Tag Archives: recover investment losses

Florida Stockbroker Lost While Fishing at Sea Staged Disappearance

April 13, 2015- Boca Raton, FL

The Sun Sentinel reports that Richard Ohrn, 44, a former local stock broker who disappeared while fishing in the Atlantic ocean a few weeks back, has admitted that he staged his disappearance by abandoning the boat and driving to Albany, Georgia.

According to the article Ohrn was trying to escape legal issues, including a suit by a former employer alleging that he stole from customer accounts and a civil action accusing him and his wife of misusing funds raised for a home-investing business.

FINRA records indicate that he was named in a FINRA complaint in December 2014 alleging that he converted $15,250 from two elderly clients by forging signatures. That matter is still pending.

According to FINRA records, Ohrn, who is not currently registered, was previously registered with Wells Fargo Advisors 6/2011-8/2012. Prior to that he was registered with Chase Investment Services 7/2009-6/2011.

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

Colleyville Texas Man Convicted in Wind Farm Investment Scam

April 8, 2015- Dallas, Texas

David Lyman Spalding of Colleyville, Texas was convicted by a federal jury on wire fraud, mail fraud and making false statements in connection with a bankruptcy case. See this FBI release for more information.

The prosecution presented evidence that from 2003 through 2011 Spalding raised $3.7 million from 97 investors in 11 states based upon false representations about his companies Wind Plus Inc. and Baseload Energy LLC. Spalding diverted funds from those entities to his personal travel and other expenses.

Each fraud count carries a maximum sentence of 20 years and a fine of $250,000. The other counts carry lesser sentencing and fines. Sentencing is set for July 29, 2015.

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

Affinity Fraud-Church Members Targeted by California Insurance Agent

April 13, 2015

The Insurance Journal reports that Constance Gail Fortune, 61, was arraigned in Los Angeles Superior Court and charged with felony for financial elder abuse as a result of scamming senior citizens, members of First AME Church, out of over $100,000.

Investigators report that Fortune collected premiums for homeowners , auto and life insurance from the victims but never remitted the money to the insurance companies for purchase of the policies, leaving the victims with no coverage.

To conceal the fraud, Fortune prepared fake insurance documents, according to the report.

This type of fraud is known as ‘affinity fraud’Affinity fraud refers to investment scams that prey upon members of identifiable groups, such as religious or ethnic communities, the elderly, or professional groups. See this for more information about affinity fraud. 

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

Gastonia Resident Charged with Securities Fraud by North Carolina Regulators

March 12, 2015-North Carolina

The North Carolina Securities Division of the Department of the Secretary of State announced that Micah Christopher Wilson, 59, of Gastonia was charged with felony securities fraud for defrauding victims out of hundreds of thousands of dollars.

Investigators allege that Wilson guaranteed victims that they would earn at least 8% interest in an investment sold through his company Creative Financial Concepts, Inc. Instead Wilson converted the funds to personal use and used them to pay out to earlier investors in a Ponzi scheme.

Wilson was placed into custody in Gaston County Jail under a $1 million bond. Victims are urged to contact the Secretary of State’s Securities Fraud Division  at 800-688-4507.

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

Stafford Maxwell -Mableton Georgia CEO of Millenium Capital Exchange-Arrested for Ponzi Scheme

April 3, 2015- Atlanta

Stafford S. Maxwell, 46, of Mableton, Georgia,  was arraigned on charges of orchestrating a multi-million dollar Ponzi scheme involving the foreign exchange market through his company Millennium Capital Exchange, Inc., according to an FBI press release.

According to the release, from 2008 to 2012 Maxwell solicited investments from individuals across the U.S. touting his purported history of forex trading success and promising high rates of return ranging as high as 72%. Maxwell led victims to believe he was using the funds to make forex trades in Geneva, Switzerland.

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