Economic Conditions Invite Fraud

Most Americans are familiar with Bernie Madoff and his multi-billion dollar ponzi scheme unleashed on unwitting investors. Most Americans, however, are not familiar with the multitude of other Ponzi schemes going on across America.

According to MSNBC, these tough economic times have bread a vast number of Ponzi schemes. In previous years, the Securities and Exchange Commission (“SEC”) brought an average of three stock fraud cases per month. In the first quarter of 2009 that average doubled.

For example, in February, the SEC brought charges against Lone Tree money manager William Walters. Walters is accused of defrauding approximately 80 investors out of $11.4 million dollars.

Fraudulent schemes, such as this, typically follow the news. According to Colorado securities commissioner Fred Joseph, “[Ponzi schemes] follow the headlines. Last year [Colorado] had a couple dozen oil and gas cases, when oil was over $100 a barrel “ Similarly, gold-mining schemes have been particularly popular recently, given the historical high gold values.

In the event you believe you have been defrauded by a Ponzi scheme, you should contact an attorney. An attorney will be able to provide you with access to investment records and assist in making sure that your interests are protected to the extent possible.

Disclaimer: The foregoing is general legal information only and not intended to serve as legal advice or a substitute for legal advice. If you have been injured or damaged due to a Ponzi scheme or other stock fraud scheme go to www.ContingencyCase.com to see if there is a lawyer or attorney in your local area who is willing to take your case on a contingency fee basis. ContingencyCase.com is an online legal directory that allows Attorneys to advertise their availability to take all kinds of cases on a contingency fee basis (for example personal injury, eminent domain, contract cases, partnership disputes, etc.). Please note there are no guarantees that any attorney or lawyer will take your case. Copyright 2009 ContingencyCase.com – All Rights Reserved.