Ohio Residents Victims of Alleged Ponzi Scheme
Valley residents are allegedly among those hurt in a Ponzi scheme that is said to have occurred from 2006 -2009. According to the U.S. Attorney's Office, Edward Allen and David Olsen, both of Florida, created a Ponzi scheme and had people invest more than $14.5 million in a company known as A&O Companies.Investors were allegedly told that A&O Companies would invest in residential real estate and sell the properties at a profit. Mr. Allen and Mr. Olsen are accused of promising a 20% annual return and a return on investment of up to 45%. However, according to the criminal indictment against Mr. Allen and Mr. Olsen, the men instead used the money from investors to attract additional investors and there was little payout.
The Securities and Exchange Commission (SEC) has accused Mr. Allen and Mr. Olsen of soliciting at least 100 investors from at least nine states, including Ohio. Mr. Olsen is accused of using an office in Boardman, Ohio in his efforts to solicit investors.
Mr. Allen and Mr. Olsen are due in federal court in Youngstown, Ohio on July 12.
About our law firm:
David P. Meyer & Associates is exclusively dedicated to individual investor claims and class action lawsuits. Our experienced Ohio investment fraud attorneys represent Ohio investors in stockbroker mediation, arbitration, and litigation claims. To reach an investment fraud lawyer, please call 1.866.429.2360 to schedule a consultation.
You can also read more about your rights in our eBook, which you can download for free: Five Signs of Investment Fraud...And What to Do if it's Happened to You.
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