Department of Justice (DOJ) – A California man who was a co-founder and former board member of Aspiration Partners, Inc., a financial technology and sustainability services company, was sentenced yesterday to 14 years in prison for a five-year scheme to defraud multiple lenders and investors of at least $248 million.
“Joseph Sanberg preyed on investors and lenders who believed in his vision of environmentally conscious fintech,” said Assistant Attorney General A. Tysen Duva of the Justice Department’s Criminal Division. “Instead of delivering on Aspiration’s promises, he orchestrated a multi-year scheme involving fake clients, sham payments, and deceptive loan collateral that caused at least $248 million in losses to numerous victims. This sentence holds him accountable and serves as a clear warning to others who abuse trust for personal gain and obtain loans from the financial industry based on lies and misrepresentations.”
“This serial fraudster used his Cinderella-like background, impressive educational credentials, and virtue signaling skills to swindle investors and lenders out of hundreds of millions of dollars,” said First Assistant U.S. Attorney Bill Essayli of the Central District of California. “This criminal case serves as a warning: Anyone can get duped by a con man.”
“As evidenced by this case, Mr. Sanberg selfishly put businesses and clients at risk who expected him to provide a valuable service to protect their interests” said Assistant Director in Charge Patrick Grandy of the FBI Los Angeles Field Office. “Along with our law enforcement partners, the FBI will continue to allocate expert resources to investigate and prosecute all those who take advantage of a position of trust to defraud American businesses.”
“Yesterday’s sentencing reflects our commitment to the public,” said Inspector in Charge Eric Shen of the U.S. Postal Inspection Service (USPIS) Criminal Investigations Group. “The reward for lying, stealing, and falsifying records, is jail time.”
According to court documents, Joseph Neal Sanberg, 46, of Orange, California, devised a scheme that began in 2020 and continued into 2025 to use his significant share of Aspiration stock to defraud various lenders and investors. Between 2020 and 2021, Sanberg and Ibrahim AlHusseini, who were both members of Aspiration’s board of directors, fraudulently obtained $145 million in loans from two lenders by pledging shares of Sanberg’s Aspiration stock. In order to secure the loans, Sanberg and AlHusseini falsified AlHusseini’s bank and brokerage statements to fraudulently inflate AlHusseini’s assets by tens of millions of dollars.
Beginning in 2021, Sanberg concealed from investors that he was the source of millions of dollars of purported revenue paid to Aspiration through, or purportedly on behalf of, sham customers. Court documents indicate that Sanberg personally recruited companies and individuals to enter agreements with Aspiration in which they committed to pay tens of thousands of dollars per month for tree planting services. The money for these customers’ payments was supplied by Sanberg himself. Sanberg concealed that these payments came from him rather than from the customers.
Aspiration booked revenue from these sham customers between March 2021 and November 2022, at the same time Sanberg concealed that he was the source of the payments. As a result, Aspiration’s financial statements falsely and fraudulently reflected much higher revenue than the company in fact received. Nonetheless, Sanberg continued to solicit investors to invest in Aspiration securities into 2025.
According to the documents, Sanberg also defrauded other lenders and investors using fraudulent materials describing Aspiration’s financial condition, including a fabricated letter from Aspiration’s audit committee that falsely stated Aspiration had $250 million in available cash and equivalents at a time that Aspiration only had less than $1 million in available cash. Sanberg used these fraudulent financial materials to obtain millions of dollars in additional loans and investments in Aspiration securities. Sanberg’s victims sustained at least $248 million in losses.
Trial Attorneys Theodore Kneller and Adam L.D. Stempel of the Criminal Division’s Fraud Section and Assistant U.S. Attorneys Nisha Chandran and Alexander Su for the Central District of California prosecuted the case.
Department of Justice (Press Release) – A California man was sentenced yesterday to 65 months in prison for smuggling at least 1,700 reptiles into the United States from Mexico, Hong Kong, and elsewhere over a six-year period.
Jose Manuel Perez, of Oxnard, pleaded guilty in August 2022 to one count of smuggling goods into the United States and one count of wildlife trafficking. From January 2016 to February 2022, Perez and other co-conspirators smuggled wildlife into the United States without obtaining the permits required by the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) and without declaring any wildlife imported into the United States.
Perez and his co-conspirators used social media to buy and to negotiate the terms of the sale and delivery of wildlife in the United States. The defendants advertised for sale on social media the animals smuggled from Mexico into the United States, posting photos and video that depicted the animals being collected from the wild.
For the animals smuggled from Mexico, Perez’s co-conspirators retrieved the wildlife — which included Yucatán box turtles, Mexican box turtles, baby crocodiles, and Mexican beaded lizards — from Cuidad Juárez International Airport in Mexico and eventually shipped the animals by car to El Paso, Texas. Perez paid his co-conspirators a “crossing fee” for each border crossing, the amount of which depended on the number of animals transported, the size of the package, and the risk of being detected by the authorities.
