Posts Tagged "Scam"

Dallas Man Receives Prison Sentence for Operating a Ponzi Scheme with Michigan Victims

Posted by on May 6, 2012 in Securities Arbitration | 0 comments

A Dallas man was recently sentenced to 240 months in federal prison on connection with a Ponzi scheme he started in Michigan and moved to Texas. According to the FBI Press Release, Joseph Blimline started his scheme in Michigan in 2003 and operated in the state until December of 2005.  As part of the operation Blimline promised investors that they would receive inflated rates of return in order to secure growing amounts to funding for  his operation.  He was able to secure $28 Million from victims before the operation failed. After the collapse of the operation in Michigan, he moved the...

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FINRA Investor Alert — Fake Regulator Websites

Posted by on Apr 30, 2012 in Securities Arbitration | 0 comments

FINRA has recently issued an alert to investors regarding the proliferation of fake regulator websites which the scam artists are using to establish credibility for their investment scams.   Once convinced regarding the authenticity of the offer, investors are asked to forward a “fee” to the scam artist to pay for their efforts.  As one would imagine, once the money is gone the investor never hears from the crooks again. Similarly, investors outside of the United States have reported receiving telephone calls from individuals representing shares in Facebook and other social networking...

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