Michael Donnelly, Owner of Coastal Investment Advisors, Charged in Fraud
Michael Donnelly charged in $2 Million Dollar Investment Fraud
Michael Donnelly, the former president of Wilmington, Del.-based Coastal Investment Advisors Inc. and its affiliated broker-dealer, allegedly engaged in a nearly $2 million fraud scheme.
According to SEC documents currently under review by Peiffer Wolf Carr & Kane attorney Jason Kane, Donnelly allegedly provided investors with false account statements, trade confirmations, and other fraudulent information in an attempt to demonstrate investment holdings.
Donnelly’s false information allegedly purported to reflect that fictitious “investments” were performing well. U.S. Attorney’s Office for the Eastern District of Pennsylvania announced on October 19, 2015 that criminal charges were filed against Michael Donnelly relating to his alleged activities.
Michael Donnelly settled SEC charges
Michael Donnelly agreed to settle the SEC’s charges and negotiated a final judgment that permanently prevents him from engaging in future violations of the antifraud provisions of the federal securities laws.
Michael Donnelly also consented to an SEC order permanently barring him from the securities industry. Donnelly further agreed to surrender his ill-gotten gains of $1.9 million and additional prejudgment interest of $365,723.
Investor Rights Lawyers Investigating
The Peiffer Wolf Carr & Kane investor rights attorneys often represent investors who lose money as a result of alleged investment schemes. They are currently investigating Michael Donnelly. 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 Michael Donnelly allegedly operating a fraudulent investment scheme may contact the investor rights attorneys at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free no-obligation evaluation of their recovery options, at (585) 310-5140.
Broker: Michael Donnelly
Status: INVESTIGATED by Peiffer Rosca.
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