SEC Puts Stop to Ponzi Scheme Focused on Elderly in the Detroit Area
The SEC put a stop to a $50 million real estate focused Ponzi scheme that targeted elderly investors in the Detroit area. John Bravata and Richard Trabulsy apparently lured more than 400 elderly investors with the promise of safe 8% - 12% returns. Many of the investors were solicited with " free lunch " seminars. The reality of the situation, however, was very different than what was promised: The men “lied” to prospective investors about the use of funds and spent $7.2 million...
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