Here is a 2005 Cease/Desist Order from the State of California which contains the names of some other individuals and/or business entities who did business with the JW CRIMINALS.
Anyone recognize these others as also being JWs?
http://www.corp.ca.gov/enf/info/dr/05pdf/seniorresources.pdf
S.E.C. Sues Jehovah's Witnesses For Investment Frauds
by West70 47 Replies latest watchtower scandals
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West70
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No Apologies
I think your thread title is intentionally misleading... it implies that somehow the entire religion or the WTB&TS is facing charges.
no Digg.
No Apologies
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DannyHaszard
Up and Down 17th Street: Seniors with money ripe fruit for ...
Rocky Mountain News, CO - 2 hours ago
... Asset Fund Inc., attracted more than $16 million from close to 200 investors around the country, many of them elderly and fellow Jehovah's Witnesses, the SEC ... Up and Down 17th Street: Seniors with money ripe fruit for scammersJuly 19, 2006 Christopher Cox, chairman of the Securities and Exchange Commission, sees a possible "avalanche" of investment fraud cases hurting the elderly in the coming years. "Fraudsters will go after seniors because - following the Willie Sutton principle - 'that's where the money is,' " he said in a speech this week, referring to the 1930s bank robber. Cox is talking about a "perfect storm": the aging of the baby boom generation, the "prospects of longer lives but fewer guarantees of financial security," and a great deal of wealth in the hands of the elderly. The latest investment scam involving senior citizens has a Colorado subplot. Ronald Nadel and Joseph Malone, two businessmen in California associated with an outfit called Renaissance Asset Fund Inc., attracted more than $16 million from close to 200 investors around the country, many of them elderly and fellow Jehovah's Witnesses, the SEC said in a lawsuit filed earlier this week. They promised big returns, ranging from 10 percent to 25 percent in as little as four months, the SEC alleged, and said the money would be used to provide loans or other financing to business ventures, including an outlet shopping mall in Dacono, 20 miles north of Denver. They raised at least $7.5 million for the venture and said the Dacono project was advancing, the SEC said. But the mall was never built, according to authorities. Nadel knew by at least mid-2001 that the Dacono property had fallen into foreclosure. They still promised the venture was safe. It wasn't. Authorities said it was a Ponzi scheme in which the defendants paid early investors with funds they attracted from later ones. They also used investors' money for "lavish personal expenses," the SEC said. Nadel diverted about $2.3 million to pay for car leases, country club memberships and other purchases, according to the complaint. The plan, however, unraveled. "As with all Ponzi schemes, once the ever-increasing flow of new investors stopped, the house of cards built by Nadel and Renaissance collapsed and most investors were left empty-handed," the SEC said. Nadel and Malone could not be reached on Tuesday. The SEC's Denver office led the investigation and is focusing more on seniors. "It has become a priority nationwide," said Laura Metcalfe, assistant regional director in Denver. "We do these cases all the time, but there are more and more cases involving this part of the population." And fighting it will not be easy. A new study Cox highlighted shows that "fraud victims tend on average to be more informed about investing than non-fraud victims," he said. "This may go back to the old saying that 'a little knowledge can be a dangerous thing.' " James Paton and David Milstead take turns writing Up and Down 17th Street. Contact Paton at [email protected] or 303-892-2544.
About James Paton
News business reporter James Paton takes turns writing Up and Down 17th Street with David Milstead. -
DannyHaszard
SEC alleges Ponzi scheme in faded Dacono mall plan
Many of the victims were elderly and were solicited through Jehovah's Witnesses congregations. The SEC wouldn't disclose how many of the victims, if any, resided in Colorado. In the suit, the SEC alleges that Ronald J. Nadel and Joseph M ...
- Denver Post
- 2 hours ago
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West70
If someone can find the links, it woud be nice to include the 3 other incidents of JW INVESTMENTS CON-ARTISTS which have occurred over the past 4-5 years.
There were the 2 JW Elders who pulled off what was labeled "Montana's Largest Theft".
There was the JW Elder who ripped off JWs and others in south Florida and other states.
Then, there were the "several" JWs in NJ & NYC - can't recall the details.
I even had 3 relatives ripped off in a bogus stock investment scheme back in the 1960s by a JW sent in by the WBTS to "pioneer" in our "isolated territory". -
DannyHaszard
There was a biggie 1973-74 that involved JW's from Ohio and linked to Naples Florida usa
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DannyHaszard
Aspen Trees Dying, But Why?
New West, MT - 10 minutes ago
... outside of Denver were bilked out of some $7.5 million, the SEC alleges - and the victims were mostly recruited through Jehovah's Witnesses congregations.Finally, in our financial crime story of the day, investors in a mall-development-cum-Ponzi scheme outside of Denver were bilked out of some $7.5 million , the SEC alleges - and the victims were mostly recruited through Jehovah's Witnesses congregations.
