The Securities and Exchange Commission (SEC) filed an emergency action to halt a Ponzi scheme conducted by JCS Enterprises, Inc., T.B.T.I. Inc., and principals Joseph Signore of West Palm Beach, Fla. and Paul L. Schumack II of Pompano Beach, Fla. on April 7, 2014 This complaint alleges that from 2011 to the present, Signore and Schumack fraudulently raised over $40 million from hundreds of investors through investments in the Virtual Concierge Machines (VCMs). They guaranteed returns from 80% to 120% annually, and up to 500% for the life of a three- or four-year contract.
Paul L. Schumack II, 56, and Joseph Signore, 49, were charged with conspiracy, mail fraud and wire fraud, and the SEC froze their assets.
According to the SEC’s complaint, Signore, Schumack and their companies operated a Ponzi scheme, using new investor funds to make payments to earlier investors. Signore and Schumack promoted VCMs on YouTube, promised to locate, place and manage the VCMs, all of which was false.
In the SEC’s complaint it alleges that while operating the Ponzi scheme, Signore and Schumack diverted more than $2.5 million for their own personal or business use. Investors stopped receiving monthly payments in January 2014, but Signore and Schumack still continued to solicit investors.
Fort Lauderdale-based Soreide Law Group, represents clients nationwide. If you sustained a loss in this or any other Ponzi-like scheme, call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses. To speak with an attorney, call 888-760-6552.
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