First Responders Become Victims to 20M+ CBRN Investment Scam

Block & Landsman by Block & Landsman

A clever fraud scam exploited the tight-knit community of first responders over a period of five years, and cost them more than $20 million. Gregory E. Webb, who was in his sixties, initially targeted firefighters in the city of Chicago. The nature of the investment itself was so closely tied to their careers and common interests that hundreds of people were duped by it. Webb fostered trust by claiming to have burgeoning contracts to develop and install anti-terrorism devices in municipalities worldwide. Webb claimed the futuristic equipment co...Read More

Watching Out for Commodities Fraud

Block & Landsman by Block & Landsman

Receipts and a computer, investment fraudCommodities fraud costs victims tens of millions of dollars each year. In 2015 alone, nearly 3,000 victims of commodities fraud filed complaints and many of these are still being investigated. Forged Receipts are a Growing Concern A common form of commodities fraud involves forging warehouse and storage receipts. Receipts can be doctored to show additional inventory, different warehouse location, or possession of materials that are not present at the warehouse. It is a common and growing scam wherein the scammer uses the forged receipt to ...Read More

SEC Files Fraud Charges Against Centaurus Broker

Block & Landsman by Block & Landsman

invest stamp in red, investment fraudPatric Ken Baccam, previously a broker with Centaurus Financial, Inc., has been charged by the Securities and Exchange Commission (SEC) with the fraudulent offering and selling of securities. The SEC filed a civil action against Baccam in U.S. District Court for the Central District of California. The Commission alleges that Baccam offered and sold unsecured promissory notes to at least 18 customers and some members of his own family as an unregistered broker. He did this as a broker with Centaurs Financial without disclosing these transactions...Read More

Supreme Court Weighs In On Insider Trading

Block & Landsman by Block & Landsman

A Handshake, investment fraudOn October 5, 2016, the United States Supreme Court heard arguments in a high-profile case that could change the way insider trading is prosecuted. The case, Salman v. United States, focuses on clarifying what constitutes benefiting from insider trading- a subject that has never really been clearly defined. In 2014, Illinois resident Bassam Y. Salman was sentenced to three years in prison for securities fraud and conspiracy charges that arose when he bought stocks based on tips he received from an extended family member who was an investm...Read More