On other occasions, Perez and a co-conspirator traveled to Mexico to purchase live animals that had been taken from the wild so that the animals could be smuggled into the United States. Once the animals had been shipped to the United States, they were transported to Perez’s residence (which was originally in Missouri and then in California after he moved).
In total, Perez caused the illegal smuggling and importation of at least 1,700 animals with a fair market value of more than $739,000.
Prior to today’s sentencing, Jose Perez had been serving a nine-year prison sentence after pleading guilty in May 2023 to three counts of being a felon in possession of firearms. He is not legally permitted to possess firearms because his criminal record includes felony convictions in Ventura County Superior Court for street terrorism and assault with a deadly weapon.
Principal Deputy Assistant Attorney General Adam Gustafson of the Justice Department’s Environment and Natural Resources Division (ENRD), First Assistant U.S. Attorney Bilal A. Essayli for the Central District of California, and Assistant Director Doug Ault of the U.S. Fish and Wildlife Service (USFWS) Office of Law Enforcement made the announcement.
USFWS investigated the case. The U.S. Attorney’s Office for the Southern District of California, the ENRD’s Environmental Crimes Section, U.S. Customs and Border Protection, and Homeland Security Investigations provided substantial assistance.
Senior Trial Attorney Gary Donner of ENRD’s Environmental Crimes Section and Assistant U.S. Attorneys Matthew W. O’Brien and Juan M. Rodriguez for the Central District of California prosecuted the case.
Department of Justice (Press Release) – Today, a North Carolina man was sentenced to 121 months in prison and three years of supervised release for running a seven-year scheme where he victimized millions of elderly Americans by selling their personal information to Jamaican lottery fraud scammers. He was also ordered to pay forfeiture in the amount of $5,214,688.48.
According to court documents, Troy Murray, 57, of Hickory, North Carolina, devised a scheme where he organized, maintained, and sold lists containing the names, phone numbers, physical addresses, and, in some cases, ages and email addresses, of elderly Americans to individuals in Jamaica involved in lottery fraud schemes. From 2016 to 2023, Murray sold these lists to Jamaican scammers, who perpetrated lottery fraud on elderly American consumers, earning Murray hundreds of thousands of dollars each year.
Murray was a prolific and well-known lead list broker for Jamaican scammers. To complete the transactions, scammers would typically call email, or text Murray for a list of names. Murray then provided a price per list, typically $500, for 100 to 300 names. Initially, Murray instructed scammers to provide payment via wire transfer; however, after multiple monetary wire transmission services blocked him from using their services, he instructed scammers to send him pre-paid gift cards to pay for the lists instead. Murray’s list broker service was so well known in Jamaica that that his pseudonym, “Steve Dixon,” was referenced by a Jamaican musical artist in a 2022 song lyric.
After receiving payment from the Jamaican scammers, Murray used the funds to purchase farm equipment, vehicles, and collectibles like bars and coins made of precious metals. Murray also sent money he made from the scheme to one of his sons to purchase personal property and pay for his business and living expenses.
During the scheme, Murray sent at least 22,000 lead lists to scammers. These lists contained the names and personal information of over seven million elderly Americans and garnered Murray over $5.2 million. Victim losses exceeded $9.5 million.
In January 2026, Murray pleaded guilty to one count of conspiracy to commit wire fraud.
Assistant Attorney General A. Tysen Duva of the Justice Department’s Criminal Division made the announcement.
The U.S. Postal Inspection Service investigated the case.
Senior Litigation Counsel David Sullivan and Trial Attorney Ryan Norman of the Criminal Division’s Fraud Section prosecuted the case.
Department of Justice (Press Release) – A federal jury in the Eastern District of New York convicted a New York woman today for her role in an $8 million health care fraud conspiracy.
According to court documents and evidence presented at trial, Olga Popovych, 43, of New York, New York, was an office manager of several physical therapy clinics that paid cash kickbacks to ambulette drivers who recruited Medicare patients to bring to the clinics. As the evidence at trial showed, the defendant was personally involved with paying the ambulette drivers cash kickbacks. She also falsified medical records to indicate that physical therapists who were not actually at the clinic treated the patients. Between 2018 and 2020, Medicare paid these clinics over $8 million.
Witnesses testified at trial that the defendant exchanged text messages with her co-conspirators that discussed the payment of kickbacks through the use of code words. The evidence also showed that the defendant suspected that the clinics were being watched by law enforcement and took steps to conceal the scheme.
