Broker Newswire
  • Home
  • Latest News
  • Investing
    • Acquisitions
    • Broker Related
    • Online Trading
    • Cryptocurrencies
    • Stocks
  • Markets
    • Earnings
    • OTC Markets
    • Penny Stocks
  • Personal Finance
    • Saving money
    • Retirement
  • Economy
  • Tech
    • Enterprise
    • Internet
SUBSCRIBE
No Result
View All Result
  • Home
  • Latest News
  • Investing
    • Acquisitions
    • Broker Related
    • Online Trading
    • Cryptocurrencies
    • Stocks
  • Markets
    • Earnings
    • OTC Markets
    • Penny Stocks
  • Personal Finance
    • Saving money
    • Retirement
  • Economy
  • Tech
    • Enterprise
    • Internet
No Result
View All Result
Broker Newswire
No Result
View All Result
Home Latest News General

SEC Obtains Final Judgment Against Ponzi Scheme Defendants Involving Loans To Professional Athletes

by Jay Helton
November 18, 2017
1 min read
0
sec logo
Share on FacebookShare on Twitter

On November 17, 2017, the Securities and Exchange Commission announced that a final judgment had been entered against a former professional football player and his co-defendants for defrauding investors in a Ponzi scheme. The $15.7 million final judgment comes after the SEC filed a complaint against the defendants on April 1, 2015. It was alleged that defendants, William D. Allen, Susan Daub, and related entities Capital Financial Partners LLC, Capital Financial Partners Enterprises LLC, and Capital Financial Holdings LLC raised nearly $32 million from investors who were promised profits from loans to professional athletes.

The complaint suggests that the defendants mislead investors about the terms, circumstances and the existence of some of the loans. The defendants are accused of only using a portion of the funds to make the promised loans. Instead, the SEC suggests that the defendants used a portion of the funds for personal expenses, including charges at nightclubs and casinos. The SEC obtained an asset freeze as well as other preliminary relief after filing the complaint.

In November of 2016, Allen and Daub pleaded guilty to related criminal charges. On March 1, 2017, each was sentenced to six years imprisonment and ordered to pay $16.8 million in restitution. More details can be found here.

RELATED STORIES

Volkswagen must pay damages

Volkswagen must pay damages to buyers of manipulated diesel cars

May 25, 2020
Future Cloud Banking and Fintech

Future Cloud Predictions for Banking and Fintech Sector

April 23, 2020
Tags: ponziponzi schemeSEC
Create your Web Presence with Namecheap

Recent Posts

  • Bitcoin and crypto spending is allowed by PayPal Now
  • The event in the live stream: Apple releases 5G-capable iPhone – Business
  • Volkswagen thriller: An unpopular supplier, audio recordings and a dead man
  • Tencent and WeChat also affected: Why Trump’s TikTok ban could harm Silicon Valley
  • Hacker attack on Twitter: “Group of young people” is supposed to be behind the attack on the social media platform

Category

  • Acquisitions
  • Broker Related
  • Earnings Reports
  • Economy
  • Enterprise
  • General
  • Internet
  • Investing
  • IPO News
  • Latest News
  • Layoffs
  • Markets
  • Online Trading
  • Opinion
  • OTC Markets
  • Penny Stocks
  • Personal Finance
  • Retirement
  • Saving money
  • Stocks
  • Technology

About Us

Broker Newswire (BN) is an exciting new online publication, which targets finances, brokers, mortgage and markets. BN, which is the nation’s leading provider of real estate, finance and market news and analysis.

  • About
  • Advertise
  • Privacy & Policy
  • Feedback

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home
  • Latest News
  • Investing
    • Acquisitions
    • Broker Related
    • Cryptocurrencies
    • Online Trading
    • Stocks
  • Markets
    • Earnings Reports
    • OTC Markets
    • Penny Stocks
  • Personal Finance
    • Retirement
    • Saving money
  • Economy
  • Tech
    • Enterprise
    • Internet
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.