Donald Babb and Ralph Ruth Investment Fraud
Donald Babb and Ralph Ruth Operated $ 19 Million Investment Scheme
Donald Babb and , of Florida’s Space Coast, orchestrated a $19 million investment scheme that siphoned cash from investors, according to court reports from Florida. Said reports further allege that the pair has been sentenced to more than 10 years each in federal prison for orchestrating the scheme.
Donald Babb and Ralph Ruth were sentenced on January 30 in federal court in Orlando, and were ordered to pay $18.7 million in restitution, according to reports from the Sunshine State. Both Babb and Ruth pleaded guilty to conspiracy to commit wire fraud late last year.
Babb and Ruth Allegedly Made False Misrepresentations that Their Businesses Were Federally Insured
Federal investigators say they falsely represented their businesses as financial institutions that were federally insured and advertised risk-free certificates of deposit for investment opportunities, Florida court reports state.
Authorities say neither man purchased CDs for their investors, and actually used the money to pay earlier investors or to buy luxury items and real estate for themselves.
The Peiffer Wolf Carr & Kane Investment Recovery Attorneys Often Represent Investors
The Peiffer Wolf Carr & Kane investment recovery attorneys often represent investors who lose money as a result of investment misconduct. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment misconduct may contact the investment recovery attoerneys at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.