Sanjeev Acharya and his company, Silicon Sage Builders LLC, face Ponzi scheme allegations from Securities Exchange Commission. The SEC published a complaint in December 2020 that alleged Acharya had built a $119 million fraud. In addition to equity offered by Silicon Sage Builders (SSB), investors may also have invested in building projects via the SSB…

Read More

In October 2020, a judge sentenced former financial adviser Leon Vaccarelli of Waterbury, Connecticut to seven-and-a-half years in federal prison. This followed a trial in 2018, when a jury determined that Vaccarelli had committed a total of 21 federal crimes, including money laundering and securities fraud. According to the prosecution, Vaccarelli stole money from investors…

Read More

Corbin Lambert (CRD #: 3191042), a broker registered with Securities America and an investment advisor registered with Continuum Financial, has been charged by the SEC with a “cherry-picking scheme,” according to his BrokerCheck record, accessed on October 14, 2020. Mr. Lambert was Continuum Financials’ CEO and has also served as the Chief Compliance Officer. The…

Read More

Chris Burns of Dynamic Money has disappeared, along with more than $78,000. He disappeared on September 24, the day before he was due to turn over papers related to an SEC investigation into his business, Dynamic Money. Dynamic Money offers financial advice through registered brokerage firm Investus Advisory, LLC. Chris Burns provided financial advice on…

Read More

Online, zero-fee brokerages have skyrocketed in popularity as traders have moved away from the traditional fee- and commission-based models of investing. Robinhood made headlines in the past few years, developing a reputation as the popular new trading app for Millennials. As Robinhood’s success grew, other financial services firms started offering more online, zero-fee brokerage services…

Read More

The SEC alleges that a California company, Professional Financial Investors, Inc., made Ponzi-like payments using notes sold by a related entity, Professional Investors Security Fund. In a recent complaint, the SEC also alleges that Lewis Wallach, the former president of Professional Financial Investors, misappropriated funds. According to the SEC, Wallach raised funds from investors by…

Read More

Concorde Group Holdings Inc. was named in a recent SEC action brought against the company’s owner, Craig Zabala. Concorde Group Holdings is a Delaware-based company with a principal place of business in New York. The SEC complaint alleges that between February 2015 and August 2019, Zabala defrauded 17 investors by making allegedly false statements in…

Read More

NS8, a Nevada-based company, is the subject of a recent SEC investigation. The SEC has filed civil charges against the fraud detection software company’s CEO, Adam Rogas, for allegedly lying to investors and stealing from the company. The regulatory authority alleges that Rogas raised approximately $123 million from investors by providing falsified financial statements that…

Read More

Matthew Clason (CRD #: 4692266), a previously registered investment adviser and previously registered broker, is the subject of an SEC emergency action. The action alleges that Mr. Clason stole hundreds of thousands from one of his clients and that unless enjoined, Clason will continue to access the money in their shared bank account, according to…

Read More