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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
Investors with questions about claims about non-conventional investments or concerns that they may have invested in a fraudulent scheme may contact Law Office of Christopher J. [read post]
9 Nov 2023, 9:05 pm by Brian Connor
WHAT WE’RE READING THIS WEEK In a forthcoming article for the George Mason Law Review, Kent Barnett, a professor at the University of Georgia School of Law, and Christopher J. [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 Nov 2022, 4:47 am by Emma Snell
The briefs were submitted to Judge Raymond J. [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]
8 Aug 2022, 4:00 am by Howard Friedman
J. __ (Forthcoming 2023)).From SSRN (Constitutional Interpretation):John Witte, Back to the Sources? [read post]
29 Apr 2022, 6:27 am
Bell, Dean Kristy, and Dawn Belt, Fenwick & West LLP, on Saturday, April 23, 2022 Tags: Board composition, Boards of Directors, California, Diversity, ESG, Institutional Investors, Securities litigation, State law SPACs Remain in the SEC’s Crosshairs Posted by Derek Dostal, Pedro J. [read post]
29 Apr 2022, 6:27 am
Bell, Dean Kristy, and Dawn Belt, Fenwick & West LLP, on Saturday, April 23, 2022 Tags: Board composition, Boards of Directors, California, Diversity, ESG, Institutional Investors, Securities litigation, State law SPACs Remain in the SEC’s Crosshairs Posted by Derek Dostal, Pedro J. [read post]
24 Sep 2021, 8:43 am by Arturo Jara
Martin, Sam Waterson, Mariska Hargitay, Ice-T, Christopher Meloni, and Dann Florek.Genre: DramaNetwork: NBCSeasons: 20 (Law & Order), 23 (Law & Order SVU, 24th Season Expected This Month) Matlock Plot: Ben Matlock is a renowned Atlanta criminal defense attorney with one goal: demonstrate sufficient reasonable doubt to win the case for his client. [read post]
10 Sep 2021, 6:17 am
Coffee (Columbia University), on Tuesday, September 7, 2021 Tags: Boards of Directors, Climate change, Engine No. 1, ESG, ExxonMobil, Hedge funds, Institutional Investors, Proxy contests, Shareholder activism, Shareholder voting, Sustainability Three Opinions on Fraud on the Board Posted by Nathaniel J. [read post]
24 May 2021, 10:02 am
Riccardo Vecellio Segate Pages 385-436 Indian National Flag: Carving the National Identity Parineet Kaur Pages 437-447 The Regional Flag of the Macau Special Administrative Region (SAR) of the People’s Republic of China: A Synaesthetic Exploration Rostam J. [read post]
21 Apr 2021, 8:01 am by Sean Quirk
Taiwan’s Ministry of Defense has accused the PRC of using military exercises and gray-zone tactics to wear down Taiwanese forces. [read post]
5 Mar 2021, 3:10 pm
Contents include: Vincent Pouliot, The Gray Area of Institutional Change: How the Security Council Transforms Its Practices on the Fly Martin Binder & Monika Heupel, The Politics of Legitimation in International Organizations Courtney J Fung & Shing-hon Lam, Contesting Roles: Rising Powers as “Net Providers of Security” Nathan Alexander Sears, International Politics in the Age of Existential Threats Mariya Omelicheva & Clayton Webb, Economic Crises and… [read post]
18 Dec 2020, 5:58 am
Freedman, Olshan Frome Wolosky LLP, on Friday, December 11, 2020 Tags: Disclosure, EDGAR, Filings, Financial reporting, Rule 302(b), SEC, SEC rulemaking, Securities regulation Board Considerations for an Uncertain 2021 Posted by Holly J. [read post]