On September 29, 2014, the SEC announced that charges had been filed against Michael B. Ferguson of Foster City, CA, and Transactions Unlimited, which did business as ATM Plus, alleging that they were operating a $12 million Ponzi scheme.
According to the SEC the scheme operated from 2005 until late 2013. Investors were led to believe that ATM Plus had ATMs in malls throughout the U.S. and agreements to brand ATMs for major distributors. Ferguson allegedly paid out millions in purported profits to create the illusion of a legitimate business.
Ferguson was arrested by the Santa Clara County District Attorney in March 2014.
If a registered stockbroker recommended that you invest in ATM Plus/ Transactions Unlimited, you may be able to recover your losses. Contact us to learn more.
Rex Securities Law provides nationwide representation to investors 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.
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