Scam artist held in contempt

David M. Greene, an alleged Ponzi scheme promoter, is being held in civil contempt for failing to provide documents and information to the SEC.
NOV 10, 2008
David M. Greene, an alleged Ponzi scheme promoter, is being held in civil contempt for failing to provide documents and information to the Securities and Exchange Commission. U.S. District Court Judge Kent J. Dawson of the District of Nevada issued a bench warrant for Mr. Greene's arrest and sentenced him to 60 days in the custody of the U.S. Marshal’s Service. Mr. Greene's sentence will be extended if he does not comply with the court's orders. In May, the SEC charged Mr. Greene, one of the three principals of Las Vegas-based Gold-Quest International, with alleged misuse of investor funds in a scheme that promised incentives to investors who recruited "friends and family.” The SEC alleged that Gold-Quest and its owners misrepresented the use of investor funds, saying they would be pooled and invested in foreign currency exchange trading. However, less than 5% of investor money was actually invested in foreign currency exchange trading and that money was lost as a result of unprofitable trading, the SEC said. According to the SEC's complaint, Mr. Greene and others instead used investor funds to compensate investors who brought in new investors. The SEC obtained an order to freeze Mr. Greene's assets, freezing Gold-Quest's assets and appointing a temporary receiver for them.

Latest News

Advisor moves: Atlas tops $1B as Wells Fargo, UBS add bank veterans
Advisor moves: Atlas tops $1B as Wells Fargo, UBS add bank veterans

Wells Fargo adds two bank-channel recruits, UBS lands a JPMorgan Chase veteran, and a multi-family office lifts Atlas past $1B

Advisor mom’s son used her password to log into clients’ accounts, sell deal with conflicts, according to Washington state
Advisor mom’s son used her password to log into clients’ accounts, sell deal with conflicts, according to Washington state

“The state comes down on you in years when you make 40% returns for clients,” said Bill Swayne, the advisor and son of Candace Swayne.

Osaic in talks with Anthropic as AI reshapes advisor workforce
Osaic in talks with Anthropic as AI reshapes advisor workforce

The Independent broker-dealer giant has had “active conversations” with the Claude maker, which is days away from its expected IPO

The retirement milestone advisors aren't tracking
The retirement milestone advisors aren't tracking

For Gen X clients entering life after work, answering the financial question isn't enough to solve the entire retirement equation.

Wealthtech firms target stock pay, pensions and heirs for advisors
Wealthtech firms target stock pay, pensions and heirs for advisors

Tools from Grantd, Income Lab and Healthspan Wealth aim to keep RIAs involved in clients’ biggest money decisions

SPONSORED Best Practices for Engaging Women Around Alternatives

Growing wealth, evolving priorities, and untapped opportunities are reshaping how women approach long-term investing.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.