Hernandez charged with $11 million Ponzi scheme

June 29th, 2009
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In a recent press release, the SEC accused Mr. David Hernandez of an $11 million Ponzi scheme in which he guaranteed 10—16% profits per month from his company Next Step Financial Services, which was in fact out of business. He stands accused of lying about a number of issues including his educational background and experience, the safety of investor’s money, and the use of those funds. Mr. Hernandez apparently used investor money for personal use and to pay the massive returns he promised. He also never purchased adequate insurance coverage for the investments and lied about the success of Next Step Financial Services. The SEC is seeking a restraining order as well as various other penalties, and accuses Mr. Hernandez of violating anti-fraud law.
See Press Release
For Detailed Investor Profiles on these Investors, click below:
Next Step Financial Services
Related People: David J. Hernandez
Related Article Tags: Hedge Fund Fraud and Ponzi Scheme News

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