Peiffer Wolf Investment Recovery Attorneys Currently Investigating Nationwide Automated Systems Alleged ATM Ponzi Scam
Did you invest your savings in Nationwide Automated Systems Inc.? The Peiffer Wolf investment fraud attorneys are investigating that alleged Ponzi scheme, and preparing to take action on behalf of investors against certain third parties. If you have invested in Nationwide Automated Systems Inc., and believe that you have lost money on account of this alleged Ponzi scheme, please contact the investment fraud attorneys at Peiffer Wolf, Joe Peiffer, James Booker, or Alan Wolf, for a free, no-obligation evaluation of your recovery options, at (216) 589-9280.
Gillis and Wishner Allegedly Concocted Illusory ATM Sales
Joel Gillis and Edward Wishner, of Calabasas, California, allegedly operated a Ponzi scheme known as Nationwide Automated Systems, Inc. which utilized imaginary ATM sales, according to SEC reports. The reports further detail that the operation had been around since 1999, but that it allegedly brought home $123 million in the past year alone.
Nationwide Automated Systems, Inc. allegedly touted its enterprise to investors that it was in the business of situating, operating and providing maintenance and service for ATMs, and that investors could buy ATMs from Nationwide Automated Systems, Inc., according to SEC documents.
The SEC documents go on to tell that Nationwide then claimed investors could then then lease the ATMs back to Nationwide Automated Systems, Inc. in return for $.50 per transaction, or “rent”, with a guaranteed investment return of at least 20% per year.
Flat Amount to Buy ATM Was Allegedly $12,000, Occasionally $19,800
Gillis and Wishner’s Nationwide Automated Systems, Inc. enticed investors to buy ATMs by chipping in a flat amount, usually a cool $12,000 but even $19,800 in some cases, the SEC’s complaint alleges. The complaint also details how Gillis and Wishner allegedly boasted of operating some 31,000 Midwestern ATMs in high-traffic retail locations such as hotels, casinos, and convenience stores.
In sharp contrast, however, reports from Nationwide Automated Systems, Inc.’s ATM servicers allegedly only identify approximately 235 ATMs currently serviced by the firm.
Investment Fraud Lawyers Investigating
The Peiffer Wolf securities attorneys often represent investors who lose money as a result of Ponzi schemes, and they are currently investigating the possibility of assisting victims with the recovery of their losses from the alleged Nationwide Automated Systems, Inc. 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 investment fraud or misconduct may contact the securities lawyers at Peiffer Wolf, James Booker, Adam Wolf, or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (216) 589-9280.