The jury convicted Popovych of conspiracy to commit health care fraud, conspiracy to make false statements relating to health care matters, 4 counts of health care fraud, and 3 counts of making false statements relating to health care matters. She faces a statutory maximum penalty of 10 years for each health care fraud conviction and 5 years for each false statements conviction. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
Assistant Attorney General Colin M. McDonald of the Justice Department’s National Fraud Enforcement Division; U.S. Attorney Joseph Nocella, Jr. for the Eastern District of New York; Special Agent in Charge Naomi Gruchacz for the U.S. Department of Health and Human Services, Office of Inspector General (HHS-OIG); and Assistant Director in Charge James C. Barnacle for the FBI New York Field Office made the announcement.
HHS-OIG and FBI investigated the case.
Trial Attorneys Patrick J. Campbell and John Howard of the Criminal Division’s Fraud Section prosecuted the case. Trial Attorney Miriam Glaser Dauermann assisted in the prosecution.
On April 7, the Department of Justice announced the creation of the National Fraud Enforcement Division (“Fraud Division”). The Fraud Division is laser-focused on investigating and prosecuting those who commit fraud against the American people. The Department’s work to combat fraud supports President Trump’s Task Force to Eliminate Fraud, a whole-of-government effort chaired by Vice President J.D. Vance to eliminate fraud, waste, and abuse within Federal benefit programs.
The Department of Justice’s Health Care Fraud Strike Force Program, currently comprised of nine strike forces operating in federal districts across the country, has charged more than 6,200 defendants who collectively billed federal health care programs and private insurers more than $45 billion since 2007. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with the Office of the Inspector General for the Department of Health and Human Services, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.
Washington D.C., May 6, 2026 — The Securities and Exchange Commission today charged 21 individuals for their alleged involvement in a decade-long insider trading scheme that used information misappropriated from multiple global law firms and resulted in millions of dollars in illicit profits.
According to the SEC’s complaint, between 2018 and 2024, Nicolo Nourafchan, a mergers and acquisitions attorney based in Los Angeles, California, orchestrated a global scheme with his partner Robert Yadgarov, of Long Beach, New York. The complaint alleges that Nourafchan misappropriated material nonpublic information from his firm’s clients pertaining to more than twelve pending corporate transactions. The complaint further alleges that he or Yadgarov tipped that information to other scheme participants who agreed to kick back a portion of their trading profits, or who, in turn, tipped others who traded.
Nourafchan and Yadgarov allegedly recruited an additional corporate lawyer who also misappropriated material nonpublic information about additional deals and tipped that information to Nourafchan and Yadgarov.
“Today’s action highlights the SEC’s unwavering commitment to uncovering sprawling schemes, like the one alleged here, and holding individuals up and down the tipping chain accountable for their fraudulent conduct,” said Joseph G. Sansone, Chief of the Division of Enforcement’s Market Abuse Unit.
The SEC’s complaint, brought by the Division of Enforcement’s Market Abuse Unit and filed in the U.S. District Court for the District of Massachusetts, charges the defendants with violating the antifraud provisions of the federal securities laws and seeks injunctive relief, disgorgement with prejudgment interest, and civil penalties.
In a parallel action, the U.S. Attorney’s Office for the District of Massachusetts announced criminal charges against all of the defendants in this case.
The SEC appreciates the assistance of the U.S. Attorney’s Office for the District of Massachusetts, the FBI, the Financial Industry Regulatory Authority, the Danish Financial Supervisory Authority, the United Kingdom Financial Conduct Authority, the Cyprus Securities and Exchange Commission, the Mauritius Financial Services Commission, and the Swiss Financial Market Supervisory Authority.
AN IMPORTANT NOTE:On June 22, 2021, Hadari Oshri –Marc Lubaszka’s business partner– filed a civil harassment restraining order (CHRO) against Investor News reporter Aitana Vargas to stop the publication of her investigative series “A Special Report: The Harrowing Impunity of White-Collar crime,” and any subsequent installments or future media coverage. On August 3, 2021, Vargas filed an anti-SLAPP motion to strike Oshri’s CHRO petition. In a hearing held on September 13, 2021, Los Angeles Superior Court Judge Doreen Boxer granted Vargas’s anti-SLAPP motion and denied Oshri’s civil harassment petition for failure to sustain the applicable burden of proof. CA’s powerful anti-SLAPP statute demands that the prevailing defendant be granted attorney’s fees for filing a frivolous case. The Israeli entrepreneur also declined to go on a recorded interview or provide statements via email.
Digital forensics firm says affidavit filed in Hadari Oshri court case “altered,” not authentic
By Aitana Vargas
It is a saga that appears to never see its end, and surely, there had to be new twists.
On May 11, 2021, serial entrepreneur Hadari Oshri filed a declaration with the Los Angeles Superior Court that included a notarized 3-page affidavit bearing the name and logo of Digital Forensics Corp. (DFC), an Ohio-based company offering a wide range of services, including cybersecurity, IP theft, forensic analysis and cyber blackmail, according to its website.
