Category: investment fraud

Laguna Niguel Man Accused of Bilking Friends and Acquaintances $1.8 Million in Investment

June 2, 2023
Californiainvestment fraudLaguna NiguelRegional & State NewsSouthern CaliforniaSouthern California OC NewsState NewsUS
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SANTA ANA, Calif.—A 44-year-old Laguna Niguel man was arrested June 1 on federal charges of bilking at least $1.8 million from 11 investors. Amadou Kane Diallo, a Senegalese national, was expected to make his initial appearance in federal court in Santa Ana Thursday afternoon. His attorney, John Littrell, did not immediately respond to a request…

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Consumers Lost Nearly $8.8 Billion to Scams in 2022: FTC

February 27, 2023
Business & MarketsCrime and IncidentseconomyFTCimposter scamsinvestment fraudUSUS News
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The Federal Trade Commission (FTC) released data on Feb. 23 that shows consumers reported losing nearly $8.8 billion nationally to fraud in 2022, a surge of more than 30 percent compared to previous year. According to the FTC’s data, consumers lost the most money to investment scams, at more than $3.8 billion, accounting for more…

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3 Simple Steps to Make Sure You Don’t Fall for Investment Fraud

February 20, 2023
Brightinvestinginvestment fraudLifestylepersonal finance
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Reportedly, billionaire oil tycoon Robert Belfer has been impacted by investment fraud in three major scandals: Enron’s corruption, Bernie Madoff’s Ponzi scheme and now the collapse of cryptocurrency exchange FTX. Belfer, 87, has survived multiple financial frauds, including losses of tens of millions from Madoff and billions from Kenneth Lay’s energy company. As reported by…

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Former San Diego Real Estate Agent Sentenced to Prison for Investment Fraud

January 3, 2022
investment fraudLocal Newsreal estate investmentRegional NewsRegional-Local NewsSan DiegoSouthern CaliforniaUS
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SAN DIEGO—A former San Diego real estate agent was sentenced on Jan. 3 to more than five years in prison for orchestrating a fraud scheme that bilked investors out of millions of dollars. Alexander Avergoon, who was also ordered to pay nearly $10 million in restitution, pleaded guilty to federal charges in connection with what prosecutors described as…

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Man Pleads Not Guilty in $1.4 Million Fleecing of Laguna Beach Victim

December 21, 2021
Crime and IncidentsFraudinvestment fraudLaguna BeachLocal NewsRegional NewsRegional-Local NewsSanta AnaSouthern CaliforniaUS
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SANTA ANA, Calif.—A 39-year-old man pleaded not guilty Dec. 20 in an alleged investment scheme that defrauded an elderly Laguna Beach man out of $1.4 million. Investigators alleged in court papers that Antonio Michele Velasco conspired with Thomas Martin Green in an “elaborate fraud scheme to entice [the victim] into an illusory investment of purchasing defaulted bail bonds.” The…

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San Diego Man Arrested by Feds, Charged in $28 Million Investment Fraud

December 15, 2021
Fraudinvestment fraudLocal NewsRegional NewsRegional-Local NewsSan DiegoSouthern CaliforniaU.S. Attorney's OfficeUS
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SAN DIEGO—A San Diego man has been charged with securities fraud and money laundering for allegedly running an investment fraud scheme that took at least $28 million from investors over the past five years, according to an indictment unsealed Dec. 14. Denny Bhakta, 39, allegedly solicited investments for his companies, Fusion Hotel Management, LLC and Fusion Hospitality Corporation, then…

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