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Articles Posted in Ponzi Schemes

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Jose Aman, owner of the diamond-backed cryptocurrency Ponzi scheme Argyle Coin, has been indicted on federal wire fraud charges. Aman, who is based in South Florida, also owns two other companies that are linked to Argyle, Natural Diamonds Investment Co. and Eagle Diamond Group Inc. Silver Law Group represents investors in the Ponzi scheme and filed the original federal court complaint and continues to act as counsel to the receiver on this matter. From 2014 to 2019, Aman and his companies took millions of dollars from hundreds of investors for a cryptocurrency plan that was described as risk free because it was backed by diamonds, including “fancy colored diamonds”. Investors were told that the diamonds would be cut and resold for a profit. Aman was planning to raise as much as $30 million for an initial coin offering (ICO). The SEC alleges that there were no diamonds of any color and that Aman directed much of the investor money collected for his own personal use. Jose Aman is alleged to have used investor funds to buy horses, pay for rental homes, and pay for his son’s horse riding lessons. New investor money was allegedly used to pay dividends to old investors, which is a Ponzi scheme. The SEC put the company in receivership. As part of the receivership, Scott Silver and Silver Law Group have worked as counsel to the receiver to help recover money for investors.Jose Aman, owner of the diamond-backed cryptocurrency Ponzi scheme Argyle Coin, has been indicted on federal wire fraud charges. Aman, who is based in South Florida, also owns two other companies that are linked to Argyle, Natural Diamonds Investment Co. and Eagle Diamond Group Inc. Continue reading ›

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In June 2020, the U.S. Court of Appeals for the Eleventh Circuit issued an opinion in the case Isaiah v. JPMorgan Chase Bank, N.A. This landmark decision narrowly defines which claims can be brought by a court-appointed receiver for entities that perpetrated a Ponzi scheme, leaving a broad category of claims to the investor-victims to be litigated either individually or on a class action basis. Ponzi Scheme Background This case arose out of a Ponzi scheme in which two fraudsters used business entities they controlled to bilk millions of dollars from more than 2,000 investors. According to the 11th Circuit opinion, “the Ponzi schemers solicited investors by promising astronomical returns on investments supposedly involving the trade of Venezuelan and U.S. currency.” Unfortunately, in true Ponzi scheme fashion, the perpetrators were paying so-called “distributions” to existing investors using money continuously being raised from new investors. The scheme ultimately was uncovered and fell apart, and a court-appointed receiver was put in place to stand in the shoes of the fraudulent entities to protect the creditors’ (the victims’) rights. When a Ponzi scheme is uncovered, a court-appointed receiver is often put in place to unravel the financial misconduct committed by the fraudsters.In June 2020, the U.S. Court of Appeals for the Eleventh Circuit issued an opinion in the case Isaiah v. JPMorgan Chase Bank, N.A. This landmark decision narrowly defines which claims can be brought by a court-appointed receiver for entities that perpetrated a Ponzi scheme, leaving a broad category of claims to the investor-victims to be litigated either individually or on a class action basis. Continue reading ›

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On July 17, 2020, the Securities and Exchange Commission (SEC), brought fraud charges against David Hu, the co-founder and chief investment officer of International Investment Group (IIG), in Manhattan federal district court. A link to the charges can be found here. The SEC is charging Hu with running multiple fraudulent schemes to misrepresent the performance and conceal losses in IIG’s Trade Opportunities Fund (TOF). In addition, Hu is alleged to have sold over $60 million in phony trade finance loans to investors, using the proceeds to pay back other customers who made redemption requests for earlier investments.On July 17, 2020, the Securities and Exchange Commission (SEC), brought fraud charges against David Hu, the co-founder and chief investment officer of International Investment Group (IIG), in Manhattan federal district court. A link to the charges can be found here.

The SEC is charging Hu with running multiple fraudulent schemes to misrepresent the performance and conceal losses in IIG’s Trade Opportunities Fund (TOF). In addition, Hu is alleged to have sold over $60 million in phony trade finance loans to investors, using the proceeds to pay back other customers who made redemption requests for earlier investments. Continue reading ›

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Dustin Shafer (Dustin Paul Shafer) is a currently-registered broker employed by Newbridge Securities Corporation (CRD# 104065) in Springfield, Illinois. He previously worked for Money Concepts Capital Corp (CRD# 12963), Chase Investment Services Corp (CRD# 25574), Banc One Securities Corporation (CRD# 16999), and Edward Jones (CRD# 250). Shafer has been in the industry since 2000.Dustin Shafer (Dustin Paul Shafer) is a currently-registered broker employed by Newbridge Securities Corporation (CRD# 104065) in Springfield, Illinois. He previously worked for Money Concepts Capital Corp (CRD# 12963), Chase Investment Services Corp (CRD# 25574), Banc One Securities Corporation (CRD# 16999), and Edward Jones (CRD# 250). Shafer has been in the industry since 2000. Continue reading ›

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Christopher Parris, who is facing federal charges related to a multi-million dollar Ponzi scheme that robbed hundreds of people of their savings, has now been accused of running a coronavirus scam by taking millions of dollars from people looking for COVID-19 personal protection equipment (PPE). Silver Law Group is a nationally-recognized securities and investment fraud law firm representing investors. If you have losses due to a Coronavirus scam or other cause, contact Silver Law Group for a no-cost consultation at (800) 975-4345 or ssilver@silverlaw.com.Christopher Parris, who is facing federal charges related to a multi-million dollar Ponzi scheme that robbed hundreds of people of their savings, has now been accused of running a coronavirus scam by taking millions of dollars from people looking for COVID-19 personal protection equipment (PPE).

