Read the latest news relating to investor claims and broker fraud.

Elderly Man Pleads Guilty to 19 Counts of Securities Fraud

On July 1st, a 73-year-old man pleaded guilty to 19 counts of securities fraud. Shelby Dean Martin, of Mooresville, North Carolina, was accused of running a Ponzi scheme in which he promised investors, many of whom were elderly, high returns on their investments.

Specifically, the North Carolina Secretary of State's Office accused Mr. Martin of taking about $18.5 million from more than 100 investors between 2004 and 2008. He allegedly promised his investors that they could earn returns of up to 50% on their investments. However, instead of making investments, prosecutors allege that Mr. Martin paid investors with their own money or with the money of other investors.

According to the North Carolina Secretary of State's Office, Mr. Martin was never registered to sell the investments that were the subject of the purported Ponzi scheme. He has been sentenced to a minimum of nine years and eight months in prison.

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