October 28, 2012 |
Here is a roundup of alleged cons, frauds and schemes to watch out for. Grandparent scam -- This scheme has been highlighted before in this space, but it's so common it's worth sounding the alarm again. There have been numerous reports about bad people trying to trick older Americans into giving them money by calling and pretending to be relatives, often grandchildren, who are in desperate need of money because of a fabricated emergency. In some cases, it can be for bail or to repair a car. Consumer advocates caution that anyone who receives such a call should ask questions that an imposter would not be able to answer correctly -- the date of their mother's birthday or the city they were born in, for instance.
November 20, 2009 |
Three Riverside County businessmen and four associates were criminally charged Thursday after prosecutors said they sold false investments and committed grand theft in a scheme that bilked clients of $17 million and left many broke. "The schemes . . . collected tens of millions of dollars and victimized both individual investors and financial institutions," U.S. Atty. George S. Cardona said at a news conference in Riverside. "Using storefronts across the Inland Empire and numerous phone lines assigned to their shell companies, the schemers misled banks into believing that prospective borrowers had significant assets, when in fact the schemers were engaging in a mortgage fraud shell game built on lies to both their investors and the banks."
July 3, 1997 |
A campaign of enforcement and consumer education programs to combat an ever-increasing array of sophisticated high-tech investment scams was announced Wednesday by federal and state regulators. Called "Project Field of Schemes," the effort is aimed at new types of investment fraud involving such areas as movie production, Internet "shopping malls" and snail ranching--as well as old standbys like pyramid schemes and conventional telemarketing fraud.
December 24, 2009 |
Federal regulators said Thursday that they obtained a preliminary injunction against two Southern California men accused of defrauding investors who put nearly $10 million into a fund to invest in mobile home parks. A lawsuit filed by the Securities and Exchange Commission says Heath M. Biddlecome, 41, of Carpinteria diverted nearly half of the money raised and used it for so-called day trading. The suit names as defendants Biddlecome; his firm, California Wealth Management Group of Culver City; and William C. Tak, 43, of Newport Beach, a senior vice president at the firm.
August 11, 2006 |
The Securities and Exchange Commission filed a complaint in federal court Thursday alleging that a 29-year-old Manhattan Beach man defrauded investors of more than $22 million in retirement funds through a real estate scam. Jon W. James sold stakes in a series of real estate companies he promised would generate returns as high as 24%, the SEC said. He held free dinners and retirement planning seminars to get more than 90 investors to transfer money to the companies from their IRAs.
July 28, 2000 |
Fifteen former executives and employees of D.H. Blair & Co., a defunct Wall Street securities brokerage, were indicted on charges of defrauding investors out of tens of millions of dollars, partly by manipulating stock prices, in a scheme that ran from 1989 to 1998, the Manhattan district attorney's office said.