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SEC Charges Middlesex Mortgage Group and Masanotti with Running $5.9 Million Ponzi Scheme The U.S. Securities and Exchange Commission (“SEC”) has alleged that unregistered investment adviser John A. Masanotti, Jr. (“Masanotti” of Darien, Connecticut and his company, Middlesex Mortgage Group LLC (“MMG”), with fraud in connection with investments that MMC induced from outside investors, totaling least $5.9 million, beginning in 2016. Many of the MMG investors allegedly liquidated securities they held in retirement accounts to invest in the fund. The SEC Complaint is accessible here. According to the SEC. MMC and Masanotti allegedly used investor money to make Ponzi-like payments to investors and also used some investor funds for Masanotti’s “extravagant personal expenses,” According to the SEC, Masanotti told investors that MMC would invest their money in foreign currencies, securities and initial public offerings, but in fact MMC appears to have made no investments on their behalf. After receiving their initial payments, Masanotti continued to deceive investors to perpetuate the investment scheme, including via payments that purported to be returns on capital invested, the SEC said. Over the course of the scheme, Masanotti allegedly used more than $3 million of Middlesex’s assets for his and his family’s personal benefit, according to the suit. The SEC accuses Masanotti of violating the Securities Act and the Exchange Act. A Ponzi scheme is a purported investment vehicle in which early investors in the scheme are paid funds from later investors, thus creating the illusion of legitimacy and solvency. Ponzi schemes are often doomed to failure once the perpetrator of the scheme can no longer pay out investors through newly raised money. Some warning signs that every investor should remain mindful of when vetting a potential investment and conducting due diligence include the promise of high returns with guarantees of little or no risk; overly consistent returns with little or no volatility in the in
14 Nov 2023, 4:30 pm by InvestorLawyers
(“Masanotti” of Darien, Connecticut and his company, Middlesex Mortgage Group LLC (“MMG”), with fraud in connection with investments that MMC induced from outside investors, totaling  least $5.9 million, beginning in 2016. [read post]
Investor Lawyers Blog - https://www.investorlawyers.net/blog/
Law Firm Employees Allegedly Misbehaving Make Headlines
31 May 2023, 4:00 am by Sharon D. Nelson and John W. Simek
The funds were transferred to the wrong account instead of being paid to Freedom Mortgage Corp. as should have occurred. [read post]
Slaw - http://www.slaw.ca/
New York State Comptroller DiNapoli releases municipal and other audits
27 May 2023, 5:00 am by Public Employment Law Press
Lastly, two capital project funds and three community development funds have negative fund balances that may require a transfer from the general fund to pay remaining liabilities. [read post]
New York Public Personnel Law - https://publicpersonnellaw.blogspot.com/
New York State Comptroller DiNapoli releases municipal and other audits
27 May 2023, 5:00 am by Public Employment Law Press
Lastly, two capital project funds and three community development funds have negative fund balances that may require a transfer from the general fund to pay remaining liabilities. [read post]
New York Public Personnel Law - https://publicpersonnellaw.blogspot.com/
State Tax Changes Taking Effect January 1, 2023
22 Dec 2022, 1:55 am by Kyle Hulehan
Additionally, Connecticut’s gas tax holiday expires at the start of the new year. [read post]
Tax Policy Blog - http://taxfoundation.org/blog/
News You Can Use Digest – September 17, 2021
17 Sep 2021, 4:00 am by Jim Sedor
She said she was unaware of any other airline flying to the state capital during that period. [read post]
Lobby Comply Blog - https://stateandfed.com/lobbycomply/feed
Judicial Dissolution of LLCs Under RULLCA: Iowa Supreme Court Takes the Stage
14 Jun 2021, 4:32 am by Peter Mahler
Iowa was one of the first states to adopt the 2006 Revised Uniform Limited Liability Company Act. [read post]
New York Business Divorce - http://www.nybusinessdivorce.com/
An Overview of the Low-Income Housing Tax Credit
11 Aug 2020, 6:00 am by Kevin Kaufman
First, the Tax Credit Assistance Program provided federal grants to assist LIHTC projects struggling to find investors. [read post]
Tax Policy Blog - http://taxfoundation.org/blog/
Sachern Capital Corp. (SACH) Investment Losses
5 May 2020, 6:14 am by Renae Lloyd
(SACH), a real estate finance company, specializes in originating, underwriting, funding, servicing, and managing a portfolio of short-term loans secured by first mortgage liens on real property located primarily in Connecticut. [read post]
The White Law Group's Securities Fraud Blog - http://www.whitesecuritieslaw.com/securities-fraud/blog/
