Category Archives: FinCEN

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

Aegis Capital Corp. Discloses Investigation by FINRA, SEC & FINCEN

March 2017-New York

According to publicly available records filed with the Securities & Exchange Commission, Aegis Capital Corporation is being investigated by three regulatory agencies:

  • FINRA-The Financial Industry Regulatory Authority
  • SEC-Securities & Exchange Commission
  • FINCEN-Treasury Department’s Financial Crimes Enforcement Network

The disclosure was recently made in Note 8 to the Annual Audited Report, Form X-17A-5, filed by Aegis Capital with the SEC, located on page 11 of the following document:

 

Aegis Capital Corp. is headquartered in New York and has over 400 registered representatives.

Aegis discloses 26 prior regulatory events. In an August 2015 settlement with FINRA, Aegis agreed to a fine of $950,000 to resolve allegations of improper sales of billions of shares unregistered penny stocks and failure to supervise anti-money laundering charges. More recently, in March 2017, Aegis paid a fine of $52,000 and was ordered to make restitution and disgorgement to resolve allegations that the firm’s supervisory procedures were insufficient.

If you have questions about an investment account at Aegis Capital Corporation, call to discuss your options.

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

Mexican Man Convicted in El Paso, TX, on $15M Investment Fraud

February 23, 2016- El Paso, Texas

CBS 7 reports that Mexican businessman Roberto Trinidad Del Carpio Frescas of Chihuahua was convicted by a federal jury on 24 counts of wire fraud and 10 counts of money laundering.

More than 100 investors in the US and Mexico were swindled out of more than $15 million when they fell victim to  Del Carpio’s representations that he had superior knowledge in trading stocks, bonds, oil and gas and precious metals. The scheme operated from August 2010-early 2012.

Del Carpio faces up to 30 years in prison.

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

Larry & Dixie Masino Indicted in Bingo Related Fraud Scheme-Fort Walton Beach, FL

February 22, 2016- Pensacola, Florida

A federal grand jury returned an indictment charging Larry L. Masino, 65, of Gulf Breeze and Dixie L. Masino, 63, of Pensacola,  with wire fraud conspiracy, operating an illegal gambling business, money laundering conspiracy and money laundering, according to Christopher P. Canova, US Attorney for the Northern District of Florida.

The indictment alleges that, between 2006 and 2015, Larry and Dixie Masino conspired to defraud local charities out of millions of dollars by operating Racetrack Bingo Inc. in Fort Walton Beach on behalf of a number of charitable organizations in Okaloosa County.

According to the indictment, Racetrack Bingo Inc. was an illegal gambling business in violation of Florida law because the Masinos compensated themselves and their employees, instead of using bona fide charity members, to run bingo games.  The indictment further alleges that the Masinos charged the charities grossly inflated lease fees.  By law, those proceeds should have gone to the charities.  The indictment also alleges that Larry and Dixie Masino conspired to launder more than $5.8 million in proceeds of their illegal bingo operation through the deposit of profit distribution checks from Racetrack Bingo Inc.

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.

Masino Indictment

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

Promoters & Executives of Sterling Currency Group Indicted on Alleged Iraqi Dinar Scam

February 22, 2016- Atlanta, Georgia

The US Attorney’s Office for the Northern District of Georgia announced the indictment of Tyson Thame, James Shaw, Terrence Keller and Frank Bell in connection with the operation of Sterling Currency Group, a company that touted itself as the largest sellers of the Iraqi dinar in the United States.

They are charged with fraudulently inducing investors into purchasing the Iraqi dinar.

“Investors in the Iraqi dinar, like all investors, are entitled to make an informed choice based on honest and transparent information,” said U. S. Attorney John Horn. “These defendants are alleged to have defrauded investors by spreading misinformation about the investment potential of the Iraqi dinar in order to profit from sale of the currency.  We urge anyone who believes they were impacted by this scheme to contact the FBI.”

According to the indictment, Sterling Currency Group, LLC, which also did business as Sterling Online Processing Services, LLC, and Dinar Banker (collectively, “Sterling”), was a Georgia corporation with its principal place of business in Atlanta, Georgia. Sterling sold and exchanged so-called “exotic currencies,” including most predominantly the Iraqi dinar.Tyson Rhame and James Shaw were co-owners of Sterling, which began operations in 2004. Frank Bell began working for Sterling in 2010 and became Sterling’s Chief Operating Officer in 2011.

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

Fred Davis “Dave” Clark Sentenced to 40 Years- Cay Clubs Scam-Key West, FL

February 23, 2016- Key West,  Florida

Fred Davis “Dave” Clark, Jr. , 57, was sentenced 40 years in federal prison on bank fraud and obstruction charges in what U.S. Attorney Jerrob Duffy describes as “…one of the largest frauds in the history of Monroe County”.

Clark was convicted in December 2015 of bank fraud and making a false statement to a financial institution and obstruction of the Securities & Exchange Commission related to his operation of Cay Clubs Resorts and Marina which marketed rental units in 17 locations in the Keys, Clearwater, Las Vegas and the Caribbean.

Losses to financial institutions and some 1,400 victims are estimated at $169 million. According to prosecutors Clark gained over $40 million personally by operating what the judge described as a ponzi scheme.

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

Bich Nguyen Sentenced for $24 Million California Ponzi Scheme

February 3, 2015- Santa Ana, California

The Imperial Valley News reports that Bich Quyen Nguyen, 60, of San Jose, was sentenced to more than 12 years in federal prison for running a Ponzi scheme that bilked over 200 victims out of more than $24 million.

Nguyen, who was found guilty of conspiring to commit wire fraud in December 2013, told victims she was CEO of Sun Investment Savings and Loan and offered purported CDs issued by a Swedish financial institution which paid guaranteed, high interest returns.

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