SEC News
- SEC Charges Chicago-Area Father and Son Conducted Cherry-Picking Scheme at Investment Firm May 16, 2013FOR IMMEDIATE RELEASE2013-90 Washington, D.C., May 16, 2013 — The Securities and Exchange Commission today charged a father and son and their Chicago-area investment advisory firm with defrauding clients through a cherry-picking scheme that garnered them nearly $2 million in illicit profits, which they spent on luxury homes, vehicles, and vacations. Addition […]
- SEC Names Keith F. Higgins as Director of Division of Corporation Finance May 15, 2013FOR IMMEDIATE RELEASE2013-89 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today named Keith F. Higgins as the new director of the agency’s Division of Corporation Finance. Mr. Higgins comes to the SEC from the law firm of Ropes & Gray LLP where he is a partner in its Boston office with 30 years of experience advising public com […]
- SEC Names Lona Nallengara as Chief of Staff May 15, 2013FOR IMMEDIATE RELEASE2013-88 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today announced that Lona Nallengara has been named the agency’s chief of staff. Mr. Nallengara came to the SEC in March 2011 and served as deputy director for legal and regulatory policy in the Division of Corporation Finance until he was appointed in Decemb […]
- SEC Charges China-Based Executives in Scheme to Overstate Revenues and Divert Money for Personal Use May 15, 2013FOR IMMEDIATE RELEASE2013-87 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today charged husband-and-wife executives at a China-based company with engaging in a scheme to overstate the company’s revenues and divert proceeds from a securities offering for their personal use. Additional Materials SEC Complaint The SEC alleges that RIN […]
- SEC, FINRA Issue Investor Alert On Pension or Settlement Income Streams May 9, 2013FOR IMMEDIATE RELEASE2013-86 Washington, D.C., May 9, 2013 — The Securities and Exchange Commission and the Financial Industry Regulatory Authority (FINRA) today issued an investor alert entitled Pension or Settlement Income Streams – What You Need to Know Before Buying or Selling Them. The investor alert informs investors about the risks involved when selli […]
TAG | Ft. Lauderdale Ponzi Scheme
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Ponzi Scheme May Have Targeted Ft. Lauderdale’s Gay Community, Wilton Manors
Comments off · Posted by Securities Lawyer in FINRA
In a May 24th, 2012, article from Ft. Lauderdale’s Sun-Sentinel, Jon Burstein writes that an investment adviser from Ft. Lauderdale, and others, exploited trust and friendships within the Ft. Lauderdale gay community of Wilton Manors to help fuel a multimillion-dollar investment fraud, according a lawsuit brought this week by a group of investors.
There were fourteen residents of Broward County who alleged fell prey to accused Ponzi schemer George Elia. A well-known figure in Wilton Manors, Jim Ellis, and his daughter, Janet Ellis, vouched for Elia’s success as a day trader. These investors lost about $2.5 million to Elia, who is now in federal lockup facing a wire fraud charge.
Burstein writes that Elia fled to the Mediterranean island of Cyprus, where he was born, in January and appeared to be out of the reach of U.S. authorities. But in March, he flew back to Las Vegas to find U.S. marshals waiting for him at the airport. The SEC has also filed a civil lawsuit against him accusing him of raising more than $11 million using lies and bogus financial statements.
The Sun-Sentinel article adds that this latest lawsuit alleges the Ellises provided Elia with access to the Wilton Manors community: Jim Ellis was active in the nightlife scene and Janet Ellis worked as the property manager of Wilton Station condo development.
“Each of the plaintiffs was courted by Jim and Janet and regaled with false stories/demonstrations of a lavish lifestyle made possible by Jim and Janet’s supposed investments with Elia,” according to the lawsuit filed Tuesday.
Ellis said in a February interview that he was a victim of Elia like all the other investors.
According to the court records, Elia funneled at least $2.3 million from International Consultants bank accounts into companies controlled by him and his wife, Darlene, and withdrew at least $242,000 in cash in 2010 and 2011.
Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you or a family member have sustained investment losses due to your stock broker or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.
Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.
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