Oshri submitted the affidavit as evidence in her restraining order case against one of this reporter’s sources (a separate case from the anti-SLAPP case mentioned above). But DFC has maintained for years that the filed document was “altered.”
The 3-pager listed multiple email addresses, domains, and links to articles and referenced a report of findings dated April 5, 2021, allegedly produced by DFC. The report, however, was not attached to Oshri’s declaration and affidavit.
According to the affidavit, “Hadari Oshri (the “Client”), retained DFC services on or about February 23″, 2021 (DFC Case 287656).”
However, in a May 2022 email to this outlet, DFC stated that “Digital Forensics Corp (“DFC”) cannot provide any service details or company work product as we are bound to a non-disclosure provision with all of our clients. We can confirm, however, that the name in your email and in the affidavit (“Hadari Oshri”) is not a listed client of DFC.
It appears that the affidavit you provided in your email is not an original affidavit produced by our Company, as it has been altered. We are conducting a further investigation into this matter and cannot provide you with any further comments at this time.”
The company added: “It does not appear that our company has had any contact with the attorney referenced in your email.”
In a phone call on May 26, 2026, DFC, through attorney Jeromy Simonovic, reaffirmed its 2022 position that the affidavit is “not authentic,” but clarified that the notary stamp is real.
In an interview on the evening of April 30, 2021 –the date of the initial hearing and before any stipulation was entered–, the respondent had stated that Oshri’s attorney argued in court her client had paid $40,000 for the investigation conducted by DFC. Court records show that, during that hearing, the judge ordered both parties to exchange evidence. In the April 30th interview, the respondent said that Oshri’s attorney handed him the affidavit during that exchange.
The respondent filed a 251-page response with the court, rebutting Oshri’s claims and attaching documents tying Oshri to an alleged PPE (Personal Protective Equipment) scheme also involving businessman and gold investor Marc Lubaszka and his now-defunct Fly Private X.
As previously reported by Investor News, Lubaszka is also linked to Buy Gold Brightly, whose publicly listed owner was rapper Dylan Raw (Dylan Rottkov).
A screenshot taken on December 15, 2020, of the now-defunct Fly Private X, formerly owned by Marc Lubaszka.A screenshot taken on May 17, 2021, of Buy Gold Brightly, formerly owned by Dylan Raw and linked to Marc Lubaszka.
From around 2021, Oshri and her attorney sought to suppress reporting on this issue. In 2021, her attorney sent this reporter and her source a written cease-and-desist demand regarding coverage. For years, this outlet has led the media’s investigative efforts into this matter.
Cyberattacks & suspicious leads
The affidavit is not the only document in Oshri’s legal battles to face scrutiny. It also isn’t the only time suspicious tips about Oshri landed in this reporter’s inbox.
On December 2, 2024, this reporter received an unsolicited email from an individual identified as Julia Lane, encouraging me to look into mushroom supplements sold by Gula World, Oshri’s latest business company. The sender used a Gmail account (bashir13@gmail.com) that did not match her (or his) stated name. When asked about her connection to Oshri, she replied:
“I don’t know her personally but through mutual connections.” No clients, no complaints or firsthand harm were provided.
The exchange indicated the emails were an attempt to induce this reporter to publish a story about Oshri without evidence or fact-checked claims of harm to anybody. I declined to pursue a story.
The suspicious December 2024 email fits a years-long pattern. Between the end of 2020 and 2023, this reporter, Investor News and sources received cyberattacks and phishing emails from fake accounts like ‘Alex Alex’ and ‘Michaela Lake,’ and others. Some contained tracking pixels.
Screenshot of Elitefashion.Fund captured on May 24, 2021. Elitefashion.fund is no longer active.
On December 31, 2020, this reporter received an unsolicited Guerrillamail email from an alleged investor offering compensation for “researching” Elite Fashion Fund. The sender identified as Thomas A. Moffett, but this reporter was unable to verify his identity. He also listed a MN address.
A social media search on June 13, 2021 revealed that Hadari Oshri identified as the Managing Director of Elitefashion.Fund on her Facebook account. The website (elitefashion.fund) is no longer active.
A screenshot of Hadari Oshri’s Facebook account captured on June 13, 2021. The URL and third parties were cropped on June 2, 2026.
*Oshri’s LA Superior Court Case # 21STRO01697. The parties signed a stipulation with a confidentiality clause.
**CLICK HERE TO VIEW HADARI OSHRI’S FILED DECLARATION AND AFFIDAVIT.The declaration and affidavit were filed by Hadari Oshri in LA Superior Court on 5/11/2021. Investor News has redacted third-party telephone numbers, email addresses and signatures to prevent doxxing and preserve privacy. All redactions are shown in solid black. No other changes were made. The unredacted document is publicly available via the court under case No. 21STRO01697.
