Category Archives: Department of Justice

Nemelee Liwanag Jiao Indicted for Fraud-Philippine School Ponzi Scheme-Dallas, TX

April 2017-Dallas, TX

Nemelee Liwanag Jiao, 47, of Irving, Texas, was indicted on two counts of wire fraud for operating a Ponzi scheme that bilked 35 people out of at least $1 Million , according to a press release from the US Attorney’s Office for the Northern District of Texas. 

The indictment alleges that from 2/2009-3/2016, Jioa convinced individuals to invest in promissory notes purportedly issued by Shepherd’s Light Learning Center and Lord of Peace Learning Center, non-profit schools in the Philippines. Investors were promised returns ranging from 10% to 100% on their investment.

The indictment alleges Jioa used the funds for personal expenses, including a country club membership.

The statutory penalty for wire fraud is 20 years and a $250,000 fine.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Allan George Cooper Guilty of Investment Fraud-Houston, Texas

May 20-17-Houston, Texas

The US Attorney’s Office for the Southern District of Texas advises that Allan George Cooper, 76, of Montgomery, TX, was convicted on two counts related to an investment fraud scheme using his companies Effective Energy Alternatives dba A.G. Cooper Associates and Effective Funding Network.

Cooper, who preyed upon his church group and others, presented himself as an investment advisor and raised about $5 million from unsuspecting victims who thought they were investing in short term loans to companies.

Cooper touted 12% returns. In reality most of the funds were used to pay back earlier investors, a classic Ponzi Scheme, and to fund his own lifestyle.

Cooper faces up to 20 years on each count plus a maximum fine of $250,000.

Link to government press release. 

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Three Arrested in Investment Scheme-San Antonio, TX

April 2017- San Antonio, TX

The U.S. Attorney’s Office for the Western District of Texas announced the arrest of three men who face federal charges for their alleged  roles in an advanced fee investment scheme.

Named in the indictment are:

  • James Edward Cox, 56, of Waxhaw NC
  • Kelly Ray Coronado, 49, of Del Rio, TX
  • Gordon Richard Moskowitz, 53, of Sarasota, FL

The indictment alleges that the defendants operated a high yield investment scheme preying on vulnerable parties, most of whom operated international non profits, by promising large scale financing in exchange for up front payments from the non profits.

The defendants face up to 20 years in prison on each charge, if convicted.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Steven Zoernack Pleads Guilty to Wire Fraud Conspiracy-Tampa, FL

March 31, 2017-Tampa, Florida

The U.S. Attorney”s Office for the Middle District of Florida announced that Steven Zoernack, 55, of Sarasota, Florida, pleaded guilty to conspiring to commit wire fraud in connection with a hedge fund scheme involving EquityStar Capital Management LLC, Petroleum Black Energy Fund, the Global Partners Fund, and the Momentum Growth Fund.

According to the press release, Zoernack and his co-conspirators marketed the investments to accredited investors across the United States and Canada and raised more than $6 million.

He faces a maximum penalty of five years in federal prison, a $250,000 fine and restitution to victims of $2.8 million.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Chad Sayers Indicted for Fraud-Dallas, Texas

March 2017-Sherman, Texas

Carlton Chadbourne Sayers (‘Chad”), 51, of Dallas was indicted for fraud by a Federal Grand Jury for the Eastern District of Texas according to a press release from the U.S. Attorney’s Office. 

Sayers was charged with wire fraud, mail fraud, bank fraud and aggravated identity for his involvement in a scheme to defraud numerous victims by requesting that  individuals loan to or invest money with him and Wellington and Franklin Financial, a business he controlled. Victims were told that their money would be used to purchase and/or renovate residential real estate properties. The scheme is alleged to have resulted in losses of over $3 million.

Sayers faces up to 30 years in federal prison if convicted.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Stanley J. Fortenberry of San Angelo, TX, Indicted on Fraud Charges in Connection Oil Deals

August 11, 2016-San Angelo, Texas

The Department of Justice announced that Stanley J. Fortenberry, 50, of San Angelo, Texas, has been charged with 3 counts of mail fraud, 2 counts of wire fraud and one count of obstructing an official proceeding in connection with his company Wattenberg Energy Partners, which raised funds for oil and gas operations in Colorado.

From 2010-2012 he also ran a separate fraudulent scheme through Premier Investment Fund, according to the release. The indictment alleges that Fortenberry spent most of the $900,000 he raised was spent on himself instead of being invested in the purported deals.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

David K. Larson of Sonstone Trading Indicted for Wire Fraud

May 2016-Wichita, Kansas

The Department of Justice announced the indictment of David K. Larson, 70, of Hillsboro, Kansas, who is charged with one count of wire fraud for allegedly carrying out a $7.9 million oil and gas fraud scheme.

According to the announcement, Lawson owned and operated Sonstone Trading, LLC, a company that made a deal to sell 90 barrels a day of crude production to Parnon Gathering, Inc. Instead of delivering crude, Sonstone delivered raw gas oil, a product of substantially lesser value.

Lawson faces up to 20 years and a $250,000 fine if convicted.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870