Four Long Island men charged with $2M “free-riding” scheme
Washington D.C. — The Securities and Exchange Commission has announced fraud charges against Eduardo Hernandez, Christopher Flagg, Daquan Lloyd, and Corey Ortiz, all currently or formerly of Long Island, New York, for perpetrating a multi-year “free-riding” scheme that generated more than $2 million in illicit profits.
The SEC alleges that, from approximately November 2018 through January 2022, the defendants opened...
CA resident charged with multimillion dollar ponzi scheme
Washington D.C. — The Securities and Exchange Commission today charged Richmond, California resident Tilila Walker Sumchai with raising approximately $11.8 million from more than 1,000 investors through a fraudulent securities offering targeting members of the Tongan American community across the United States.
According to the SEC’s complaint, from approximately January 2021 through October 2021, Sumchai convinced retail investors to acquire...
Campaña informativa del FTC contra los timos y fraudes
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Former New Jersey Corrections Officer Charged with Crypto Fraud Scheme Targeting Law Enforcement Personnel
John DeSalvo also charged with fraud in separate investment scheme
Washington D.C. — The Securities and Exchange Commission has charged former New Jersey State Correctional Police Officer John A. DeSalvo with fraudulently raising funds through the unregistered offering of the Blazar Token, a crypto asset security he created but that collapsed in May 2022. The SEC also charged DeSalvo with...
SEC obtains emergency order against Utah-based company’s crypto asset fraud scheme
Washington D.C. — The Securities and Exchange Commission has announced that it obtained a temporary asset freeze, restraining order, and other emergency relief against Digital Licensing Inc., a Draper, Utah based entity doing business as “DEBT Box,” as well as the company’s four principals, Jason Anderson, his brother Jacob Anderson, Schad Brannon, and Roydon Nelson, and 13 other defendants...
SEC Charges Investment Fund Founder William K. Ichioka with $25 Million Offering Fraud
Washington D.C., June 22, 2023 — The Securities and Exchange Commission today charged William K. Ichioka, of New York, New York, with fraudulently raising $25 million from individual investors primarily in California and Oregon by making false claims about his investing success and promising large anticipated returns but instead using investor funds for gambling and to enrich himself. Ichioka...
Man Convicted of $54M Bribery and Kickback Scheme Involving Fraudulent Prescriptions
A federal jury convicted a Florida man for his role in a $54 million bribery and kickback scheme involving TRICARE, a federal program that provides health insurance benefits to active duty and retired service members and their families.
According to court documents and evidence presented at trial, David Byron Copeland, 55, of Tallahassee, was a part-owner and senior sales manager...
SEC Shuts Down WeedGenics $60 Million Cannabis Offering Fraud
Washington D.C. — The Securities and Exchange Commission obtained an emergency order to halt an alleged ongoing offering fraud and Ponzi-like scheme by Integrated National Resources Inc. (INR), which does business as WeedGenics, and its owners, Rolf Max Hirschmann and Patrick Earl Williams, who have raised more than $60 million from investors to expand their cannabis operations, but have...
Man Sentenced for $1.1M COVID-19 Fraud Scheme
A Louisiana man was sentenced today to 10 years in prison for money laundering in connection with a fraudulent scheme to obtain more than $1.1 million in Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) Program loans.
“The significant sentence handed down today demonstrates that those who steal from COVID-19 relief programs for personal gain will be prosecuted...