***After this reporter survived in 2021 an anti–SLAPP motion against Ms. Oshri, as a matter of policy, this outlet no longer reaches out to Ms. Oshri and her then-attorney, John Tamborelli, for comment. But we remain fully committed to hearing and sharing their opinion should they decide to reach out to us by email. Email: aitana_investigations@protonmail.com
****This story will be updated as more information becomes available. This story was last updated on June 2, 2026 to reflect additional information in the Cyberattacks and Suspicious Leads section.
For news tips and story ideas, please contact investigative reporter Aitana Vargas at aitana_investigations@protonmail.com.
Washington D.C., March 17, 2026 — The Securities and Exchange Commission (SEC) today issued an interpretation clarifying how the federal securities laws apply to certain crypto assets and transactions involving crypto assets. This is a major step in the Commission’s efforts to provide greater clarity regarding the Commission’s treatment of crypto assets, and complements Congressional endeavors to codify a comprehensive market structure framework into statute. The Commodity Futures Trading Commission (CFTC) joined the interpretation to provide guidance that the CFTC and its staff will administer the Commodity Exchange Act consistent with the Commission’s interpretation.
“After more than a decade of uncertainty, this interpretation will provide market participants with a clear understanding of how the Commission treats crypto assets under federal securities laws. This is what regulatory agencies are supposed to do: draw clear lines in clear terms,” said SEC Chairman Paul S. Atkins. “It also acknowledges what the former administration refused to recognize – that most crypto assets are not themselves securities. And it reflects the reality that investment contracts can come to an end. This effort serves as an important bridge for entrepreneurs and investors as Congress works to advance bipartisan market structure legislation, which I look forward to implementing with Chairman Selig in the near future.”
“For far too long, American builders, innovators, and entrepreneurs have awaited clear guidance on the status of crypto assets under the federal securities and commodity laws,” said CFTC Chairman Michael S. Selig. “With today’s interpretation, the wait is over. Chairman Atkins and I are committed to fostering a regulatory environment that allows the crypto industry to flourish in the United States with clear and rational rules of the road. Today’s joint agency action reflects a shared commitment to developing workable, harmonized regulations for the new frontier of finance.”
The Commission interpretation:
Provides a coherent token taxonomy for digital commodities, digital collectibles, digital tools, stablecoins, and digital securities.
Addresses how a “non-security crypto asset”—which is a crypto asset that itself is not a security—may become subject to, and how it may cease to be subject to, an investment contract.
Clarifies the application of federal securities laws to airdrops, protocol mining, protocol staking, and the wrapping of a non-security crypto asset.
Market participants—from innovators and issuers to individual investors—should review this interpretation to better understand the regulatory jurisdiction between the SEC and CFTC. The interpretation will be published on SEC.gov and in the Federal Register.
ADM credited for cooperation and significant remediation
Washington D.C., Jan. 27, 2026 — The Securities and Exchange Commission today filed settled charges against Archer-Daniels-Midland Company (ADM) and its former executives, Vince Macciocchi and Ray Young, and a litigated action against its former executive Vikram Luthar, for materially inflating the performance of a key ADM business segment, Nutrition, which ADM touted to investors as an important driver of the company’s overall growth.
The SEC’s complaint against Luthar alleges that he directed “adjustments” to Nutrition’s transactions with other ADM business segments when Nutrition was falling short of its operating profit targets for fiscal years 2021 and 2022. According to the complaint, the adjustments included retroactive rebates and price changes not customarily available to ADM’s third-party customers that were essentially one-sided transfers of operating profit to Nutrition, with the goal of making it appear that Nutrition was meeting the 15% to 20% per year operating profit growth Luthar and other ADM executives projected to investors.
The SEC’s settled order against ADM, Macciocchi, and Young finds that Macciocchi and Luthar led efforts to identify and structure adjustments for fiscal years 2021 and 2022, and that Young negligently approved improper adjustments for fiscal years 2019 and 2021. These adjustments also included retroactive rebates and price changes, were targeted to specific dollar amounts to hit Nutrition’s operating profit goals or mask a shortfall, and were not provided to third parties, according to the order.
The SEC considered ADM’s cooperation and significant remedial measures in accepting its settlement offer. Specifically, the company conducted an internal investigation, voluntarily reported its findings to the staff, and provided the staff with additional analyses from an outside accounting expert. ADM’s remedial measures included implementing new internal accounting controls around intersegment transactions, amending its policies and procedures, and testing the effectiveness of its new controls, among other things.
The order creates a Fair Fund to distribute the ordered monetary relief to investors harmed by the violations.
“Transparent and honest disclosure are key to maintaining market integrity, so when ADM misled its investors, the SEC stepped in to protect them and the market,” said Judge Margaret A. Ryan, Director of the SEC’s Division of Enforcement. “The SEC is steadfast in its commitment to rooting out fraud and holding accountable wrongdoers, while also engaging market participants constructively to ensure the right outcomes are achieved in a timely and fair manner. In this matter, we credit ADM’s cooperation and its efforts to avoid future accounting and disclosure violations.”