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Anitar
"And fighting it will not be easy. A new study Cox highlighted shows that "fraud victims tend on average to be more informed about investing than non-fraud victims," he said. "This may go back to the old saying that 'a little knowledge can be a dangerous thing." So what ever happened to the victims? After all, knowledge is only dangerous to the perpetrator, not the victim. Anitar
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tough time
I knew Ron Nadel since I was a kid, and actually grew up with Kelly. I knew that they were involved in some investment company that employed a lot of brother and sisters. Kelly was removed as an elder some years ago - and Ron has been in and out of "eldership" over the years.
There have been several other financial scandels in the Orange County/Newport Beach area over the years involving brothers.
Kelly's parents were allways some of the nicest people you'd ever want to know. They actually lived on the property of the Malibu Kingdom Hall for several years. The remodeled the whole place but were booted out when a retiring DO (D.J. Thomas) and his wife needed a place to stay. Lot's of drama over that whole thing. If you know anything about the Malibu congregation - you're either in, out you are dirt. The place is run by a couple of very stuck elders (and their wives).
I ran into Ron's wife "Gay" in a restaurant last year. When I saw her I went up and extended my hand and said "hello". She knows that I was df'd, but I thought she would at least be polite. I got the total snub. I still sent my best regards to Ron. I'm glad I did. Even if they act like idiot's - we don't have to. I knew her since I was 10 for cryin' out loud!
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DannyHaszard
SEC Halts $16M Scam Aimed at Elderly Jehovah’s Witnesses
CCH Wall Street, NY - 1 1 minutes ago
... In what the regulator called a classic Ponzi scheme, Nadel and Malone solicited aged investors through Jehovah’s Witnesses congregations and used the ...SEC Halts $16M Scam Aimed at Elderly Jehovah’s Witnesses
By Aaron Seward [email protected]
July 21, 2006 The SEC has announced charges against a California-based corporation and its principals for a scam that defrauded the elderly. The Commission charges that Renaissance Asset Fund, Inc., Ronald J. Nadel, and Joseph M. Malone raised more than $16 million from more than 190 investors nationwide. In what the regulator called a classic Ponzi scheme, Nadel and Malone solicited aged investors through Jehovah’s Witnesses congregations and used the proceeds to fund their lavish lifestyles. The SEC’s complaint, filed in a California federal court, charges Renaissance, Nadel and Malone with violating federal securities laws, violating broker-dealer registration provisions and seeks disgorgement of ill-gotten gains with prejudgment interest, and civil penalties, among other punishments. “Fraud against seniors and affinity groups is particularly egregious because it is perpetrated through abuse of trust. The filing of these actions reflects the Commission’s determination to protect seniors and other investors from securities fraud,” said SEC Enforcement Division Director Linda Chatman Thomsen. According to the complaint, Nadel and Malone sold promissory notes to investors between March 1999 and April 2004. The notes related to a variety of purported projects, including a general fund, an outlet mall, an international currency exchange and a Swiss bank. Some of these projects did not exist, and others were unsuccessful. Regardless of that, Nadel and Malone told investors that their investments would earn returns ranging from 10% to 25% in as little as four months. They also sent false quarterly account statements to investors, outlining the fictional profits their investments had earned. Renaissance invested approximately $1 million of the funds it raised in business projects, but Nadel spent most of the investors’ money himself. As investors started wanting their money back, Nadel engaged in a series of stalling tactics, including soliciting rollovers of profits and principal into other Renaissance programs and making partial repayments from funds contributed by other investors. Approximately $1.5 million to $2 million was paid out to investors using funds deposited by other investors. In typical Ponzi scheme fashion, payments to existing investors were funded almost completely by money received from new investors to the scheme. Nadel also diverted approximately $2.3 million in investor funds to himself directly and through nominee accounts, and paid Malone at least $230,000. Nadel used the money to fund unrelated businesses, as well as for personal expenses, such as leases on cars, country club memberships and other retail purchases and services. As with all Ponzi schemes, once the flow of new investors stopped, the house of cards built by Nadel and Renaissance collapsed and most investors were left empty-handed. At the same time that these actions were filed, the SEC settled cease-and-desist proceedings against the scheme’s coconspirators, Senior Resources Asset Fund, LLC and Kenneth E. Baum. Baum acted through Senior Resources, a California company that provides financial advice to seniors, to sell Renaissance’s bogus promissory notes to elderly investors. Both Baum and Senior Resources consented to cease-and-desist from selling unregistered securities and from acting as an unregistered broker-dealer. The SEC announced the charges on July 17th, the same day the regulator convened its first ever Seniors Summit, a conference examining how to better protect older Americans from investment fraud and abusive sales practices. --- WOW they had better look long & hard at the Watchtower racket too