Recovering Losses caused by Investment Misconduct

More Than 750 May Have Lost Money in Elaborate Investment Scam

More than 750 investors throughout the country have allegedly been defrauded in a $40 million investment scam, according to authorities. Alan James Watson, of Virginia, has pleaded guilty to one count of wire fraud for fraudulently soliciting and accepting investments through his investment club.
An assistant attorney general assigned to the case accused Mr. Watson of "gambling away" investors' funds on risky ventures.

Mr. Watson's plea agreement alleges that he formed an investment club in 2004, and that between 2006 and 2009, when he served as the club's CEO, he collected almost $40 million in investments. He is said to have told investors that the money would be invested in an equities trading system and promised them a return of 10 percent per month. According to court documents, Mr. Watson only invested $6 million of the $40 million, and the remaining $34 million was put in high-risk investments without investors' consent.

Mr. Watson faces up to 20 years in prison when he is sentenced on December 9th.

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