pay more than $8 million in sanctions for commodity pool fraud and misappropriation.  Leon pleaded gilty to mail and wire fraud. Both Leon and Rangel were permamently barred from trading and committing further violations of the Commodity Exchange Act and a CFTC Regulation.  The two investment professionals also… Read more »

Financial Advisor for Movie Stars Barred from Securities Industry

Bambi Holzer, a financial broker known for serving Hollywood’s rich and famous, has been barred by the Financial Industry Regulatory Authority (“FINRA”). According to FINRA, and the Acceptance, Waiver and Consent (“AWC”) which Ms. Holzer signed, Ms. Holzer misrepresented several clients’ net worth to her brokerage firm in order to sell them shares of Provident Royalties, a program which… Read more »