After announcing the high profile arrest of Birmingham resident Spero Vourliotis earlier this summer, Joseph P. Borg, Director of the Alabama Securities Commission (ASC), took to the airwaves to announce that his office is currently investigating at least a “half-dozen” Ponzi schemes within Alabama’s borders. Vourliotis was arrested in Jefferson County and charged with one count each of Sale of Unregistered Securities, Acting as an Unregistered Investment Advisor, and Securities Fraud. While these were the official charges, it is believed that the factual allegations revolve around Vourliotis’ involvement in a Ponzi scheme alleged to have cost investors millions of dollars.
Borg explained that there has been an increase in investigations due to losses by investors desperate to make a quick dollar due to the sagging economy.
These investigations generally result from complaints from investors who have lost money. Unfortunately, not every investment is successful. There can be a fine line between an investment professional who loses an investor’s money through a legitimate investment that just didn’t pan out, and someone who sets out to “rob peter to pay paul” and enrich themselves in the process.
As Ponzi defense attorneys we have represented honest, hardworking people who have been investigated for the sale of unregistered securities in Ponzi schemes. We work to show the authorities that the losses, while unfortunate, are not the result of criminal activity. While those that lose investment capital often feel victimized, that generally is not the case.
With the increase in investigations, there seems to be an increase in the penalties sought for those convicted on Ponzi allegations. So if you are being investigated for sale of unregistered securities, acting as an unregistered investment advisor, securities fraud, or other Ponzi related crime, act quickly to protect yourself. Contact our dedicated White-Collar attorneys at 855-4PARKMAN to represent you today.