Michael Brendan Ferguson, ATM Scheme Investigated by Securities Lawyers
Michael Brendan Ferguson perpetrated a Ponzi scheme that cost victims more than $10 million in connection with investments involving automatic teller machines (ATMs), according to charges brought against Ferguson. Ferguson is charged with nine felonies, including securities fraud and grand theft.
Attorneys Jason Kane and Joe Peiffer, in the Peiffer Wolf law firm’s securities practice, are investigating the matter on behalf of investors.
Ferguson offered investors the ability to invest in ATMs by selling them the rights to a percentage of user fees from a portfolio of ATMs that were located across the country or by selling investors ATMs and a percentage of the fees associated with the ATM, according to Prosecutor Victor Chen.
However, Ferguson did not own many of the machines that were involved in the investments and Ferguson paid his investors with money from new investors he recruited, according to prosecutors handling the criminal case.
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 Michael Ferguson’s investors with the recovery of any 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 invested with Michael Ferguson’s alleged schemes may contact attorneys Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140.