Another reason to control your finances yourself - GoFuckYourself.com

EscortBiz · 01-20-2004, 11:01 PM

http://abcnews.go.com/wire/US/ap20040120_2264.html

Calif. Fund Chief Accused of Bilking 1000s
California Investment Firm Chief Accused of Bilking Thousands of Clients Out of $814 Million

The Associated Press

SACRAMENTO, Calif. Jan. 20 ? Federal prosecutors unsealed a fraud charge and arrest warrant Tuesday against the owner of a Southern California investment firm accused of bilking thousands of clients nationwide of $814 million.
The FBI has been unable to find James P. Lewis Jr. to arrest him on a single mail fraud charge filed a week ago, and now is asking for the public's help in locating him.

Lewis, 57, of Laguna Niguel, operated Financial Advisory Consultants, which was supposed to have $814 million on hand for its clients when the FBI raided its Orange County office Dec. 22. Its bank accounts held about $2.3 million.

The accounts have been frozen by federal authorities.

Lewis' attorney withdrew last week due to a conflict of interest, and no new attorney has registered as Lewis' representative.

The FBI and Securities and Exchange Commission allege Lewis fabricated more than $730 million in investor earnings as part of a 20-year Ponzi scheme in which early investors are paid off with money from later clients, who end up with nothing.

Even accounting for the fictitious funds, Lewis still should have $75 million more than investigators can find, the SEC said.

The FBI alleges Lewis also used clients' money to buy luxury items. The FBI has seized five automobiles, including two Mercedes, and is trying to seize other property, FBI spokeswoman Laura Bosley said.

If Lewis is arrested, federal prosecutors could pursue additional charges. The maximum penalty for mail fraud is generally five years in prison.

At the time he was shut down, Lewis had 3,290 investors across the United States. Over the last 10 years, he handled more than 5,200 accounts.

Digipimp · 01-20-2004, 11:04 PM

Yep they're pretty dirty, I worked for an investment broker when I was about 20 and saw all that went on and it was crazy. But then the people had no idea what they were doing with their money.

Mr. Marks · 01-20-2004, 11:05 PM

I agree. Manage your shit yourself. Thank goodness for JNPR!

kmanrox · 01-20-2004, 11:06 PM

why cant i think of shit like this? jeez

EscortBiz · 01-20-2004, 11:08 PM

I meant to add to my post that even if you use a broker or get involved in something spend a few grand and investigate it before handing over large sums.

Plus you will be suprised how much info you can find on firms by doing a simple google search.

quiet · 01-22-2004, 07:28 AM

Quote:

Originally posted by EscortBiz
I meant to add to my post that even if you use a broker or get involved in something spend a few grand and investigate it before handing over large sums.

Plus you will be suprised how much info you can find on firms by doing a simple google search.

agreed, it's a fucking jungle out there.

Nydahl · 01-22-2004, 07:29 AM

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Rorschach · 01-22-2004, 07:33 AM

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Trax · 01-22-2004, 08:12 AM

EscortBiz · 01-22-2004, 09:13 AM

Quote:

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01-20-2004, 11:01 PM	#1
EscortBiz Fuck Checks, CASH only! Join Date: May 2002 Location: New York City Posts: 19,422	Another reason to control your finances yourself http://abcnews.go.com/wire/US/ap20040120_2264.html Calif. Fund Chief Accused of Bilking 1000s California Investment Firm Chief Accused of Bilking Thousands of Clients Out of $814 Million The Associated Press SACRAMENTO, Calif. Jan. 20 ? Federal prosecutors unsealed a fraud charge and arrest warrant Tuesday against the owner of a Southern California investment firm accused of bilking thousands of clients nationwide of $814 million. The FBI has been unable to find James P. Lewis Jr. to arrest him on a single mail fraud charge filed a week ago, and now is asking for the public's help in locating him. Lewis, 57, of Laguna Niguel, operated Financial Advisory Consultants, which was supposed to have $814 million on hand for its clients when the FBI raided its Orange County office Dec. 22. Its bank accounts held about $2.3 million. The accounts have been frozen by federal authorities. Lewis' attorney withdrew last week due to a conflict of interest, and no new attorney has registered as Lewis' representative. The FBI and Securities and Exchange Commission allege Lewis fabricated more than $730 million in investor earnings as part of a 20-year Ponzi scheme in which early investors are paid off with money from later clients, who end up with nothing. Even accounting for the fictitious funds, Lewis still should have $75 million more than investigators can find, the SEC said. The FBI alleges Lewis also used clients' money to buy luxury items. The FBI has seized five automobiles, including two Mercedes, and is trying to seize other property, FBI spokeswoman Laura Bosley said. If Lewis is arrested, federal prosecutors could pursue additional charges. The maximum penalty for mail fraud is generally five years in prison. At the time he was shut down, Lewis had 3,290 investors across the United States. Over the last 10 years, he handled more than 5,200 accounts. __________________ Spanking, Medical Fetish, Sleeping, Strap-on Anal Lesbians, Girls Fucking Guys, Handjob site REAL HOT, Shemales, Anal and Ass Licking sites 100% Real EXCLUSIVE with amazing retention, ccbill payouts, lots of content FREE FTP HOSTING Promote the largest and oldest member paid escort site, Converts 10 times better then any dating site, CCBill payouts ICQ# 158802076

01-20-2004, 11:04 PM	#2
Digipimp BP4L OT DL Join Date: Mar 2003 Location: BP4L Swap Meet Posts: 13,481	Yep they're pretty dirty, I worked for an investment broker when I was about 20 and saw all that went on and it was crazy. But then the people had no idea what they were doing with their money. __________________ Still Hosting at Webair and You Should Be Too

01-20-2004, 11:06 PM	#4
kmanrox aka K-Man Industry Role: Join Date: Oct 2001 Location: The Gutter Posts: 29,290	why cant i think of shit like this? jeez __________________ Crypto HODLr Crypto mining Angel investor

01-20-2004, 11:08 PM	#5
EscortBiz Fuck Checks, CASH only! Join Date: May 2002 Location: New York City Posts: 19,422	I meant to add to my post that even if you use a broker or get involved in something spend a few grand and investigate it before handing over large sums. Plus you will be suprised how much info you can find on firms by doing a simple google search. __________________ Spanking, Medical Fetish, Sleeping, Strap-on Anal Lesbians, Girls Fucking Guys, Handjob site REAL HOT, Shemales, Anal and Ass Licking sites 100% Real EXCLUSIVE with amazing retention, ccbill payouts, lots of content FREE FTP HOSTING Promote the largest and oldest member paid escort site, Converts 10 times better then any dating site, CCBill payouts ICQ# 158802076

01-22-2004, 07:29 AM	#7
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01-20-2004, 11:05 PM	#3
Mr. Marks Confirmed User Join Date: Jun 2001 Location: Wherever I want Posts: 7,517	I agree. Manage your shit yourself. Thank goodness for JNPR!

01-22-2004, 07:33 AM	#8
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01-22-2004, 08:02 AM	#9
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01-22-2004, 08:12 AM	#10
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