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Public Justice

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The SEC recently issued a final judgment against Jose Angel Aman, the mastermind behind three Ponzi schemes involving uncut colored diamonds and cryptocurrency. The order involves disgorgement of $4.2 million in ill-gotten gains and legal fees of $325,033. Additionally, the criminal case ordered him to pay restitution of $23.9 million, which includes the $4.2 million disgorgement. In a case that repeats like so many before it, Aman, along with his partner first began offering unsolicited securities in about May 2014. Their two Palm-Beach based companies, Natural Diamonds and Eagle Financial Diamond Group Inc. collected $25 million from investors. The draw was investing in the company that would purchase raw, uncut colored diamonds, cut them, then resell the alleged stones at a significant profit. The principal would be returned within two years with an alleged 24% rate of return. The men assured investors that their investments were safe because the money was secured by Aman’s diamond inventory that was alleged to be worth $25 million. When the investment periods ended, Aman would convince the investors to “roll over” their money into new investments. Their “reinvestment contracts” allowed them to keep the scheme going until they could find new investors and raise additional capital to pay out.The SEC recently issued a final judgment against Jose Angel Aman, the mastermind behind three Ponzi schemes involving uncut colored diamonds and cryptocurrency. The order involves disgorgement of $4.2 million in ill-gotten gains and legal fees of $325,033. Additionally, the criminal case ordered him to pay restitution of $23.9 million, which includes the $4.2 million disgorgement. Continue reading ›

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Another Miami hedge fund has been accused of fraud by the Securities and Exchange Commission (SEC). On April 23, 2021 the SEC filed a complaint that charges Andrew Franzone and investment adviser FF Fund Management, LLC “with fraudulently raising and misappropriating tens of millions of dollars from the sale of limited partnership interests in a private fund, FF Fund I LP.”Another Miami hedge fund has been accused of fraud by the Securities and Exchange Commission (SEC). On April 23, 2021 the SEC filed a complaint that charges Andrew Franzone and investment adviser FF Fund Management, LLC “with fraudulently raising and misappropriating tens of millions of dollars from the sale of limited partnership interests in a private fund, FF Fund I LP.” Continue reading ›

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Silver Law Group, a national securities and investment fraud law firm that represents Ponzi scheme victims, is investigating Harbor City Capital Corp. and its founder, Melbourne, Florida resident Jonathan P. Maroney (JP Maroney, Jonathan Paul Maroney), for running an alleged Ponzi scheme. Jonathan P. Maroney Alleged To Have Sold Unregistered Fraudulent Securities An emergency action filed April 20, 2021, by the Securities and Exchange Commission (SEC) in federal court in the Middle District of Florida alleges that Maroney used Harbor City Capital, a purported "online lead generation campaign business," and a number of entities to raise $17.1 million through offerings of unregistered fraudulent securities. Jonathan P. Maroney allegedly used those proceeds to maintain his Ponzi scheme and for his personal use. Maroney, 50, sold unregistered fraudulent securities as either promissory notes, fixed-rate funding agreements, or high yield, secured bonds while promising investors monthly returns ranging from 1 percent to 5 percent—and annual returns from 10 percent to 60 percent. Through marketing videos and social media, Jonathan P. Maroney ensnared over 100 victims across the United States, according to the SEC.Silver Law Group, a national securities and investment fraud law firm that represents Ponzi scheme victims, is investigating Harbor City Capital Corp. and its founder, Melbourne, Florida resident Jonathan P. Maroney (JP Maroney, Jonathan Paul Maroney), for running an alleged Ponzi scheme. Continue reading ›

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The Securities and Exchange Commission (SEC) has obtained a temporary restraining order and asset freeze against Melbourne, Florida resident Jonathan P. Maroney, accusing him of running an ongoing Ponzi scheme through his company Harbor City Capital Corp., LLC and other entities. Although characterized as an internet marketing company, Maroney allegedly structured the company to raise money from investors who would profit from Harbor City Capital’s operations placing ads on the internet.  In reality, according to the SEC allegations, Maroney used investor money for his own use and benefit and was operating a Ponzi scheme. The SEC emergency action, filed April 20, 2021, in federal court in the Middle District of Florida, halted the alleged Ponzi scheme and marketing scam that the SEC said was ongoing. Maroney, 50, raised more than $17.1 million by offering fraudulent unregistered securities to finance his business of online “customer lead generation campaigns,” in which online sales leads are created and sold to third party businesses. In fact, very little of the capital that Maroney raised through his securities offerings went into this business, the SEC alleges, and was instead misappropriated for Maroney’s personal use, to make payments to entities unrelated to the purported purpose of the offerings, and to keep his Ponzi scheme going. Maroney and two relief defendants, Celtic Enterprises, LLC, a company he runs, as well as Maroney’s wife, Tonya L. Maroney, are charged with violating the antifraud and registration provisions of the federal securities laws. In addition to the emergency relief granted by the Court, the complaint seeks preliminary and permanent injunctions, disgorgement, prejudgment interest, and a civil penalty from each of the defendants.The Securities and Exchange Commission (SEC) has obtained a temporary restraining order and asset freeze against Melbourne, Florida resident Jonathan P. Maroney, accusing him of running an ongoing Ponzi scheme through his company Harbor City Capital Corp., LLC and other entities. Although characterized as an internet marketing company, Maroney allegedly structured the company to raise money from investors who would profit from Harbor City Capital’s operations placing ads on the internet. In reality, according to the SEC allegations, Maroney used investor money for his own use and benefit and was operating a Ponzi scheme. Continue reading ›

