Gurudeo “Buddy” Persaud of Orlando, Fla. lured family, friends, and others into investing in his firm, White Elephant Trading Company LLC, by falsely guaranteeing their money would be safe and yield lofty returns ranging from 6 to 18 percent, according to SEC charges. Persaud told investors he would invest in the debt, stock, futures, and […]
A Ponzi scheme that offered investors guaranteed monthly returns ended in a court judgment. Defendants Clements and Smidi first told investors they would use investor proceeds to trade in foreign currencies and later stated they would use proceeds to invest in Swiss high-yield, fixed-rate savings accounts. In reality, however, Clements and Smidi siphoned approximately $3 […]
A $415 million Ponzi scheme by Agape World Inc. of Long Island in New York is the basis for SEC charges against 14 sales agents, including one in South Florida, who misled investors and illegally sold securities to 5,000 investors nationwide. The SEC alleges that the sales agents – which include four sets of siblings – […]
Alimony, an antenuptial agreement, real estate appreciation in non-marital assets, and income calculations were among the items addressed in Weymouth v. Weymouth, Case No. 4D10-873 (FL Dist. 4 Ct. App., Apr. 11, 2012). Highlights of the Appeals Court ruling include: Passive appreciation of the Broward County home was marital property subject to equitable distribution, even […]
Oppenheimer used derivative instruments known as total return swaps (TRS contracts) to add substantial commercial mortgage-backed securities (CMBS) exposure in a high-yield bond fund called the Oppenheimer Champion Income Fund and an intermediate-term, investment-grade fund known as the Oppenheimer Core Bond Fund, according to an SEC investigation. The 2008 prospectus for the Champion fund didn’t […]
In the recent decision styled Thomas J. Duggan, LLC v Peacock Point, LLC, 37 Fla. L. Weekly D1206 (Fla. 1st DCA May 23, 2012), the First District Court of Appeal affirmed the trial court’s denial of a claim for rescission involving an auction sale of subdivision lots under a contract containing an “as is” provision. […]
Women are most at risk both physically and financially when it comes to disability, according to a new study released by The State Farm® Center for Women and Financial Services at The American College. Data from Centers for Disease Control and Prevention (CDC) shows women are increasingly more likely to experience a disabling condition during […]
Mark Lefkowitz, Compass Capital Group, Mark Lopez, Unico, Inc., Steven R. Peacock, Shane H. Traveller, and Advanced Cell Technology allegedly violated federal securities laws in connection with the unregistered distribution of billions of shares of penny stocks through the repeated misuse of the exemption from registration contained in Section 3(a)(10) of the Securities Act of […]
Wells Fargo & Co. will host a workshop 10 a.m. to 7 p.m. Friday and Saturday, June 1 and 2, to help people who otherwise qualify for a mortgage to buy a home in the city of Miami but are short on a down payment, according to the Miami Herald. “The workshop will be at […]
Quantek Asset Management LLC deceived investors about fund managers having personal investments in the $1 billion Quantek Opportunity Fund, a Latin America-focused hedge fund, according to an SEC investigation. The Securities and Exchange Commission found that Quantek’s executives never invested their own money in the fund. The SEC’s investigation also found that Quantek misled investors […]
