March 06, 2014
Ruling in favor of the Securities and Exchange Commission, a Michigan federal judge on Thursday ordered the former leaders of BBC Equities to pay more than $8 million in disgorgement and fines for their role in running a $50 million real estate Ponzi scheme.
July 15, 2013
The Securities and Exchange Commission's proposed deal with a former wealth management CEO who pled guilty to bilking real estate investors out of $50 million was rejected by a Michigan federal judge Thursday because the bargain didn't address all the claims against him.
September 16, 2009
Federal securities regulators are seeking to keep one of their own off the witness stand during an upcoming hearing in their fraud suit over an alleged $50 million Michigan Ponzi scheme.
September 03, 2009
A federal judge has appointed a receiver to take over real estate investment funds controlled by John J. Bravata and Richard J. Trabulsy, two Michigan residents who allegedly ran a $50 million Ponzi scheme, as part of a fraud suit filed by the U.S. Securities and Exchange Commission.
July 28, 2009
A federal judge has temporarily barred two Michigan residents accused of running a $50 million Ponzi scheme from using their own assets or those of their real estate investment funds, which the U.S. Securities and Exchange Commission claims defrauded hundreds of elderly investors.