Securities Industry Commentator by Bill Singer Esq

September 17, 2018
Felon Orenthial Walker was indicted in the United States District Court for the Southern District of Georgia. That much is pretty clear. Less clear, somewhat funny, somewhat frightening is that Walker is now charged with conspiracy to commit wire fraud. As alleged by federal prosecutors, Walker posed as a member of the U.S. Marshals Service and claimed that the victims had failed to appear for jury duty. Walker then allegedly threatened arrest if a "fine" was not paid via gift cards or a money-transfer site. Allegedly, Georgia state prison inmates were behind this scam, which they perpetrated through the use of contraband cell phones to coordinate the operation from behind bars.

SEC Severely Reduces Whistleblower Award For Unreasonable Filing Delay ( Blog)
The SEC isn't ready to make nice with a whistleblower who was tardy. Turns out, the SEC is a very punctual place. They keep time. Meticulously. A cynical fellow might call out the SEC as a hypocrite. A sarcastic fellow might compliment the SEC on never missing an opportunity to miss an opportunity when it comes to aggressive, timely regulation of the too-big-to-fail. A fellow with a sense of humor would hoist the SEC with its own petard -- which is what today's Blog attempts to do.

Florida Woman Pleads Guilty To Mail Fraud Scheme Involving False Claims Of Veterans Affairs Settlement (DOJ Release)
Maria Jesus Lucianopleaded guilty to 11 counts of mail fraud in the United States District Court for the DIstrict of Nevada. Sure . . . I could sort of try to put the allegations in my own words but, frankly, there's no way that I could do justice to the narrative beyond what is set forth, in pertinent part, in the DOJ Release:

According to court documents, Luciano resided in Las Vegas in 2010 to 2011. During that time period, Luciano befriended a man she met at the church they both attended. In 2011, she relocated to Tampa and maintained communication with the man. Luciano fraudulently represented to him that she had a pending settlement award from the U.S. Department of Veterans Affairs. She told him that she would share the settlement award with him if he provided her money to pay fees, interest, and other costs related to obtaining the settlement award. Her representations where false. In fact, after a brief period of service, Luciano was discharged from the U.S. Army in 1971. She received monthly pension benefits from the U.S. Department of Veterans Affairs for a non-military service related disability and was not entitled to any large monetary award or settlement.

In July 2013, Luciano mailed the man a fake promissory note granting him an interest in the purported settlement award. The man used his position as a controller at a large real estate investment business to embezzle and steal approximately $1.3 million from the business and its investors. He mailed Luciano numerous envelopes and packages containing the stolen money. Luciano used the money for gambling and personal expenses.