The complaint alleges, and the order finds, that the adjustments rendered ADM’s annual and quarterly reports false and misleading because the adjustments resulted in transactions inconsistent with ADM’s representation that intersegment transactions were recorded at amounts “approximating market.” Further, the order finds that ADM overstated Nutrition’s operating profit for fiscal years 2019, 2021, and 2022, the third quarter of 2019, and all quarters in 2021 as a result of the adjustments.
The complaint, filed in the U.S. District Court for the Northern District of Illinois, charges Luthar with violating the antifraud provisions of the federal securities laws, aiding and abetting ADM’s violations of the antifraud, reporting, books and records, and internal accounting control provisions of the federal securities laws, and failing to reimburse ADM for certain executive compensation as required. The complaint seeks permanent injunctions, an officer and director bar, disgorgement of ill-gotten gains with prejudgment interest, civil penalties, and reimbursement of certain executive compensation to ADM pursuant to the Sarbanes-Oxley Act.
The SEC’s order finds that ADM, Macciocchi, and Young violated the antifraud, reporting, internal accounting controls, and books and records provisions of the federal securities laws, and that Macciocchi and Young caused certain of ADM’s violations. Without admitting or denying the findings, ADM, Macciocchi, and Young agreed to cease and desist from committing or causing any violations and any future violations of the relevant provisions of the federal securities laws, and ADM has voluntarily undertaken to cooperate fully with the Commission in the litigation and any other proceedings related to the matters described in the order. ADM agreed to pay a $40,000,000 civil penalty, Macciocchi agreed to pay disgorgement and prejudgment interest totaling $404,343 and a civil penalty of $125,000, and Young agreed to pay disgorgement and prejudgment interest totaling $575,610 and a civil penalty of $75,000. Macciocchi also agreed to a three-year officer and director bar.
Gold IRA Leads: How SMART Tech Delivers Exclusive Investors at a $45 CPL
By Staff Reporter · Updated August 18, 2025
In a sector where compliant, high-intent investors are notoriously difficult to reach, one company— Gold IRA Leads—is drawing attention for routinely delivering exclusive inquiries at approximately $45 cost per lead (CPL). This report examines the process, the technology, and the discipline behind that figure, and why the approach is gaining traction among gold and precious metals firms that have seen diminishing returns from traditional tactics.
What Are Gold IRA Leads?
Gold IRA leads are prospective investors who express active interest in transferring or rolling over qualified retirement funds into a self-directed Individual Retirement Account backed by physical precious metals. Unlike broad financial audiences, this group tends to skew older (often 45+), asset-aware, and intent-driven—more interested in wealth preservation than speculative trading. Because of the complexity and compliance sensitivity of rollovers, each inquiry carries a higher potential value but also requires more education and trust-building.
The company Gold IRA Leads focuses on generating these inquiries through live, inbound demand rather than recycling or brokering lists. The emphasis is on intent rather than volume: prospective investors who have engaged with educational content, opted in, and are ready to learn more.
Why Quality Gold IRA Leads Are Hard to Acquire
For years, gold and precious metals marketers leaned on aged data, list rentals, and aggressive call-center tactics. As privacy expectations and regulations evolved—and as investors grew weary of repeated contact from multiple companies—performance degraded. Conversion rates declined while acquisition costs rose. Moreover, non-compliant promotion in financial services can invite regulatory scrutiny, creating risk for both vendors and brands.
The net effect: a challenging acquisition environment where many firms pay high CPLs for indifferent results, struggle to attribute outcomes to channels, and face brand fatigue among the very investors they hope to reach.
Industry Costs & Benchmarks
CPLs in the broader precious-metals category vary widely by channel, funnel design, and brand strength. It is common to see costs above $80–$150 for campaigns that depend on generic search terms, wide targeting, or weak conversion experiences. Against that backdrop, a ~$45 CPL for exclusive, compliant Gold IRA leads stands out—especially when paired with measurable intent signals and transparent attribution.
It is not just the price point that matters, however; it is the consistency. An approach that reliably converts attention into qualified conversations at a sustainable CPL enables predictable pipeline planning, smarter media allocation, and more disciplined scaling.
Inside the SMART Tech Framework
Gold IRA Leads attributes much of its performance to a SMART framework—Segmentation, Messaging, Automation, Retargeting, and Tracking. While the acronym is simple, the implementation is rigorous and technical.
Segmentation: Finding the Right Investors
Audience models prioritize indicators correlated with rollover likelihood: age bands, retirement account status, geography, device patterns, and media consumption paired with time-of-day responsiveness. Instead of treating all prospects equally, the system builds cohorts that receive distinct creative and sequencing to reduce waste and surface intent earlier.
