On Feb. 15, it was reported that a California-based investment banker was sentenced to prison after being convicted of fraud charges in 2016. The man, age 46, was convicted of securities fraud, investment adviser fraud and conspiracy after he became involved in a scheme to manipulate shares at a reinsurer that has since gone out of business.
California residents who want to make some easy money often look to new investments. Unfortunately, many investments that sound too good to be true are actually fraudulent. For example, Ponzi schemes bring in new investors to provide the funds needed to pay existing investors. These schemes are not sustainable and eventually collapse when there are no more new investors.
Since the legalization of adult recreational marijuana use in the state of California, there has been a lot of uncertainty about what is legal and what isn't. For many people, their interpretation of what they want to be able to do under the law is far more liberal than what the law allows.