Greetings!
We are grateful to have the opportunity to provide you this valuable information via our monthly e-newsletter and our unparalleled forensic accounting, expert witness, and fraud investigative services.
The goal of this e-newsletter is to provide you critical, inside information that will help you "follow the money" in business disputes, divorce cases, fraud cases, estate matters, corporate embezzlement, and to prevail when defending an IRS criminal case. We do this by sharing the knowledge we have from our 25+ years of experience as an IRS Special Agent and 16 years as a private investigator / forensic accountant.
We take special care to ensure the information we provide you in "The Beacon" is the latest and most current information available.In this edition, we explain how Ponzi Schemes of greed continue during the Corona Virus.
We want to write about topics that will assist you in prevailing with fraud, divorce, estate and probate, and IRS criminal cases. Please e-mail us your topics of interest to Thebeacon@sageinvestigations.com
We encourage you to share our e-newsletter with others in your sphere of influence.
Sincerely,
Edmond J. Martin
Principal, Chief Investigator
Certified Fraud Examiner (CFE)
Texas Board Certified Investigator (TBCI)
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Ponzi Schemes of Greed Continue During the Corona Virus
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According to the Securities and Exchange Commission’s complaint from 2017 to 2019, Georgia state legislator Clarence Dean Alford fraudulently raised at least $23 million by selling promissory notes to at least 100 investors – primarily Indian-American professionals – that he guaranteed would provide high annual rates of return.
According to the complaint, Alford presented Allied Energy Services LLC as a successful business when in fact, it was struggling and claimed that investors’ funds would finance energy projects while using most of the funds to make interest payments to earlier investors and for personal expenses, including building a multimillion-dollar home. In 2019, Alford’s alleged scheme collapsed when he failed to make promised interest payments to several investors and then failed to repay the investors’ principal.
The Securities and Exchange Commission recently charged David Hu, the co-founder, and chief investment officer of International Investment Group LLC (IIG), a former registered investment adviser, with fraud for his role in a $60 million Ponzi-like scheme. According to the complaint
https://www.sec.gov/litigation/complaints/2020/comp-pr2020-157.pdf, Hu grossly overvalued the assets in IIG's flagship hedge fund, resulting in the fund paying inflated fees to IIG. Also, through IIG, Hu allegedly sold at least $60 million in fraudulent trade finance loans to other investors and used the proceeds to pay the redemption requests of earlier investors and other liabilities. The complaint alleges that Hu deceived IIG clients into purchasing these loans by directing others at IIG to create and provide to the client's fake loan documentation to substantiate the non-existent loans, including counterfeit promissory notes and a forged credit agreement.
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If it is too good to be true.... it is probably fraud.
— Ron Weber —
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Contact Us
P.O. Box 160161
Austin, TX 78716
Phone: 512-659-3179
Fax: 512-328-6878
Texas License #A10803
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Serving your needs is our priority.
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At Sage Investigations, we are dedicated to serving our clients nationally, to help them navigate the difficulties of dealing with fraud, divorce, estate and probate, the IRS Criminal Investigation, and other complex (forensic) financial fraud investigations. By narrowing our focus to our primary strength of “following the money,” we steer our knowledge, efforts, and experience to financial issues. We help our clients propel their cases forward by assisting in the review, acquisition, and organization of financial records, evaluating the elements of their cases, and helping create winning strategies. Through the use of our proprietary advanced financial investigative technology, we trace and analyze complex financial data quickly, easily, and efficiently, saving our client's time and money.
Sage handles all cases with altruism, professionalism, honesty, integrity, passion, and respect. When you hire Sage, you hire a team of professionals with skill and knowledge that helps you have more effective solutions. We are innovative with our DIO cutting edge technology, and perform every investigation in an orderly and organized manner to develop a clear investigative roadmap and deliver a quality work product. The compass that guides us is strong leadership and accountability. Learn more ...
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