Three stockbrokers in Florida were indicted last week for an alleged investment fraud scheme. The indictment came down from a grand jury in Miami. The charges claim that over 150 investors were swindled out of approximately $15 million.
The three men indicted had an office in Sunrise, Florida, and allegedly targeted investors all across the country. They apparently sold stock for a collection of different companies -- at least seven -- they called the "Investment Companies." One of the defendants was the owner and operator of the companies.
The companies misled investors by claiming their investment in the companies would be "safe and profitable." They also claimed that the owner/operator would not take a salary or use any of the invested funds. However, the defendants are charged with stealing 50 to 80 percent of investor proceeds, in the guise of undisclosed commissions and fees.
The men are being charged with "conspiracy to commit mail fraud and wire fraud and substantive mail fraud charges." The owner/operator, in addition, is charged with "conspiracy to commit money laundering and substantive money laundering charges."
In this country, citizens work hard for their earnings, and being defrauded out of their hard-earned money is inexcusable. Elderly people are common targets for these types of schemes. Not only do some lose their retirement savings, but they often lose money they intended to put in trusts or wills for their heirs.
If you suspect that you or someone you love is the victim of fraud, you should say something. You can start by contacting the FBI to investigate. If your claims are substantiated, you can take legal action against the party or parties who have wronged you and possibly recover some or all of your losses.
Source: United States Department of Justice, "Three Individuals Charged in Florida-based Investment Fraud Scheme that Defrauded Over 150 Investors," Nov. 28, 2017