Notable 2021 Ponzi Schemes

Posted on January 3rd, 2022 at 1:16 PM
Notable 2021 Ponzi Schemes

From the Desk of Jim Eccleston at Eccleston Law:

While 2021 was anything but an ordinary year, numerous advisors were indicted for conducting Ponzi schemes similar to previous years. 

In one notable case, the Financial Industry Regulatory Authority (FINRA) barred a Florida-based advisor, James Seijas, over his alleged role in a $30 million cryptocurrency investment scheme. According to the complaint, Seijas was indicted as well as Quan Tran and Michael Ackerman for conducting a Ponzi scheme known as Q31. The complaint further alleged that the scheme advertised returns of 15%, but only around $10 million of the funds were invested. 

In a separate case, a Texas-based advisor, William Neil “Doc” Gallagher, received three life sentences in prison pertaining to a Ponzi scheme he allegedly conducted. Gallagher, 80, regularly advertised on Christian radio that he was selling securities through Gallagher Financial Group. Gallagher allegedly defrauded at least 30 investors out of nearly $32 million. The complaint alleged that Gallagher offered investors “guaranteed, risk-free returns” of 5% to 8% on an annual basis. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

 

Tags: eccleston, eccleston law, ponzi schemes, finra

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