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Scott Reed (Scott Wayne Reed CRD# 3007033) is a previously registered broker and investment advisor whose most recent employer was First Financial Equity Corporation (CRD#: 16507). Prior to that, Reed spent four years at Wells Fargo Clearing Services, LLC (CRD#: 19616) in Scottsdale, Arizona. Reed has been in the securities industry since 1999. FINRA And Arizona Corporation Commission Investigate Scott Reed After learning of allegations concerning Reed following his termination from Wells Fargo, the Financial Industry Regulatory Authority (FINRA) began an investigation into Reed’s conduct.  Among other things, FINRA made the following findings of fact: Reed solicited individuals to invest in securities issued by a software and web development company based in Pasadena, California; Reed received selling compensation of $191,340 from the company for his role in soliciting and facilitating the investments; and Reed failed to provide Wells Fargo with prior notice or obtain the firm’s advance approval for his participation in these private securities transactions.Scott Reed (Scott Wayne Reed CRD# 3007033) is a previously registered broker and investment advisor whose most recent employer was First Financial Equity Corporation (CRD#: 16507). Prior to that, Reed spent four years at Wells Fargo Clearing Services, LLC (CRD#: 19616) in Scottsdale, Arizona. Reed has been in the securities industry since 1999. Continue reading ›

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Megurditch “Mike” Patatian (CRD# 4047060) is a former registered broker and investment advisor whose most recent employer was Supreme Alliance LLC (CRD#: 45348). Before that, Patatian spent seven years registered with Western International Securities, Inc. (CRD#: 39262) of Westlake Village, California. Patatian has been working in the industry since 1999. FINRA Department Of Enforcement Filed Disciplinary Proceeding Related To Patatian’s Securities Sales Practices FINRA’s Department of Enforcement filed a Complaint against Patatian on February 26, 2021. In the Complaint, FINRA alleged that from 2013 through 2017, Patatian recommended non-traded real estate investment trusts, or REITs, to dozens of customers. The investments purchased totaled $7.8 million, earning Patation more than $450,000 in commissions. The Complaint also details unsuitable and improper recommendations to surrender and/or switch annuities.Megurditch “Mike” Patatian (CRD# 4047060) is a former registered broker and investment advisor whose most recent employer was Supreme Alliance LLC (CRD#: 45348). Before that, Patatian spent seven years registered with Western International Securities, Inc. (CRD#: 39262) of Westlake Village, California. Patatian has been working in the industry since 1999. Continue reading ›

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City National Bank is a named co-defendant in a class-action lawsuit filed in U.S. District Court for the Central  District of California by victims of alleged Ponzi schemer Zachary Horwitz, a sometimes-Hollywood actor under the name Zach Avery who raised $690 million through a bogus film licensing company called 1inMM Capital, LLC. Zachary Horwitz Alleged Mastermind Of Ponzi Scheme The complaint alleges that City National, in maintaining at least seven separate accounts to which Horwitz was the sole authorized signatory, “knew of and substantially assisted Horwitz’s fraudulent scheme.” That scheme, for which the complaint says Horwitz now owes defrauded investors more than $230 million, involved the selling of short-term, high-yield promissory notes to investors, in exchange for which Horwitz promised to purchase movie rights and broker licensing deals, using his industry connections at HBO, Netflix, and Sony.City National Bank is a named co-defendant in a class-action lawsuit filed in U.S. District Court for the Central  District of California by victims of alleged Ponzi schemer Zachary Horwitz, a sometimes-Hollywood actor under the name Zach Avery who raised $690 million through a bogus film licensing company called 1inMM Capital, LLC. Continue reading ›

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Do you have a family member who is also your stockbroker, investment advisor, or other financial services representative? Many broker-dealer firms encourage newly-minted employees to recruit wealthy relatives to invest with them to begin their business and grow their client list. You may have taken the bait and moved your investments over, or may just be considering changing brokers to help them out. There isn’t anything wrong with doing this, of course, it’s your choice. In many ways, you should treat them as you would anyone you’re considering to invest your money, since it is your money that’s on the line. The goal is to ensure that your money will be in safe hands, and handled professionally, family or not.Do you have a family member who is also your stockbroker, investment advisor, or other financial services representative?

Many broker-dealer firms encourage newly-minted employees to recruit wealthy relatives to invest with them to begin their business and grow their client list. You may have taken the bait and moved your investments over, or may just be considering changing brokers to help them out. There isn’t anything wrong with doing this, of course, it’s your choice. Continue reading ›

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Broker-dealers under the Advisor Group (which includes SagePoint Financial, Royal Alliance Associates Inc., Triad, Woodbury Financial Services, and FSC Securities) have increased legal reserves by about $4.4 million compared to the prior year, according to SEC filings. According to an InvestmentNews article, Royal Alliance, SagePoint, and FSC increased their reserves by as much as three times the amount of the prior year. GPB Sales Cost Broker-Dealers The Advisor Group firms say they increased their reserves for “legal and regulatory matters”, but don’t say exactly what those matters are. One issue that may be costing the firms is the sale of GPB Capital Holdings private placements, which recently was charged with running a Ponzi-like scheme and had three of its senior executives arrested.Broker-dealers under the Advisor Group (which includes SagePoint Financial, Royal Alliance Associates Inc., Triad, Woodbury Financial Services, and FSC Securities) have increased legal reserves by about $4.4 million compared to the prior year, according to SEC filings. Continue reading ›

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