Messaging: Education Over Hype
The content strategy leads with education—tax implications, rollover timelines, custodial considerations, storage options—rather than promises of quick gains. Landing pages present balanced, plain-language explanations and steer clear of exaggerated claims. This tone both improves platform compliance and builds trust with a demographic that rewards clarity.
Automation: Real-Time Capture and Routing
Automation handles the critical middle mile: capturing inquiries, validating contact details, enriching with consented data where appropriate, and routing to the correct sales workflow.
Response SLAs are minutes, not hours. When a prospect opts in, the system acknowledges, sets expectations, and—if relevant—offers scheduling or provides compliant educational material while a representative prepares outreach.
Retargeting: Respectful, Multi-Touch Follow-Up
Many serious investors do not convert on the first visit. The framework therefore layers privacy-aware retargeting and permission-based channels (notably SMS and email) to re-engage visitors who reviewed materials but did not book. Messaging remains informational: updates on market mechanics, rollover checklists, and FAQs about custodians and storage.
Tracking: Attribution You Can Trust
End-to-end tracking with robust UTM standards, call-tracking, and first-party analytics gives clients visibility into where leads originate and how they progress. This transparency allows budget to be shifted toward proven segments and away from vanity metrics.
Compliance-First Acquisition
Marketing financial products requires care. The acquisition program intentionally bakes compliance into creative review, disclosures, consent capture, and data handling. Educational content is vetted for balance, advertising claims avoid projections, and opt-in flows record consent with time stamps. These practices protect investors and brands, and help maintain long-term deliverability in permissioned channels.
Exclusivity & Lead Integrity
A persistent complaint in this industry is recycled contacts marketed as “exclusive.” The Gold IRA Leads model routes each inquiry to a single client, which reduces consumer fatigue and improves conversion rates. Exclusivity also enhances sales morale: representatives can spend their time nurturing one-to-one conversations rather than competing against parallel pitches.
From Click to Call: Converting Silent Researchers
Older, high-asset audiences often prefer phone calls over web forms. During pilots, an AI-assisted front line filters routine questions, captures callbacks, and escalates complex inquiries to licensed professionals. SMS has proven especially effective for respectful nudges (“Would you like the rollover checklist?”) and for confirming appointment logistics. This reduces no-shows and preserves momentum once intent is signaled.
Why $45 CPL Matters: Unit Economics
Consider a simplified model. If a firm acquires 1,000 exclusive inquiries at $45 CPL, media spend totals $45,000. At a modest 10% appointment-set rate and a 25% close rate from appointments, 25 new accounts are opened. If the average funded amount yields even a conservative commission, the unit economics can be compelling—especially when compared to higher-cost, non-exclusive leads that demand heavier dialing and lower win rates.
Because tracking and segmentation are tight, learnings compound: high-yield segments receive more budget; creative variants that underperform are sunset; and follow-up cadences are tuned to minimize drop-off. The result is a pipeline that stabilizes rather than seesaws with every platform change.
Attribution, Tracking & Transparency
Clients receive granular reporting—lead source, campaign and ad group, landing experience, first-touch vs. last-touch contribution, call recordings where applicable, and appointment outcomes. For brands long accustomed to opaque lead brokering, this transparency is transformative. Budgets can be defended, forecasts refined, and compliance logs maintained without forensic guesswork.
Case Snapshots (Anonymized)
Mid-Market Metals Firm Replaces Aged Lists
Facing high abandonment and rising complaint rates from aged data, a mid-market firm piloted inbound-only traffic through the SMART framework. CPL fell below half of the prior average; booked consultations increased as SMS confirmations reduced no-shows.
Search-Heavy Advertiser Diversifies Channels
A company reliant on competitive search terms tested educational content with audience segmentation and retargeting. Time-on-page rose, form completion rates improved, and the booked-call-to-fund ratio climbed as prospects arrived better informed.
Appointment Integrity Through Confirmation Flows
Introducing opt-in SMS reminders and pre-call checklists cut appointment attrition. Representatives reported higher-quality conversations because prospects had reviewed rollover basics before the call.
How to Evaluate a Gold IRA Lead Vendor
Due-diligence prompts for teams:
Is the lead exclusive to your firm? How is exclusivity enforced?
What consent and disclosure language is captured at opt-in? Can you audit it?
What attribution granularity do you receive (UTMs, call logs, appointment outcomes)?
How are educational assets reviewed for balance and compliance?
What is the follow-up cadence (email/SMS), and can you customize content?
What segments and channels are producing the most efficient CPL and the best close rates?
How quickly are inquiries acknowledged, and what is the SLA to first human contact?
Firms that cannot answer these questions with documentation are likely guessing at performance. By contrast, the operating model at Gold IRA Leads centers on documentation, audit trails, and shared definitions of success.
FAQ: Gold IRA Leads
Are these the same as list purchases?
