Latest news with #investmentScam
CBS News
22-07-2025
- Business
- CBS News
Former Bay Area financial advisor accused of running $9.5M Ponzi scheme
A former Bay Area financial advisor was charged in connection with a $9.5 million Ponzi scheme, the United States Department of Justice said on Monday. The DOJ identified the suspect as 77-year-old Edwin Emmett Lickiss, Jr., and said he operated as a financial advisor from 1998 to September 2024. Lickiss, who was based in Alamo and Danville, was the owner of Foundation Financial Group and provided services in the Northern District of California, Idaho and throughout the U.S, the DOJ said. He was a registered broker. But the Financial Industry Regulatory Authority suspended his license in 2014, and he eventually lost the license in 2016, according to the DOJ. However, he kept soliciting and accepting investments, the DOJ said. He allegedly told investors that their money would be used for government bonds and claimed he had exclusive access to bonds that had rates of return even higher than 20%, the DOJ said. Lickiss is accused of making up the bonds, describing them as "safe, secure, and tax-free" and saying that they could be redeemed at any time, the DOJ said. As part of the Ponzi scheme, Lickiss allegedly gave fake promissory notes, made lulling payments to victim investors, and didn't disclose that his broker's license was suspended and that he eventually lost it, the DOJ said. The money Lickiss obtained was used for home renovations, travel, car, mortgage and credit card payments, and paying earlier investors, the DOJ alleges. The DOJ said the grand jury indictment was filed on July 17 and unsealed on Monday. He faces one count of wire fraud and one count of money laundering. His first court appearance is on Tuesday in San Francisco. The wire count charge carries a maximum of 20 years in prison and $250,000 fine, and the money laundering charge carries 10 years in prison and a $250,000 fine, the DOJ said. Lickiss also faces a civil enforcement action from the U.S. Securities and Exchange Commission in the Northern District of California.
UAE Moments
21-07-2025
- UAE Moments
Dubai Police Arrest Group Running Fake Trading Scheme Online
Dubai Police have busted a cybercrime gang that ran a fake trading and investment scam through social media. The gang tricked victims by pretending to represent well-known online trading platforms and lured them with promises of fast and high profits. Join our FREE WhatsApp channel to dive into a world of real-time engagement! The arrests were carried out by the Anti-Fraud Centre at the General Department of Criminal Investigation after weeks of close monitoring and investigation. The operation was revealed as part of the national awareness campaign #BeAwareofFraud, which aims to educate the public about common scams. According to the police, the gang contacted victims through phone calls and social media, convincing them to transfer money to supposedly invest in electronic trading platforms. However, the money was actually moved to bank accounts outside the UAE. Thanks to the diligent efforts of the Dubai Police, the identities and locations of the suspects were tracked down, leading to their swift arrest. Legal procedures have already begun to refer them to the relevant judicial authorities. Dubai Police continue to urge the public to stay cautious and verify the legitimacy of any investment opportunity before sending money or sharing personal details. If you suspect fraud, report it immediately through the eCrime platform, the Dubai Police app, or by calling 901.
Fox News
11-07-2025
- Business
- Fox News
UK man indicted in alleged $99M wine fraud scheme that left investors high and dry
A man from the United Kingdom was arraigned Friday in Brooklyn federal court after being charged with running a $99 million money laundering scheme through a faux wine company. James Wellesley, 56, was arraigned after his extradition from the U.K., where he and co-defendant Stephen Burton, 58, were arrested in 2022. The two are charged with wire fraud conspiracy, wire fraud and money laundering conspiracy in an alleged scheme perpetrated through Bordeaux Cellars, a company Wellesley and Burton operated. The indictment alleges that from at least June 2017 through February 2019, Wellesley and Burton posed as executives at Bordeaux Cellars, soliciting investors in New York and at investor conferences in the U.S. and overseas. Wellesley and Burton told investors Bordeaux Cellars brokered loans between investors and wealthy wine collectors that would be fully collateralized by high-value collections of wine, according to court documents. They also allegedly promised that investors would receive regular interest payments from the borrowers and that Bordeaux Cellars would keep custody of the wine, securing the loans while the loans were outstanding. Prosecutors claim the "high-net-worth wine collectors" did not exist, and Bordeaux Cellars did not have the wine that was supposedly securing the loans. Instead, Wellesley and Burton used the money they made from incoming loans to make fraudulent interest payments to investors and for their own personal expenses, resulting in $99 million in misdirected funds, according to court documents. "Today's arraignment sends a message to all perpetrators of global fraud schemes that my office will work tirelessly to ensure they answer for crimes committed in the United States," United States Attorney Joseph Nocella wrote in a statement. "We will not rest in our efforts to seek justice for victims of fraud." Ricky Patel, HSI New York special agent in charge, accused the duo of stealing hundreds of thousands of dollars from collectors. "James Wellesley and his coconspirator are accused of masterminding their nearly $100 million international fraud scheme that exploited the unsuspecting public, including New Yorkers, for their own selfish enrichment," Patel said. "As alleged, the defendants claimed Bordeaux Cellars boasted a high-value wine stockpile and a clientele of 'high-net-worth wine collectors' and, in turn, profited handsomely, all while they swindled investors out of hundreds of thousands of dollars, if not more." Burton was extradited from Morocco in 2023 and is awaiting trial. Wellesley was ordered detained pending trial. If convicted, the pair face up to 20 years in prison.
