Thursday, 7 May 2015
Last updated 14 hours ago
Oct 25 2011 | 6:52am ET
Federal prosecutors won a seventh guilty plea in a $40 million hedge fund fraud case yesterday.
Brian Coats pleaded guilty to conspiracy, securities fraud, wire fraud and promotional money-laundering conspiracy. According to prosecutors, Coats and seven others ran a fraudulent hedge fund and Ponzi scheme from 2007 through the end of 2009. Many of the group's victims were elderly.
Coats, his three companies and his co-conspirators told investors they managed a hedge fund called Black Diamond. The eight transformed the scam into a Ponzi scheme when it began to collapse in 2009.
Coats faces up to 15 years in prison and a $500,000 fine.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…