State Tax Changes as of January 1, 2020
20 Dec 2019, 2:00 am by Kevin Kaufman
Corporate income, capital stock, franchise, or similar taxes on businesses or financial institutions will decrease or be eliminated in six states (Connecticut, Florida, Illinois, Indiana, Missouri, and Mississippi) but will increase in two states (New Jersey and Washington). [read post]
Tax Policy Blog - http://taxfoundation.org/blog/
Modify Alimony and Child Support – Substantial Change in Condition – Shirey v. Shirey
1 Oct 2019, 6:21 am by Carolina Attorneys
SHIREY Opinion of the Court – 4 – property in the Consent Order; (2) Husband allegedly having acquired additional employment and income post-divorce; (3) Husband having voluntarily provided additional funds beyond his agreed-upon obligations for the benefit of T.S. and Wife after entry of the Consent Order; (4) the Shireys not selling and agreeing to maintain ownership of the property in Big Pine Key under a limited liability company, and to operate it as a rental property; and,… [read post]
North Carolina Family Law Updates - https://divorce.carolinaattorneys.com/blog/
Royal Bank of Scotland Settles Mortgage Fraud Case for $4.9B
17 May 2018, 12:45 pm by ccollins
RBS Reaches $4.9B Deal to Settle US Mortgage Bond Investigation, Reuters, May 9, 2018 Other Blog Posts FINRA Panel Orders UBS to Pay $204K in Puerto Rico Bond Fraud Claim,  March 22, 2018 Fund Manager Accused of Losing $178M in Residential Mortgage-Backed Securities is Barred from the Industry, February 16, 2018 The post Royal Bank of Scotland Settles Mortgage Fraud Case for $4.9B appeared first on Securities Fraud Attorney. [read post]
Stock Broker Fraud Blog - https://www.investorlawyers.com/blog/
Foster v National Collegiate Student Loan Trust 2007-4 - Redemptio ex machina: TSI Affidavit Machine Receives Judicial Bailout in Texas (and did not even pray for it, since it wasn't a party)
5 Apr 2018, 7:55 pm by Wolfgang Demino
 No. 01-17-00253-CVIN THE COURT OF APPEALS FOR THE FIRST APPELLATE DISTRICT OF TEXAS AT HOUSTON, TEXAS LADANTA D. [read post]
Texas Debt Suit Defense 101 - http://debt-suit-litigation-in-texas.blogspot.com
Other Circuits should follow the Second in Madden v Midland Funding and create national uniformity in protecting pre-crash victims of predatory lending (2017 Law Review article by Angel Rzeslawski) (paraphrased)
12 Dec 2017, 9:57 am by Wolfgang Demino
FIA then sold Madden's debt to Defendant-Appellee Midland Funding, LLC ("Midland Funding"), a debt purchaser. [read post]
Texas Debt Suit Defense 101 - http://debt-suit-litigation-in-texas.blogspot.com
Other Circuits should follow Madden v Midland and create national uniformity in the name of consumer protection (2017 Law Review article by Angel Rzeslawski)
12 Dec 2017, 9:57 am by Wolfgang Demino
FIA then sold Madden's debt to Defendant-Appellee Midland Funding, LLC ("Midland Funding"), a debt purchaser. [read post]
Texas Debt Suit Defense 101 - http://debt-suit-litigation-in-texas.blogspot.com
Why should debt-buyers such as Midland Funding benefit from NBA protection when they are not national banks and are not subject to supervision and regulation as national banks?
5 Nov 2017, 6:02 am by Wolfgang Demino
”Midland Funding LLC and similar nonbank debt buyers acquire charged-off debt at pennies on the dollar and therefore do not provide a means for the originating bank to “liquify their debts” and make capital available for further lending. [read post]
Texas Debt Suit Defense 101 - http://debt-suit-litigation-in-texas.blogspot.com
Why should junk debt buyers such as Midland Funding benefit from NBA protection when they are not national banks and are not subject to regulation and supervision as national banks?
5 Nov 2017, 6:02 am by Wolfgang Demino
” See FTC, The Structure and Practices of the Debt Buying Industry  (2013).Midland Funding LLC and similar nonbank debt buyers acquire charged-off debt at pennies on the dollar and therefore do not provide a means for the originating bank to “liquify their debts” and make capital available for further lending. [read post]
Texas Debt Suit Defense 101 - http://debt-suit-litigation-in-texas.blogspot.com
Law and Media Round Up – 2 October 2017
1 Oct 2017, 4:08 pm by INFORRM
Government Speech and Circumvention of the First Amendment, 44 Hastings Constitutional Law Quarterly 37-60 (2016), Mark Strasser, Capital University – Law School. [read post]
Inforrm\'s Blog - https://inforrm.wordpress.com/
Guest Post: Year in Review: Securities Litigation
29 Feb 2016, 4:43 pm by Kevin LaCroix
Laborers District Council Construction Industry Pension Fund, 135 S.Ct. 1318 (2015). [read post]
The D & O Diary - http://www.dandodiary.com/
Want to Buy a Boston Skyscraper?
6 May 2015, 5:00 am by Doug Cornelius
The first was for an unnamed building in Manhattan and the second was for 1201 Connecticut Avenue NW, Washington D.C. [read post]
Compliance Building - http://www.compliancebuilding.com