Garfield M. Taylor of Rockville, Maryland was recently sentenced to 13 years in prison for operating a Ponzi scheme that cost investors more than $28 Million in losses. Taylor convinced investors to invest with him by promising them substantial returns on their investments, telling them that he used a sophisticated securities trading strategy that protected against loss and claiming that he had a proven track record of using the strategy. Taylor either lost money or made minimal profits far below what he owed, so he was forced to use principal invested by newer investors to pay interest owed to older investors.
If you think you may have fallen victim to a Ponzi scheme or other investment fraud, please contact the Baltimore Investment Fraud Recovery Law Firm of West & West for a free initial consultation.
A true financial professional wants you to be comfortable and invest in what is best for you in your time. A scam artist wants you to invest in what is best for him or her as quickly as possible. Any pressure to invest immediately because the golden opportunity will be gone in a flash is a huge red flag that the investment may be a scam. Take your time when making investment decisions and do not succumb to pressure to make spur of the moment, uninformed investment decisions.
In Florida, the Sun Sentinel reported that Richard Ohrn, 44, a former stock broker who disappeared while fishing in the Atlantic ocean a month ago, admitted that he staged his disappearance by abandoning the boat and driving to Albany, Georgia.
According to the article Ohrn was trying to escape legal issues, including a suit by a former employer alleging that he stole from customer accounts. FINRA records indicate that he was named in a FINRA complaint in December 2014 alleging that he converted $15,250 from two elderly clients by forging signatures. According to FINRA records, Ohrn, who is not currently registered, was previously registered with Wells Fargo Advisors.
If you believe you may have a claim against Mr. Ohrn or Wells Fargo Advisors contact the stockbroker fraud lawyers at West & West for a free initial consultation.