Malay Mail
09-07-2025
- Business
- Malay Mail
Kedah company director duped of RM300,000 in Facebook investment scam
ALOR SETAR, July 9 — A company director lost more than RM300,000 after falling victim to an investment scam promoted through an online advertisement in mid-May. Kedah police contingent headquarters Commercial Crime Investigation Department chief, Supt Loi Yew Lik said the 44-year-old man lodged a police report at 1.04pm on Monday after realising he was a victim of an investment scam. 'On May 11, the complainant had come across a Facebook advertisement offering an investment opportunity and later contacted several individuals via WhatsApp. 'The suspects promised daily returns of 10 per cent, and from May 14 to June 17, the victim transferred a total of RM302,100,' he said in a statement yesterday. According to Loi, the complainant made 18 transactions to three different accounts but became suspicious and realised he had been scammed when the suspects requested additional funds for him to withdraw both the promised returns and his capital. 'The public is advised to verify with the police before making any suspicious transactions. Checks can also be done via the Semak Mule application, the JSJK PDRM Facebook page, or by contacting the National Scam Response Centre (NSRC) at 997,' he said. — Bernama
Independent Singapore
29-06-2025
- Business
- Independent Singapore
‘I have to restart everything from nothing': 29 y/o woman devastated after losing S$200k to investment scam
SINGAPORE: A 29-year-old woman has allegedly lost all of her life savings, amounting to nearly S$200,000, in what appears to be an elaborate investment scam. On Saturday (Jun 28), she shared her experience on the NUSWhispers Facebook page, seeking advice and hoping to alert others. According to her post, the investment opportunity was introduced by individuals she trusted and appeared credible at the outset. It was purportedly linked to the Hong Leong Group and claimed to be verified by the Monetary Authority of Singapore (MAS). 'Everything was legit,' she said. 'We have to sign in using Singpass, with face verification through the Singpass app, including NRIC front and back as verification.' However, the situation took a turn for the worse when she was told she could not withdraw her funds unless she topped up an additional S$60,000 due to an issue with her withdrawal password. She said her account was then frozen, and she was informed that payment was required before she could change the password. The scammers claimed the added step was part of a strict security protocol, as the investment was allegedly exclusive to 'high net-worth individuals.' It was only later that she discovered one of her top-ups had been directed to a cryptocurrency platform called ' which raised further red flags, as she suspected it had no connection to the Hong Leong Group. 'I don't know if anyone is doing something similar to me, but yes, I have reported to the police,' she continued. 'OCBC Bank called me earlier today to say that the funds are unable to be retrieved back upon their investigation, as I authorised the transactions to the scammers (S$30k), although I later found out it was a scam.' The woman said the experience left her mentally and emotionally shattered, to the point where she lost a significant amount of weight and even considered ending her life. 'I'm really lost and not sure of what to do. I don't know what life lesson God wants me to go through. I'm actually a very nice person; I don't harm anyone, I treat everyone with respect, and I do charity and donations,' she wrote. 'I was ready to find a partner to do life with, buy a house, and settle down for a little family. However, at 29 years old, I have to restart everything from nothing. The loss of my entire net worth hits me hard. Also, I've grown to learn everything is simply destined. Life is so fragile; it could be anything—financial loss, accidental deaths, miscarriage, or cancer illness, but right now, I really don't know how to get my money back, although I'm mentally prepared to not get any back.' 'You are young. You have the time and energy to restart again.' In the comments, many netizens reminded the woman that taking her own life is never the answer. To offer her some hope, several shared their own experiences of being scammed and how, despite the setbacks, they eventually managed to rebuild their lives. 'I fell into an investment scam when I was 50. Very similar to your case, I lost all my savings and net worth and even borrowed from banks to invest,' one netizen wrote. 'I had the same thoughts of suicide and wanted to end everything because I have nothing left. I then went into the Debt Repayment Scheme to return all that money I borrowed from the banks. It will be five years before I am debt-free. Would I get my life savings back after five years? I am already very near retirement by then, so no, but you can. You are young. You have the time and energy to restart again.' Another chimed in, saying, 'To be frank, money is the least of your worries; take it as an expensive lesson. Mental health and physical health weigh above anything else. Without you, you cannot earn it back. At 29, you can earn and save S$200k, to be frank. You are quite fortunate. Just have to start over again. Take it easy.' A third commented, 'Same thing happened to me; I lost all S$100K savings at 32. Ending life isn't the solution. You have to think logically. I'm now 34 and have regained more than double of what I lost. Look for ways to recoup it back rather than quit. I have done it, so can you. These scammers have a place in hell. Don't let them win.' Reporting scams and suspicious activity The Singapore Police Force advises anyone who encounters suspicious activity or believes they may have fallen victim to a scam to call the Police Hotline at 1800-255-0000 or file a report online at Read also: Jobseeker confused after interviewers ask about blood type, zodiac sign and K-drama habits instead of her experience Featured image by freepik (for illustration purposes only)
