James Louks and FiberPop— Investment Fraud Allegations
James Louks and His FiberPop Allegedly Engaged in a $4.3 Million Fraud Scheme that Purportedly Promised a 100 Percent Return on Investment
James Louks, 60, and his FiberPop Solutions, of Owatonna, allegedly engaged in $4.3 million fraud scheme that purportedly promised a 100 percent return on investment, according to recent SEC Document presently under review by attorneys Jason Kane and Joe Peiffer.
The SEC goes on to note that, “To date, FiberPop has no data centers, no employees and no operations,” and that “It has never earned any revenue. It has no contracts with either content providers or customers.”
The Peiffer Wolf securities rights lawyers are currently investigating James Louks and his FiberPop for allegedly operating an investor fraud.
James Louks Allegedly Announced the Establishment of 17 Distinct Fiber-optic Service Areas at a Cost of $11 Billion, and Claimed FiberPop Would Shell Out $250 Million to Buy Real Estate, $1.4 Billion to Develop Properties and $740 Million for Other Projects
James Louks allegedly called for the establishment of 17 distinct fiber-optic service areas in the Upper Midwest at a cost of $11 billion, according to SEC Document currently under review by attorneys Jason Kane and Joe Peiffer.
In addition, the SEC also alleges, FiberPop purportedly claimed it would spend $250 million to buy real estate, $1.4 billion to develop properties and $740 million for other projects.
Finally, Louks purportedly used a portion of the proceeds for personal use and also allegedly siphoned at least $78,000 over the past four years, including the withdrawal of $59,000 from FiberPop’s bank account and $19,000 in loan payments to another company he owns, according to SEC documents being poured over by attorneys Jason Kane and Joe Peiffer.
Securities Rights Lawyers Investigating
The Peiffer Wolf securities rights lawyers often represent investors who lose money as a result of alleged investment schemes. They are currently investigating James Louks and his FiberPop Solutions for allegedly operating financial fraud. 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 Louks and his FiberPop Solutions for his alleged investment scheme may contact the investment rights lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free no-obligation evaluation of their recovery options, at 585-310-5140.