James Kolf — Investment Fraud Scheme
James Kolf Allegedly Ran an Investment Scheme which Defrauded Investors out of $1Million; Kolf Allegedly Solicited Customers from New England Securities to Invest in SFN Financial Network
Have you or a loved one invested your hard-earned cash in James Kolf’s alleged investment fraud scheme? James Kolf, 64, allegedly ran an investment scheme which purportedly defrauded investors out of $1million, according to an Indictment filed in U.S. District Court in Madison, Wisconsin currently under review by attorneys Joe Peiffer and James Booker.
Peiffer Wolf securities practice lawyers are investigating investment recovery options on behalf of investors in issues related to James Kolf’s alleged investment fraud scheme.
Investors who believe they may have lost money in activity related to James Kolf’s alleged investment fraud scheme are encouraged to contact attorneys Joe Peiffer or James Booker with any useful information or for a free, no obligation discussion about their options.
Kolf was indicted on federal charges that he allegedly used investor funds to pay his own personal expenses, according to the aforementioned Indictment.
All in all, James Kolf allegedly took $905,077 in investor funds that he purportedly never used for investments, but rather his own personal uses, the Indictment reports.
James Kolf is now facing charges of 16 counts of alleged wire fraud, one count of alleged mail fraud and one count of alleged money laundering, said Indictment notes.
The money laundering case is allegedly derived from a purported scheme to siphon investor money from April 2011 through August 2016, the Indictment states.
Each wire and mail fraud count carries up to 20 years in prison, and the money laundering count carries up to 10 years.
Kolf reportedly worked as a broker-dealer agent and as an investment adviser in Middleton and Madison, and, starting in 2011, allegedly started making solicitations toward existing customers he had at New England Securities to invest in SFN Financial Network, the Indictment notes.
The Peiffer Wolf securities lawyers are currently investigating James Kolf’s alleged investment fraud scheme.
James Kolf Allegedly Made Misrepresentations Regarding SFN Financial Network; Kolf Allegedly Claimed that Investor Dollars would be Put into Energy Companies and that Investments would Garner 6 Percent Annual Returns and Purportedly Used Investor Funds to Buy a Home and a Mini Cooper
James Kolf allegedly made misrepresentations to investors regarding SFN Financial Network, according to the aforementioned Indictment presently being reviewed by attorneys Joe Peiffer and James Booker.
For example, Kolf allegedly made claims that investor monies would be put into energy companies and that said investments would bring in 6 percent annual gains, the Indictment notes.
SFN Financial Network, however, was allegedly not a verified and legitimate investment and Kolf, according to the Indictment, allegedly had no intentions of investing any of the money he took in.
Kolf, in order to fight this quagmire, made attempts to increase the appearances of SFN Financial Network to potential investors, the Indictment notes. For instance, Kolf allegedly handed out investors prospectuses and marketing materials for the closely named FS Energy & Power Fund, which is a genuine investment, the Indictment states.
In reality, FS Energy & Power Fund and SFN Financial Network had no relationship, and SFN Financial Network made no investment in FS Energy & Power Fund or any other like energy or power-producing entity, the Indictment reveals.
Kolf rather used the investor cash to buy a home in Sauk City, engage in home improvements, pay off credit cards, property taxes and outstanding tax debt, and to purchase a Mini Cooper, the Indictment notes.
The government is now seeking forfeiture of the aforementioned assets, the Indictment states.
Furthermore, Kolf also allegedly gave investors phony account statements which held year-to-date profits and portfolio balances, the Indictment notes. Kolf also allegedly made some payments to a few investors, and purportedly told them that said payments were interest earned from their accounts, statements which were allegedly inaccurate.
Finally, said money laundering count is connected to $280,534 Kolf took out in May 2014 from his SFN checking account, which was purportedly used to eventually purchase his home in Sauk City on Mulberry Street, the Indictment states.
Securities Lawyers Investigating
The Peiffer Wolf securities lawyers often represent investors who lose money as a result of investment fraud and are currently investigating James Kolf’s alleged investment fraud scheme. 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 James Kolf’s alleged investment fraud scheme may contact the securities lawyers at Peiffer Wolf, Joe Peiffer or James Booker, for a free no-obligation evaluation of their recovery options, at 504-523-2434 or via e-mail at email@example.com or firstname.lastname@example.org.