A former Howard County man pleaded guilty Monday in federal court to running two cattle investment fraud schemes that cost 28 victims, including The Callaway Bank, nearly $8 million. Kevin Ray Asbury, 44, pleaded guilty in U.S. District Court for the Western District of Missouri to federal charges that he used his business, R&K Angus Ranch, to operate two fraud schemes from December 2006 to October 2008, according to a news release from the U.S. Attorney's Office.
Indictment Alleges $59 Million of Fraud NEW YORK, June 10 /PRNewswire-USNewswire/ -- An indictment charging financial adviser Kenneth Starr with 20 counts of wire fraud, as well as one count each of securities fraud, fraud by an investment advisor, and money laundering was filed today, announced Preet Bharara, the U.S. Attorney for the Southern District of New York, Cyrus R. Vance, Jr., the District Attorney of New York County, and Charles R. Pine, the Special Agent in Charge of the New York Field Office, Criminal Investigation Division, Internal Revenue Service (IRS).
Federal and state officials are patting themselves on the back for Operation Broken Trust, a nationwide effort to target investment fraud. The operation resulted in the filing of 231 criminal cases and 60 civil enforcement actions. Many people got jail time, some for as long as 20 years.
Several Western New Yorkers are charged or convicted with various crimes in connection with a national investigation into investment fraud. S. Attorney William J. Hochul announced regional results of the "Operation Broken Trust" investigation Monday in Rochester and Buffalo following an announcement by Attorney General Eric Holder in Washington, D.C.
A federal law enforcement task force investigation targeting financial fraud cases nationwide has led to charges against 532 criminal and civil defendants involving $10.4 billion in total losses for more than 120,000 victims, Attorney General Eric H. Holder Jr. announced Monday. Mr. Holder said the task force initiative, known as "Operation Broken Trust," is the first national operation of its kind to target a broad array of investment fraud schemes that directly prey on the investing public. It was described as the largest ever nationwide crackdown on financial fraud.
S. Attorney William J. Hochul Jr. announced Friday that a federal grand jury has returned a 47-count indictment charging Michael H. Wilson, 23, formerly of Hamburg, Erie County, with wire fraud, money laundering and conspiracy. Wilson's brother, William W. Wilson, 21, of Cleveland, Ohio, is charged with two counts of wire fraud and conspiracy. The maximum penalty for each fraud count is 20 years in prison and a $250,000 fine. The money laundering charge carries a penalty of up to 10 years in prison and a $250,000 fine.
MIAMI - Regions Bank has agreed to pay a $1 million penalty to settle a Securities and Exchange Commission complaint that it played a role in a long-term investment fraud that charged huge hidden fees and sales commissions to thousands of unwitting Latin American investors. The Birmingham, Ala.-based bank and its predecessor, Union Planters Bank, acted as trustees for a pair of unregistered investment brokers - U.S. Pension Trust Corp. and U.S. College Trust Corp. - that have previously been charged as deceptive by the SEC. Regions allowed its name to be used in marketing materials, helped prepare a promotional video and met with prospective investors and some of the schemes' 2,000 unregistered sales agents.
Woman pleads guilty to investment fraud CLARKSBURG - A Fairview woman who pleaded guilty to bank fraud is free on bond until her sentencing.
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