Contact Us for a Free Consultation 877-750-7550

Law Office of Pilchman & Kay, A Professional Law Corporation Blog

Yorba Linda Investment Manager Arrested for $53 Million Ponzi Sceme

Posted by Courtney Pilchmann | Jun 26, 2010 | 0 Comments

An investment manager who raised $53 million in 2008 used the proceeds to operate a complex Ponzi-like scheme, taking new funds to pay off earlier investors and to profit himself, according to a Securities and Exchange Commission complaint filed this week in federal court.

The SEC alleges Matthew Jennings, 39 and his companies raised $53 million in more than 15 offerings of equity and debt that were not registered with the SEC.

To sustain the fraud, Jennings lured new investors to his sceme by offering returns as high as 130 percent annually, the complaint alleges. According the the SEC “Jennings lied to investors about the purpose of Westmoore's offerings,” said Rosalind Tyson, director of the SEC's Los Angeles Regional Office. “He lured investors through false promises of a lucrative payout while concealing his complex fraud behind a web of companies and bank accounts”.

The next hearing in this case is scheduled for June 24th.

About the Author

Courtney Pilchmann

Courtney Pilchman is a certified criminal law specialist who was a Deputy District Attorney for over six years prior to becoming a criminal defense attorney. She was a member of some of the most elite prosecution units including crimes against children, family violence, and sexual assault. She pr...

Comments

There are no comments for this post. Be the first and Add your Comment below.

Leave a Comment

Contact Us Today

Pilchman & Kay, APLC is committed to answering your questions about domestic violence, federal crimes, fraud crimes, sex crimes, violent offenses, and white collar crimes, law issues in California.

We offer a free consultation and we’ll gladly discuss your case with you at your convenience. Contact us today to schedule an appointment.

Menu