Sung Mo Jun also obtained insider information from a “tipper” he knew at another tech company, and shared this information with his brother and Chon. Their profits from trading on that inside information was less than $2,000.
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Concerning the wire fraud charge, in September 2016, Melrose Resort owed $502,759 in past due property taxes to the Beaufort County Treasurer’s Office. As a result of this tax delinquency, the Beaufort County Treasurer’s Office notified Bramlette that Melrose Resort would be auctioned at a tax sale if the property taxes were not paid.
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Klein knew all of the funds solicited from the victim investors would not be used for his stated purposes, and instead would be utilized by Klein for personal and other expenditures.
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He promised them no risk to their initial deposit and a return of 6% to 8% on their investment. He also told them that upon request, their initial investment would be returned within thirty days. Neither Gearhart nor his co-conspirators were licensed to promote or sell the securities.
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Beginning in late 2017, McAlpine and Matar began an unregistered offer and sale of DROPS on Dropil’s website. In January 2018, the defendants launched an initial coin offering (ICO) for the sale of DROPs, again through Dropil’s website, which continued through March 2017. To induce investors to purchase DROPs, McAlpine and Matar made a series of false statements to investors in a
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County area, for whom he was ostensibly providing advice and brokerage services. Herrera caused the Financial Institution-1 customers he was advising, many of whom were elderly or communicated with Herrera in Spanish, to sign blank withdrawal slips, which Herrera then completed and presented to bank tellers at Financial Institution-1 branches
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Maucha and Shapiro also borrowed funds from at least one victim based on false representations about how the funds would be used and AESG’s ability to repay. Maucha and Shapiro concealed their scheme by lulling victims with false assurances about
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Summers also owned E Vest Technology, which sought to develop and license the Realty E Vest crowdfunding platform to others seeking to manage their own crowdfunding efforts. Individuals invested in projects by wiring
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The alleged fraud scheme lasted from at least 2003 to 2018. In all, Davis defrauded more than 25 victims out of more than $5.1 million. Many of the victims were retirees who gave
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