Investment Co. Execs Hit With Fraud Charges In NY And Mass.

Law360, Boston (June 14, 2019, 7:22 PM EDT) -- A Rhode Island man and his Boston investment company scammed 40 employees out of more than $10 million by forcing them to invest in the company and using the money to pay for operating expenses, Massachusetts' securities watchdog said Friday, as federal charges tied to the alleged scheme were unsealed in New York.

Secretary of the Commonwealth William F. Galvin today charged East Greenwich, Rhode Island, resident David Wagner and his company, Downing Partners LLC, with operating a Ponzi scheme. Wagner, his company and its subsidiaries required employees to invest in the company as a condition of being hired, but used...

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