BREAKING NEWS—Denver Based Corporation Charged By SEC With Alleged $55 Million Ponzi Scheme
On July 26, 2018, the SEC announced that it was unsealing fraud charges against a group of companies and their principal for allegedly perpetrating a $55 million ponzi scheme. Daniel Rudden, a resident of Colorado, operated a group of companies named Financial Visions, LLC, Financial Visions West, LLC and Financial Visions West I, LLC.
From approximately 2001 through approximately July 2018, the Financial Visions Companies raised as much as $55 million from as many as 150 investors in multiple states through a promissory note offering. The Financial Visions Companies paid annual interest rates of 12% on promissory notes by allegedly earning profits through “life insurance assignments.” The SEC complaint alleges that since 2010-2011, Financial Visions used new investor funds to pay interest and redemptions to existing investors.
The SEC has frozen assets in an effort to maximize the recovery to defrauded investors.
For a full copy of the SEC Complaint, click https://www.sec.gov/litigation/complaints/2018/comp24216.pdf
If you or someone you know has experienced investment losses in promissory notes, please contact the Wolper Law Firm at 800.931.8452 or by email at email@example.com to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. Simply put, he knows how the other side evaluates cases, which gives you a competitive advantage.
- Former West Park Capital, Inc. and Laidlaw & Company LTD Broker, Bryan Mazliach, Investigated By FINRA For Alleged Violation Of FINRA Rules
- Former BMO Harris Financial Advisors, Inc. Broker, Lori Ann Sacco, Suspended Six Months By FINRA For Allegedly Altering Customer Account Documents
- Former Woodbury Financial Services, Inc. Broker, Jodie Lane, Suspended Six Months By FINRA For Allegedly Accepting Gifts And Becoming Beneficiary Of A Client
- Broker, Kimberley Schkade-Hill, Supsended by FINRA For Four Months And Fined $10,000 For Allegedly Having Clients Sign Documents In Blank
- LPL Financial LLC Broker, Matthew Clason, Is The Subject Of An SEC Enforcement Action For Allegedly Stealing Hundreds Of Thousands Of Dollars From A Client
- Former Capitol Securities Management Inc. Broker, Michael Rubel, Suspended By FINRA For 45 Days For Allegedly Engaging In Short-term Trading Of Unit Investment Trusts
- Recovering Your Investment Losses In Non-Traded Real Estate Investment Trusts And Business Development Companies
- Former Westpark Capital, Inc. Broker, Hary Datys, Suspended By FINRA For Fifteen Months For Allegedly Failing To Conduct Due Diligence Before Selling Promissory Notes
- Former Ameriprise Financial Services, LLC Advisor, Arthur Hoffman, Barred By FINRA For Allegedly Failing To Provide Documents In Relation To Investigation Into Outside Business Activities
- Crown Capital Securities Broker, Kenneth Barroga, Has Had Four Customer Complaint Disclosures