Mr. Maroney misappropriated at least $4.48 million in investor funds to enrich himself and his family, “including the purchase and maintenance of his waterfront home and a Mercedes Benz, and to pay for his extensive credit card bills and renovation-related expenses on the house”, the SEC claims.
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Mr. Lien admitted that from August 2000 until December 2019, he solicited more than $14.2 million from 45 individuals to manage their trading in commodity futures, specifically U.S. Treasury Bond futures.
Matthew Beresford even went to the extent of advertising his ‘scheme’ on the radio across Melbourne.
Syed Arham Arbab will also have to pay $509,032 in restitution.
Savraj Gata-Aura got 48 months in jail, and 3 years of supervised release.
The Government argues that in light of the magnitude of the fraud and Savraj Gata-Aura’s critical role in it, a sentence of incarceration from 60 to 97 months would be sufficient.
Savraj Gata-Aura insists that he was neither the mastermind, nor architect, nor principal of the Bar Works scheme.
Syed Arham Arbab, who ran a purported hedge fund, is permanently restrained from engaging in any act, practice, or course of business which operates as a fraud or deceit.
The UK Financial Services Compensation Scheme has completed its investigation into Midas and can confirm that the firm does owe a civil liability to customers.
With regard to the SEC’s action, Savraj Gata-Aura and Core Agents have agreed in principle to bifurcated settlements that would resolve all the non-monetary relief the Commission has sought in this matter.
The parties request that sentencing and all associated sentencing submissions and pre-sentencing report deadlines continue to be adjourned.
The SEC is granted leave to move to reopen the case either to seek the Court’s approval of a final judgment with Haddow or to move for monetary relief.
The US regulator notes that the case has not yet solved the matter concerning the monetary penalties to be imposed on the fraudster.
The order is issued about three months after the New York Southern District Court approved a consent judgment in this lawsuit.
James Moore received at least $1.5 million in commissions, so the SEC requests this amount in disgorgement, plus prejudgment interest and civil penalties.
On November 18, 2019, Savraj Gata-Aura pleaded guilty to Count One of the S1 Indictment, conspiracy to commit wire fraud.
Haddow is scheduled to testify at trial targeting his co-conspirator Savraj Gata-Aura next month.
The stay in the civil action taken by the regulator against James Moore has been lifted.
The regulator asks the Court to lift the stay in the civil action against James Bernard Moore.