Silver Law Group is a nationally-recognized securities and investment fraud law firm representing investors. If you have losses due to a Coronavirus scam or other cause, contact Silver Law Group for a no-cost consultation at (800) 975-4345 or ssilver@silverlaw.com. Continue reading ›

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Jeffrey Dixson (CRD# 4166311) is a previously registered broker and investment adviser who was last registered with Madison Avenue Securities in Vancouver, Washington. Dixson’s BrokerCheck report includes customer disputes seeking hundreds of thousands of dollars in damages regarding the sale of GPB Capital. Silver Law Group represents investors in claims to recover GPB losses. If you have investments in GPB Capital, contact Scott Silver for a consultation at ssilver@silverlaw.com or (800) 975-4345. Jeffrey Dixson (CRD# 4166311) is a previously registered broker and investment adviser who was last registered with Madison Avenue Securities in Vancouver, Washington. Dixson’s BrokerCheck report includes customer disputes seeking hundreds of thousands of dollars in damages regarding the sale of GPB Capital.

Silver Law Group represents investors in claims to recover GPB losses. If you have investments in GPB Capital, contact Scott Silver for a consultation at ssilver@silverlaw.com or (800) 975-4345. 

Jeffrey Dixson And GPB Capital

3 of the customer disputes brought against Dixson in 2020 involve the sale of private placement investments in GPB Capital Holdings, an alternative investment company that is now accused of being a Ponzi scheme. Continue reading ›

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Silver Law Group has been named a “Top Law Firm” in the 2020 edition the South Florida Legal Guide (SFLG), a leading guide to the best attorneys and law firms in the region.

Scott Silver, Silver Law Group’s managing partner, was also individually named as a “Top Lawyer”.

The lawyers and law firms included in the 2020 South Florida Legal Guide, the 20th anniversary edition, are peer-nominated based on their experience and record of achievement.

South Florida Legal Guide Top Law Firms Are “Best Of The Best”

The publisher of the SFLG, Gary Press, says “The lawyers honored in this issue are the best of the best in South Florida. It’s not a pay-to-play list. Nominations are vetted by the SFLG editorial team…We look for experienced lawyers and weigh factors such as board certifications, Martindale-Hubbell rankings, other accolades and career achievements.” Continue reading ›

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A compliance executive at broker-dealer Purshe Kaplan Sterling Investments (CRD# 35747) says she has been the subject of intimidation, including having her car tampered with and being followed, for speaking up about concerns she had regarding GPB Capital Holdings. Silver Law Group represents investors in claims to recover GPB losses. If you invested in GPB Capital, contact Scott Silver for a no-cost consultation at ssilver@silverlaw.com or at (800) 975-4345. Toni Caiazzo Neff says that when Purshe Kaplan Sterling asked her to research GPB’s private placement investments in 2016, she told her employer to not become involved with the company.A compliance executive at broker-dealer Purshe Kaplan Sterling Investments (CRD# 35747) says she has been the subject of intimidation, including having her car tampered with and being followed, for speaking up about concerns she had regarding GPB Capital Holdings.

Silver Law Group represents investors in claims to recover GPB losses. If you invested in GPB Capital, contact Scott Silver for a no-cost consultation at ssilver@silverlaw.com or at (800) 975-4345.

Toni Caiazzo Neff says that when Purshe Kaplan Sterling asked her to research GPB’s private placement investments in 2016, she told her employer to not become involved with the company. Continue reading ›

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GPB Capital Holdings, LLC is accused by Massachusetts securities regulators of violating state laws by misleading investors about its finances. GPB is now the subject of an administrative enforcement action from the Massachusetts Secretary of the Commonwealth Securities Division. The action against the troubled New York-based alternative asset management firm was announced on May 27, 2020 and comes after GPB took in more than $14 million from over 180 investors in the state. GPB raised at least $1.3 billion by paying high commissions to broker-dealers such as Sagepoint Financial for selling private placements in GPB’s funds to investors who were promised high dividend payments in return for their investment.GPB Capital Holdings, LLC is accused by Massachusetts securities regulators of violating state laws by misleading investors about its finances. GPB is now the subject of an administrative enforcement action from the Massachusetts Secretary of the Commonwealth Securities Division.

The action against the troubled New York-based alternative asset management firm was announced on May 27, 2020 and comes after GPB took in more than $14 million from over 180 investors in the state.

GPB raised at least $1.3 billion by paying high commissions to broker-dealers such as Sagepoint Financial for selling private placements in GPB’s funds to investors who were promised high dividend payments in return for their investment. Continue reading ›

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Public records show that TCA Global Credit Master Fund, the South Florida-based hedge fund and business lender that announced that it was shutting down in January, 2020 after clients asked for more cash than was available, has sued many companies it lent money to in Broward County, Florida. Silver Law Group is investigating claims by TCA Global investors regarding the liquidity and performance of the investment and potential recovery of improper investment losses. The announcement that TCA Management Group was closing its main fund, which it claimed had $516 million in assets under management, came after TCA employees filed an SEC whistleblower complaint alleging that the fund had inflated its assets and earnings since 2017.Public records show that TCA Global Credit Master Fund, the South Florida-based hedge fund and business lender that announced that it was shutting down in January, 2020 after clients asked for more cash than was available, has sued many companies it lent money to in Broward County, Florida.

Silver Law Group is investigating claims by TCA Global investors regarding the liquidity and performance of the investment and potential recovery of improper investment losses. Continue reading ›

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