Wextrust Is A $225 Million Ponzi Scheme The SEC Says
Recent Cases
Joseph Shereshevsky, a felon, and his partner Steven Byers fraudulently raised $225 million from nearly 1,200 investors, the SEC claims in Federal Court. The SEC says the men are running a Ponzi scheme through Wextrust Capital, other Wextrust entities, and Axela Hospitality.
Also sued are Wextrust Equity Partners, Wextrust Development Group, and Wextrust Securities. The defendants created 150 LLCs and conducted at least 60 private placement offerings "without disclosing that funds raised were actually being used to pay prior investors n unrelated offerings and to make unauthorized payments to fund the operations of the Wextrust Entities, which were operating at a deficit," the SEC says.
Wextrust has "borrowed" at least $74 million from the LLCs and "loaned" at least $54 million to them, the SEC says. It wants funds frozen, books and paperwork, disgorgement, injunctions and penalties.
Byers, 46, of Oak Park, owns 60% of Wextrust, the SEC says.
Shereshevsky, 52, aka Joseph Heller or "Yossi," lives in Norfolk, Va. He pleaded guilty to bank fraud in 2003 and was sentenced to time served and ordered to pay $38,800 in restitution.
Related listings
-
Harass A Republican, Lose Your Phone
Recent Cases 09/02/2008Ramsey County has obtained an emergency order allowing it to order telephone companies to turn over the names and numbers of anyone who makes harassing phone calls during the Republican National Convention, and to cut off those people's phone service...
-
Racism Alleged In Bizarre Punishment
Recent Cases 08/28/2008Top administrators at a Camden middle school forced an entire bilingual class of Hispanic children to eat on the cafeteria floor for a week because one student accidentally spilled some water, and when the teacher complained, the principal and vice p...
-
EPA Can Inspect Ship for Chemicals, Court Rules
Recent Cases 08/27/2008The Environmental Protection Agency can inspect a former U.S. Navy hospital ship for toxic chemicals, the 4th circuit ruled. The EPA was issued a warrant under the Toxic Substances Control Act to board the M/V Sanctuary, built in 1944, to test for po...
Victorville CA DUI Lawyers - Drunk Driving Defense Attorney
The outcome of a Victorville CA DUI defense will have a long-term effect on anyone’s life, making the decision to receive legal representation an easy one. The fact is, most people accused of a DUI are first offenders with no criminal background. Whether this is your first run in with the law or you have had previous convictions, you are in need of a DUI defense attorney.
If you fail a sobriety test or have a blood alcohol level above 0.8%, you are considered to be driving under the influence in which you will be arrested. During this time you will be read your Miranda rights and it is crucial to exercise your right to remain silent. As they say, “anything you say can and will be held against you in court.” The courtroom takes no mercy on drunk drivers and any statement you make during your arrest will only damage your case.