Eddy Marin, Kenneth Saluk, Andrew Waldman, and Others Arrested for Operating Boiler Room Scam
Eddy Marin, Davie Saluk, Andrew Waldman, and eleven others were accused of operating a boiler room and selling bogus stocks to some 130 investors in the United States and Canada. Their total take reached millions of dollars in just four months, according to law enforcement officials.
Eight of the accused have already been arrested: Eddy Marin, Kenneth Saluk, Andrew Waldman, Peter Lanciault, Chirstopher Fardella, Farrell Jeanty, Roberto Alford, and Joseph Fete.
Six other suspects still have warrants out for their arrests: Steven Shine, Chance Vitiello, Edward Ozimkowski, Peter Tagliaferro, Christopher Acosta, and Joseph Soto.
As with most boiler room operations the suspects allegedly used a telemarketing operation to lure investors with a green-technology company that they claimed had secured lucrative contracts. “They were all in the same little room pitching the stuff, pitching the bogus investment,” a law enforcement official said.
Many of the suspects were known felons who have a previously been accused of racketeering, conspiracy to commit racketeering and selling unregistered securities.
Marin and Saluk headed FMN Enterprise, which sold unauthorized stock for Helix Wind Inc., a California-based seller of wind turbines, and Green LED Technology LLC, which sold LED lighting, according to the probable cause affidavit.
The representatives from the two companies stated that FMN was not authorized to sell securities for their companies, according to media reports.
FMN, from April 2009 to September 2009, took in more than $3 million for ostensible stock in the two companies. The company allegedly pocketed the money to buy consumer goods.
The public was drawn to the stock because it involved green energy, a product that was popular at the time.
It was only after clients tipped off investigators to the boiler room operation that the same was exposed. A client who wired money but did not receive any confirmation was the first to realize that the entire operation was a scam.
The Peiffer Wolf securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting investors with the recovery of their losses. 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 fraud or misconduct may contact the securities lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no obligation evaluation of their recovery options, at 585-310-5140.