By Oscar Gonzalez2025-08-18T14:12:00
The owner of a water machine vending company and a portfolio manager were allegedly behind a Ponzi-like scheme that raised more than $275 million, according to the U.S. Securities and Exchange Commission (SEC).
Ryan Wear—owner of Washington state-based companies Water Station LLC and Creative Technologies, Inc.—and Jordan Chirico, a portfolio manager of a hedge fund that was part of Jefferies Financial Group’s Leucadia Asset Management, were charged with fraud, the SEC said Thursday in a press release. The two collaborated in a scheme from September 2016 to February 2024 to defraud more than 250 investors.
The SEC alleged that Wear took investor money to purchase water vending machines to generate revenue, but those machines either never existed or had already been sold. The scheme brought in $165 million.
2025-09-04T17:31:00Z By Adrianne Appel
The majority owner of a Pennsylvania investment firm faces 100 years of prison time and huge fines for allegedly running a $770 million Ponzi scheme centered on an ATM company he also owned.
2025-08-25T15:51:00Z By Adrianne Appel
The co-founders of a California financial tech and sustainability services company defrauded investors and lenders of $248 million, according to the Department of Justice.
2025-08-11T20:10:00Z By Ruth Prickett
Legal firms face growing global regulatory pressure, requiring compliance managers to focus on integrated systems, identity verification, and staff training to prevent crime and penalties.
2025-09-26T19:28:00Z By Oscar Gonzalez
Amazon settled a complaint with the U.S. Federal Trade Commission Thursday over allegedly enrolling consumers into its Amazon Prime subscription and making it difficult to cancel. The FTC says the amount of the settlement is one of the biggest in its history.
2025-09-25T21:24:00Z By Ruth Prickett
Two of the biggest banks in Australia are under fire for major compliance and cultural failings. ANZ and National Australia Bank are facing intense scrutiny over misconduct ranging from mistreating customers to underpaying staff.
2025-09-23T20:42:00Z By Oscar Gonzalez
The U.S. Supreme Court temporarily allowed President Trump to remove a Federal Trade Commission commissioner without cause on Monday, setting up a final battle over whether he can dismiss commissioners despite congressional rules.
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