SEC: Investment scam quickly took in more than $1M

Federal regulators say it was too good to be true: A Detroit-area woman is accused of collecting more than $1 million from investors who were told they would earn at least 10 percent a month.
AUG 17, 2010
Federal regulators say it was too good to be true: A Detroit-area woman is accused of collecting more than $1 million from investors who were told they would earn at least 10 percent a month. The U.S. Securities and Exchange Commission filed a lawsuit Wednesday to shut down C.J.'s Financial, run by Candice Campbell of Canton Township. Regulators say only a small sum was used to make investments. The SEC says money was instead used for vacations, cars, jewelry, laser surgery and other luxuries. More than $1 million was collected in just 13 months. The government says some of it was recycled to investors to keep them happy, a typical Ponzi scheme. A message seeking comment was left for Campbell.

Latest News

SEC to lose Hester Peirce, deepening a commissioner crisis
SEC to lose Hester Peirce, deepening a commissioner crisis

The "Crypto Mom" departure would leave the SEC commission with just two members and no Democratic commissioners on the panel.

Florida B-D, RIA owner pitches bold long-term plan to sell to advisors
Florida B-D, RIA owner pitches bold long-term plan to sell to advisors

IFP Securities’ owner, Bill Hamm, has a long-term plan for the firm and its 279 financial advisors.

Fintech bytes: Vanilla, Wealth.com forge new estate planning partnerships
Fintech bytes: Vanilla, Wealth.com forge new estate planning partnerships

Meanwhile, a Osaic and Envestnet ink a new adaptive wealthtech partnership to better support the firm's 10,000-plus advisors, and RIA-focused VastAdvisor unveils native integrations with leading CRMs.

Fiduciary failure: Ex-advisor who sold practice fined after clients lost millions
Fiduciary failure: Ex-advisor who sold practice fined after clients lost millions

A former Alabama investment advisor and ex-Kestra rep has been permanently barred and penalized after clients he promised to protect got caught in a $2.6 million fraud.

Why the evolution of ETFs is changing the due diligence equation
Why the evolution of ETFs is changing the due diligence equation

As more active strategies get packaged into the ETF wrapper, advisors and investors have to look beyond expense ratios as the benchmark for value.

SPONSORED Are hedge funds the missing ingredient?

Wellington explores how multi strategy hedge funds may enhance diversification

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management