Tag: Affinity fraud

SEC Charges Individual in Fraudulent Investment Scheme Targeting the Haitian-American Community

The Securities and Exchange Commission today announced that it filed charges against Marc Henry Menard in the Eastern District of New York for allegedly defrauding more than fifty individuals, many from the Haitian-American community, of at least $1.65 million. According to the SEC’s complaint, from approximately July 2021 through September 2023, Menard solicited investments by misrepresenting his past investment success,…

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SEC Charges Algorithmic Trader Matthew Melton with Defrauding Investors Out of More Than $1.5 Million

The Securities and Exchange Commission today charged Matthew Melton for fraud in connection with material misrepresentations to investors about the performance of his Price Physics trading algorithm and his misappropriation of more than $1.5 million of investor proceeds. According to the SEC’s complaint, which was filed in the United States District Court for the Southern District of New York, between…

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SEC Obtains Emergency Relief To Halt Nearly $130 Million Fraud Targeting Indian American Community

The Securities and Exchange Commission today announced that it obtained a temporary restraining order, asset freeze, and other emergency relief to halt an ongoing fraud targeting the Indian American community that has raised nearly $130 million since April 2021. The fraud is allegedly being conducted by Nanban Ventures LLC, its three founders Gopala Krishnan (aka GK), Manivannan Shanmugam, and Sakthivel…

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SEC Charges California Resident with Multimillion Dollar Ponzi Scheme Targeting Tongan American Community

The Securities and Exchange Commission today charged Richmond, California resident Tilila Walker Sumchai with raising approximately $11.8 million from more than 1,000 investors through a fraudulent securities offering targeting members of the Tongan American community across the United States. According to the SEC’s complaint, from approximately January 2021 through October 2021, Sumchai convinced retail investors to acquire shares of an…

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SEC Alleges Son and Father-in-Law Touted Faith to Target Church Members in $20 Million Offering Fraud

The Securities and Exchange Commission today charged Brett M. Bartlett, his father-in-law Scott A. Miller, and their companies for fraudulent securities offerings that raised at least $20.5 million, some of which Bartlett and Miller misused for personal expenses. According to the SEC’s complaint, from at least June 2018 to May 2020, Bartlett and Miller raised funds from more than 1,000…

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