Florida’s Wealth Has Been The Target of Ponzi Schemes

Posted on April 18th, 2014 at 9:00 AM

From the Desk of Jim Eccleston at Eccleston Law Offices:

According to an analysis of the “Madoff Era”, Florida ranked second in the nation with 54 schemes uncovered since 2008, and third in the combined value of those losses totaling more than $50 billion. Ponzi schemes in Florida ripped off at least $5 billion from hundreds of unsuspecting investors.

Topping the list in Florida were a pair of Fort Lauderdale brothers, who swindled investors out of $1.25 billion.

Three Sarasota-based Ponzi scheme also made the list. First, Arthur Nadel ranks sixth on the list. He ran a hedge-fund scheme in downtown Sarasota for nearly 10 years, cheating 350 investors out of more than $160 million. Second, the Sarasota couple, Marian and John Morgan, and their money management firm ranked 20 for their Ponzi scheme in bilking 87 investors out of as much as $28 million to finance a lavish lifestyle. Third, trader Beau Diamond and his Diamond Ventures firm, a Lamborghini-driving “trading club” manager, swindled investors through a Sarasota-based Ponzi valued at $38 million.

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags:

Return to Archive

TESTIMONIALS

Previous
Next

If you are being bothered by the Regulators, call Eccleston Law, you won't regret it.

Rick R.

LATEST NEWS AND ARTICLES

October 27, 2021
Former LPL Advisor Suspended For Completing 22 Trades Absent Client Consent

The Financial Industry Regulatory Authority (FINRA) has suspended and fined a former LPL advisor who allegedly completed 22 trades on behalf of a client without obtaining written consent. FINRA has issued a $5,000 fine and has suspended Michael Hartlett for 10 days.

October 26, 2021
Former Advisor Fails To Reverse Bar After Alleged $1 Million Theft From RBC

A former RBC Wealth Management advisor lost his bid to reverse an industry bar, according to an appellate decision issued by the Financial Industry Regulatory Authority (FINRA).

October 25, 2021
Firms Walk Thin Regulatory Line In Referring Self-Directed Clients To Advisors

While online trading platforms have surged in popularity during the pandemic, brokerage firms view self-directed investors as a source of new clients.