Investors who purchased promissory notes or membership interests in special purpose vehicles (“SPVs”) offered by Virginia-based Qidian, LLC (“Qidian”) and its affiliated entities may have legal claims. Qidian’s founder and sole principal, Bin Hao (“Hao”), held Qidian out as a “High-Tech Real Estate Investment & Financing company,” and on that premise persuaded at least 67…
Continue reading ›Investors who have purchased promissory notes or other securities offered by Utah-based Hedgehog Investments LLC and its affiliates (“Hedgehog”) may have legal claims. Hedgehog advertises itself on its website and elsewhere as a private lending and investment firm, offering investors fixed returns between 12% and 20% annually. Hedgehog represents that it is engaged in a…
Continue reading ›Bank of America’s Merrill Lynch brokerage unit agreed to pay $1 million for supervisory failures that allowed a former broker to use a Merrill Lynch account to run a Ponzi scheme, FINRA said on Tuesday. The Financial Industry Regulatory Authority (“FINRA”), which oversees the U.S. brokerage industry, found that the brokerage failed to have an…
Continue reading ›The FBI is reportedly investigating two former Edward Jones brokers based in South Dakota for their role in a “selling-away” case that involved raising money from clients who invested in an alleged Ponzi scheme. A clientof Edward Jones, one of the largest brokerage firms in the country with more than 12,000 brokers, reportedly brought the…
Continue reading ›
