Two guys entered into contracts with investors by telling them they had collectively purchased over 4,000 ATMs. Doesn't sound like a bad opportunity. Of course, why would I be writing about it if something hadn't gone wrong?
Robert Ingram was the Director of a FRNIP. Or so you were supposed to think. Starting in 2005, Ingram told potential FRNIP investors that they would realize huge returns within a few weeks. Wow, sign me up!
According to some in the press, the settlement with Goldman was a major victory for the SEC. Initial stories would have you believe that the government ground Goldman to its knees. Almost a blockbuster summer movie.
On June 15, 2010, Samuel Solanky pleaded guilty to one count of wire fraud in connection with a scheme by which he caused individuals to invest approximately $3 million in a non-existant jewelry business.
In the SEC's suit, it is alleged that beginning in 2006, in order to finance his struggling jewelry businesses, Perez began offering investors no-risk collateralized promissory notes promising annual returns of 18% to 36% a year.