Greenwing Capital Management LLC

Local Man Indicted in $13 Million Investment Fraud Scheme

U.S. Attorney’s Office February 28, 2013
  • Middle District of Louisiana (225) 389-0443

BATON ROUGE, LA—United States Attorney Donald J. Cazayoux, Jr. announced today that a federal grand jury returned an indictment on February 27, 2013, charging James R. Holdman with 18 counts of mail fraud for his role in executing a fraudulent investment scheme.

According to the indictment, Holdman operated a hedge fund called Greenwing Capital Management LLC. As the owner and operator of the fund, Holdman solicited and received millions of dollars in investment funds from the victim investors. The indictment alleges that from approximately February 2008 to October 2008, Holdman concealed a failed investment plan by falsely representing to the victim investors that their investments were earning positive rates of return when, in fact, Holdman had lost over 98 percent of their funds.

The indictment alleges by making these false representations, Holdman was able to conceal his failed investment plan and defraud the victim investors into keeping their remaining money with Greenwing Capital or investing more money in it, thereby allowing Holdman to continue receiving money in the form of fees for his own personal use and benefit. In order to continue to conceal his fraud, Holdman continued to put the victim investors’ money at risk in an attempt to recoup his losses.

FBI Special Agent in Charge Michael J. Anderson stated, “Those individuals who prey on a vulnerable investing public, especially during such challenging economic times, will continue to be held fully accountable.”

U.S. Attorney Donald J. Cazayoux, Jr. stated, “Prosecuting those who commit investment fraud in the district will continue to be a priority as we strive to protect the public and to deter wrongdoers.”

The case is being prosecuted by Assistant U.S. Attorney Shubhra Shivpuri. The joint investigation is being conducted by the Federal Bureau of Investigation, the Louisiana Office of Financial Institutions, the Texas State Securities Board, and the Securities and Charities Division of the Mississippi Office of the Secretary of State.

An indictment is a determination by a grand jury that probable cause exists to believe that offenses have been committed by a defendant. The defendant is presumed innocent until and unless proven guilty at trial.

Source: Department of Justice – FBI



Maryland Man Indicted on Securities Fraud

Maryland Man Indicted on Wire Fraud, Securities Fraud, and Other Charges for His Role in a Ponzi Scheme
Scam Involved Nearly $25 Million in Losses

U.S. Attorney’s Office February 28, 2013
  • District of Columbia (202) 514-7566

WASHINGTON—Garfield M. Taylor, 54, of Rockville, Maryland, has been indicted on wire fraud, securities fraud, and other charges stemming from a Ponzi scheme that resulted in investors losing nearly $25 million that they invested with Taylor and companies he controlled.

The indictment, returned by a grand jury in the U.S. District Court for the District of Columbia, was announced by U.S. Attorney Ronald C. Machen, Jr. and Valerie Parlave, Assistant Director in Charge of the FBI’s Washington Field Office.

Taylor was arrested today and pled not guilty at his arraignment. The indictment was returned February 21, 2013, and unsealed today. Taylor was indicted on seven counts, including charges of wire fraud, securities fraud, and the unlawful sale of unregistered securities. The indictment includes a forfeiture allegation calling for Taylor to forfeit proceeds from the crimes.

According to the indictment, Taylor devised and employed a scheme from in or about September 2006 through in or about September 2010 in which he convinced investors to invest with him by promising them substantial returns on their investment, telling them that he used a sophisticated securities trading strategy that protected against loss, and claiming that he had a proven track record of using this strategy effectively.

During the course of this scheme, however, Taylor never used the trading strategy that he told investors that he would use. With the investments he did make during this period, Taylor either lost money or made minimal profits far below what was needed to pay the amounts he owed. The only way that Taylor was able to pay the substantial interest rates he was paying during this period was to use portions of the principal invested by new investors to pay amounts that were owed to earlier investors.

In one example cited in the indictment, in or about April 2010, Taylor used approximately half of an investor’s $425,000 investment to pay interest and principal that was due to earlier investors, rather than using those funds to invest in securities, as he had promised to do. Taylor paid only a portion of the interest payments he was required to pay the investor, before telling the investor that, because of trading losses, he was unable to make any more interest payments or to return the investor’s principal.

The indictment further alleges that in the course of trying to convince investors to invest with him, Taylor told certain investors that amounts invested with him were insured against loss and that Taylor maintained an account with reserve funds to offset any losses to investors should Taylor actually lose their investment through bad investment decisions. But neither insurance nor an account to reimburse Taylor’s investors existed.

At the time of the scheme’s collapse, Taylor owed investors nearly $25 million just to cover the principal he was contractually required to return to them.

An indictment is merely a formal charge that a defendant has committed a violation of criminal laws and is not evidence of guilt. Every defendant is presumed innocent until, and unless, proven guilty.

This case is being investigated by the FBI’s Washington Field Office. It is being prosecuted by Assistant U.S. Attorneys Matt Graves, Lionel André and Catherine K. Connelly, with assistance from Litigation Technology Specialist Joseph Calvarese and Paralegal Specialists Tasha Harris and Lenisse Edloe.

SEC Sues California Man Alleging Real Estate Fund Fraud

February 28, Bloomberg News – (California; Oregon; Washington)

Seal of the U.S. Securities and Exchange Commi...
SEC sues California man California businessman Walter Ng alleging real estate fund fraud. The U.S. Securities and Exchange Commission sued a California businessman and two others for allegedly running a real estate fund fraud that cost investors more than $85 million.


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