Colin Nathanson, the former CEO of Orange County, California-based Giant Golf Company and Big Play Enterprises, plead guilty on October 20th to six counts of mail fraud related to a $28.4 million scheme to defraud investors with a phony securities offering. The criminal case followed from a civil SEC enforcement action against Nathanson. In his plea agreement, Nathanson admitted that he convinced several hundred people to invest money in a fraudulent invesment vehicle, Nathanson Investment Trust, which supposedly gave them an interest in an "internet-based technology company." He admitted to a number of other fraudulent investment schemes including one involving an online casino business. Nathanson is scheduled to be sentenced on February 9, 2009.
Read the whole story here.
It seems as though there is no end to the litany of securities fraudsters these days. I don't see this trend changing any time soon. With the market crash and onoing credit crunch, we can expect more high profile - large dollar frauds.
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