November 13, 2014- Santa Ana, CA- CBS Sacramento reports that Daniel Powell of San Diego was convicted of mail and wire fraud and obstruction of justice in connection with running a $4 million life insurance scam.
Investors were led to believe their investments would be used to buy life insurance polices and that they would make money by selling the policies or by collecting on them when the insured died. Powell told others he was investing in gold.
He actually was running a Ponzi scheme, using money from new investors to pay “returns” to earlier investors and to fund his luxurious lifestyle.
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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