Daniel B. Rudden of Denver was recently sentenced to 10-years in prison for running a lengthy Ponzi scheme through his Financial Visions companies by a Federal Court in Colorado.
Authorities Order Disgorgement and Restitution Order
The Securities and Exchange Commission (SEC) permanently enjoins Mr. Rudden and his companies of violating antifraud provisions of the securities law. Authorities are also ordering disgorgement of $6.5M and requesting Mr. Rudden’s frozen assets to be used to help satisfy that criminal restitution order.
In the parallel criminal case, Mr. Rudden was sentenced to serve 121 months in federal prison accompanied by three years of supervised release and required to pay restitution of approximately $20M to the victims of his Ponzi scheme.
Hallmarks of a Ponzi Scheme
A Ponzi scheme is criminal theft on a large scale. Often called a pyramid scheme because of how money moves, money of new investors is used to make payments to earlier investors. A hallmark of a Ponzi scheme is that there is no “investment” occurring — money is simply being shifted from one person to another, with the initiator of the investment scheme skimming money off the top in order to keep the scheme going.
In this case, Mr. Rudden promised investors returns, instead using the funds for personal lifestyle expenses, only taking money and not making investments.
Think You Have a Case? Speak with a Ponzi Scheme Lawyer Today
Were you a victim of the Financial Visions Ponzi scheme? If you or a loved one has lost money as a result of a scheme, speak to an experienced ponzi scheme attorney today. Dimond Kaplan & Rothstein, P.A. has vast experience with cases related to Ponzi schemes. The firm has successfully represented numerous victims and we will aggressively pursue claims to recover your losses.
Contact Dimond Kaplan & Rothstein Attorneys
To schedule an appointment for a FREE case evaluation, contact a Ponzi Scheme attorney at Dimond Kaplan & Rothstein, P.A. today.
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