Swashbuckling Silverstein Sunk Investors with Alleged Treasure Ship Fraud

California stockbroker fraud attorneyBruce Silverstein, a partner at Wilmington law firm Young, Conaway, Stargatt & Taylor, has been accused of aiding and abetting a fraud involving the salvage of emeralds off the coast of Key West, Florida. A U.S. District Court for the Southern District of Florida alleges that Bruce Silverstein and his firm Young Conaway Stargatt & Taylor violated federal racketeering laws by participating in a scheme constructed to coax investors to pony up cash in order to retrieve treasure said to be from a pirate shipwreck.

Avast! Silverstien Allegedly Lured Lubbers with Phony Treasure Map

According to reports, Silverstein’s and Young Conaway‘s “pattern of racketeering” was replete with false and deceptive statements about a bogus treasure map and the discovery of emeralds. Their activity also reportedly involved filing false affidavits and documents with the courts in Delaware and Florida and even plummeted to the nadir of attempts to obstruct justice by threatening potential witnesses.

Foibles Unfolding in Messy Key West Treasure Hunt

The Key West chronicles reportedly involve colorful characters and adventurism. Amateur treasure hunter Jay Miscovich allegedly purported to have found thousands of emeralds on the floor of the Gulf of Mexico after buying a treasure map from a handyman in a bar. Miscovich reportedly committed suicide a year ago. Then, in what reads like a bad TV movie, earlier this year a jewelry store owner reportedly shocked a Florida courtroom by revealing that said emeralds were purchased from him for about $80,000, yet test results showed that the stones had been covered with modern epoxy to enhance their luster.  Young Conaway reportedly represented Miscovich’s treasure hunting company, JTR Enterprises LLC, a Delaware company created to carry the title to the emeralds and the secret location where X marks the spot. The law firm reportedly had a right to a share of the emeralds and anything recovered, according to an affidavit filed by Silverstein.

Investment Fraud Lawyers Investigating

The Peiffer Rosca Wolf securities attorneys often represent investors who lose money as a result of 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.

Alan Rosca (1200 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.