HomePals Investment Club LLC – $14.3 Million Florida Ponzi Scheme
Posted on | October 16, 2009 | 1 Comment
The SEC has charged Ronnie Eugene Bass Jr., Abner Alabre, Brian J. Taglieri and their company HomePals Investment Club LLC with conducting a Ponzi scheme that began in April of last year and concluded in December. The three Florida men are charged for participating in an alleged $14.3 million Ponzi scheme that went after Haitian-American investors in the state of Florida.
HomePals Investment Club LLC made money by selling unsecured notes and promised to double investors’ money within 90 days. HomePals was a true Ponzi scheme in that the company used most of investors money to repay earlier investors. The SEC also alleges that the three Florida men used $668,000 of invested money for their personal use; $380,000 of the funds went to pay for a house that Bass and Alabre lived in.
Brian J. Taglieri agreed to settle with the SEC and the SEC has confirmed that he is cooperating. Bass and Alabre have been taken into custody but there has been no word on their cooperation. The United States Attorney’s office has also charged the three men with securities fraud, conspiracy to commit securities fraud, wire fraud and money laundering.
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Author: Tiffany Mann
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October 16th, 2009 @ 3:47 pm
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