UPDATE January 27, 2015
Courthouse News Service reports that Gillis and Wishner pleaded guilty and will be sentenced March 30, 2015. They face up to 80 years in prison.
October 8, 2014- The Securities & Exchange Commission (SEC) filed suit on a $123 million dollar ponzi scheme in which investors were led to believe their money would be used to operated ATM’s in popular public places and they would earn a share of the fees.
In a case filed in federal court in Los Angeles Nationwide Automated Systems (NAS) of Calabasas, California, Joel Barry Gillis and fellow officer Edward Wishner, named in an emergency court order to freeze their assets.
While investors believed they would be receiving 50 cents per ATM transaction and were ‘guaranteed’ a 20 per cent return, NAS does not own most of the ATMs they claim to operate and were using money from new investors to pay out “returns” to earlier investors, in classic Ponzi scheme style.
If you invested in NAS on the recommendation of a registered stockbroker, contact us to find out how you may be able to recover your losses.
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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