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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
Gray, P.C. at (866) 966-9598 or via email at newcases@investorlawyers.net for a no-cost, confidential consultation. [read post]
9 Nov 2023, 9:05 pm by Brian Connor
Fish and Wildlife Service (FWS) reinstated endangered species status for the gray wolf in parts of 44 states and threatened species status for the gray wolf in Minnesota. [read post]
8 Nov 2023, 5:31 am by Nathan Dorn
Boston, Hillard, Gray, and company; New York, Halsted and Voorhies, 1835. [read post]
15 Jul 2023, 11:52 pm by Frank Cranmer
[With thanks to Christopher Whitmey for the update.] [read post]
2 Jul 2023, 6:00 am by Lawrence Solum
Gray reminds us that inanimate things have possessed legal rights at various times. [read post]
1 Jun 2023, 2:56 am by Seán Binder
John Irish and Andrew Gray report for Reuters. [read post]
30 Mar 2023, 6:05 am by Katherine Yon Ebright
Bryan Fenton, Assistant Defense Secretary for Special Operations Christopher Maier and Gen. [read post]
16 Mar 2023, 5:16 am by Teresa Chen, Alana Nance, Han-ah Sumner
Solomon Islands Ousts Provincial Leader Critical of China  The leader of the Solomon Islands’s most populous province was ousted on Feb. 7 after a vote of no confidence by the provincial legislature. [read post]
1 Feb 2023, 8:11 am by centerforartlaw
By Murphy Yanbing Chen Introduction Traditional Knowledge (“TK”) and Traditional Cultural Expression (“TCE”) bear a record of the collective memories of indigenous people. [read post]
1 Jan 2023, 7:31 pm by Ruth Carter
In Memoriam Humans: Gilbert Gottfried, Slique Callahan, Mike Poulton, Nichelle Nichols, Cy Rovie, Olivia Newton-John, Gray Ray, Edgar Marcoux, Louise Fletcher, Angela Lansbury, David Mario, Gordon Stedman, Robbie Coltrane, Isaiah Shepard, Jeannette Black, Leslie Jordan, everyone who died in the 647+ mass shootings in the U.S. in 2022 Critter Friends: Norman Takaha, Althea Takaha, Chaquita Takaha, Miley Pflughaupt, Sophie Neighbor, Ivy Takaha, Fabio Takaha, Minnie Sellers,… [read post]
23 Nov 2022, 4:48 am by Emma Snell
In a letter to Defense Secretary Lloyd Austin, 16 senators expressed support for providing Ukraine with MQ-1C armed drones, or Gray Eagles. [read post]
15 Nov 2022, 4:47 am by Emma Snell
The changes to the multi-use Gray Eagle would make the possibility of losing any – with their sensitive onboard technology – less of a danger, potentially increasing the likelihood of Ukraine receiving them. [read post]
3 Nov 2022, 7:01 am by Kyle Hulehan
Key Findings Carbon leakage occurs when a climate policy in one jurisdiction leads to emissions-producing activity simply shifting to a different jurisdiction. [read post]
23 Oct 2022, 7:01 am by Christopher Faulkner, Marcel Plichta
Christopher Faulkner and Marcel Plichta assess the Wagner Group’s record and argue that it will remain an important security actor for Russia even after the conflict in Ukraine ends. [read post]
12 Aug 2022, 10:05 am by Anna Bower
Earlier this year, Chief Judge Christopher Brasher appointed McBurney as the special grand jury’s supervising judge. [read post]