Michael Ferguson Reportedly Charged with Nationwide ATM Scam
Michael Ferguson, 44, and of Foster City, California, is allegedly accused of operating a fraudulent ATM investment scheme which netted more than $12 million from 160 people who had invested in his operation between 2005 and 2013. As a result, Ferguson has reportedly been sued by the U.S. Securities and Exchange Commission (SEC) in a related civil lawsuit in federal court in San Francisco. In a separate incident, Ferguson was allegedly charged by the Santa Clara County District Attorney’s Office in March 2014 with nine criminal felonies, including securities fraud, burglary and grand theft.
Ferguson Freed from Prison; Transactions Unlimited Named in SEC Civil Suit
The SEC’s reportedly identifies both Ferguson, who was recently freed from jail while awaiting trial, and his company, Transactions Unlimited, as defendants in a civil lawsuit. While Ferguson allegedly ran his company in San Francisco, he operated it under the name of ATM Plus.
The SEC Alleges that Ferguson Ran ATM Plus as a Ponzi Scheme
The SEC lawsuit further alleges that Ferguson, who managed to keep $900,000, operated his business as a purported Ponzi scheme, in which his investors were paid with funds from new investors even after company earnings ran out in 2011. Investors, the lawsuit alleges, ultimately got $10 million of their funds back, but lost the other $2 million. The SEC’s attorney, Robert Durham, reportedly stated that federal law dictates that Ferguson could be held liable for the entire $12 million gained from the alleged fraud.
Investment Fraud Lawyers Investigating
The Peiffer Rosca Wolf securities attorneys often represent investors who lose money as a result of Ponzi schemes or investment fraud. They are currently investigating the possibility of assisting victims 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 Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.