No. The focus is live, inbound demand. Prospects engage with educational materials and opt in; their inquiry is then routed to one firm. There is no recycling or reselling of the same contact across multiple providers.
What does “SMART Tech” actually mean in practice?
It refers to the integration of segmentation, educational messaging, automation for speed-to-lead, respectful retargeting, and end-to-end tracking. The value comes from coordination—each piece strengthens the others.
Is $45 CPL realistic across all channels?
Costs vary by market conditions and brand posture. The point is less about a universal number and more about a repeatable system that sustains competitive CPLs while improving readiness-to-convert.
How do SMS and calls fit into the funnel?
Many high-value prospects prefer direct conversations. Permission-based SMS confirms interest, shares checklists, and reduces appointment friction; calls address nuanced questions and build trust.
What should compliance-conscious brands watch for?
Clear disclosures, documented consent, balanced claims, and data-handling procedures. Ask to review sample landing pages and opt-in flows. Verify that vendor messaging aligns with your custodial requirements and risk tolerance.
The Bottom Line
In a crowded, compliance-sensitive market, Gold IRA Leads shows that disciplined execution can deliver both quality and efficiency. The SMART framework—segmentation, education-first messaging, automation, retargeting, and tracking—reduces waste while respecting investor preferences. For providers weighing whether to keep chasing aged lists or to rebuild around informed inbound demand, the results from this model make a persuasive case for change.
For readers interested in deeper operational details or pilot criteria, visit the official site: goldiraleads.com.
"Numbers And Finance" by kenteegardin is marked with CC BY-SA 2.0.
Washington D.C. — The Securities and Exchange Commission this month charged audit firm BF Borgers CPA PC and its owner, Benjamin F. Borgers (together, “Respondents”), with deliberate and systemic failures to comply with Public Company Accounting Oversight Board (PCAOB) standards in its audits and reviews incorporated in more than 1,500 SEC filings from January 2021 through June 2023. The SEC also charged the Respondents with falsely representing to their clients that the firm’s work would comply with PCAOB standards; fabricating audit documentation to make it appear that the firm’s work did comply with PCAOB standards; and falsely stating in audit reports included in more than 500 public company SEC filings that the firm’s audits complied with PCAOB standards.
To settle the SEC’s charges, BF Borgers agreed to pay a $12 million civil penalty, and Benjamin Borgers agreed to pay a $2 million civil penalty. Both Respondents also agreed to permanent suspensions from appearing and practicing before the Commission as accountants, effective immediately.
“Ben Borgers and his audit firm, BF Borgers, were responsible for one of the largest wholesale failures by gatekeepers in our financial markets,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “As a result of their fraudulent conduct, they not only put investors and markets at risk by causing public companies to incorporate noncompliant audits and reviews into more than 1,500 filings with the Commission, but also undermined trust and confidence in our markets. Because investors rely on the audited financial statements of public companies when making their investment decisions, the accountants and accounting firms that audit those statements play a critical role in our financial markets. Borgers and his firm completely abandoned that role, but thanks to the painstaking work of the SEC staff, Borgers and his sham audit mill have been permanently shut down.”
The SEC’s order finds that, among other things, the Respondents failed to adequately supervise and review the work of the team performing the audits and reviews; did not properly prepare and maintain audit documentation, known as “workpapers;” and failed to obtain engagement quality reviews, without which an audit firm may not issue an audit report. According to the SEC’s order, of 369 BF Borgers clients whose public filings from January 2021 through June 2023 incorporated BF Borgers’s audits and reviews, at least 75 percent of the filings incorporated BF Borgers’s audits and reviews that did not comply with PCAOB standards.
The SEC’s order further finds that, at Benjamin Borgers’s direction, BF Borgers staff copied workpapers from previous engagements for their clients, changing only the relevant dates, and then passed them off as workpapers for the current audit period. As a result, the order finds, BF Borgers’s workpapers falsely documented work that had not been performed. Among other things, the workpapers regularly documented purported planning meetings – required to discuss a client’s business and consider any potential risk areas – that never occurred and falsely represented that both Benjamin Borgers, as the partner in charge of the engagement, and an engagement quality reviewer had reviewed and approved the work.
The SEC’s order finds that the Respondents engaged in improper professional conduct and violated, and caused violations of, the antifraud, recordkeeping, and other provisions of the federal securities laws. Without admitting or denying the SEC’s findings as to each of them, BF Borgers and Benjamin Borgers both consented to an order, effective immediately, pursuant to which they are ordered to pay civil penalties and are denied the privilege of appearing or practicing before the Commission as an accountant, as discussed above. In addition, they are censured and must cease and desist from committing or causing violations of the relevant provisions of the federal securities laws.
The SEC’s investigation was conducted by Taryn Lewis, Jake Schmidt, and Ann Tushaus of the Chicago Regional Office, and was supervised by Brian Fagel.
