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Law Offices of Peter C Rageas P.C., 400 Monroe #620, Detroit, MI (2026)

05/08/2026

Investor Wins FINRA Arbitration Against Stifel Advisor in Southfield, Michigan
Claimant Wins FINRA Arbitration Against Stifel, Nicolaus & Co. and its Advisor based in Southfield, Michigan. FINRA Arbitration No: 24-00627

The Financial Industry Regulatory Authority (FINRA) regulates brokerage firms doing business with United States investors. FINRA is overseen by the U.S. Securities and Exchange Commission (SEC) and can write rules and enforce compliance with those rules and federal securities laws.1

Investors can file complaints with FINRA.

The organization can take disciplinary actions against registered individuals or firms that violate its’ rules and can refer fraud and insider trading cases to the U.S. Securities and Exchange Commission and other government agencies for prosecution.2

In March 2024, Francisco Adamopoulos filed a claim with FINRA against Stifel, Nicolaus & Co, a full-service retail and institutional brokerage and investment banking firm based in St. Louis, Missouri.

Adamopoulos alleged the following in his FINRA Statement of Claim:3

• Unauthorized trading;

• Fraud;

• Breach of fiduciary duty;

• Negligence;

• Breach of contract;

• Over-concentration;

• Violation of FINRA Rule 2111 (requiring brokers to ensure that any investment recommendation is suitable for a customer based on their unique financial profile and investment objectives);

• Violation of FINRA Rule 2010 (requiring all member firms and associated persons to observe high standards of commercial honor and just and equitable principles of trade);

• Failure to supervise/respond to superior/negligent hiring; and,

• Violation of Investment Advisors Act of 1940.

These claims arise from Adamopoulos’ allegation that Loren Morrison bought risky, speculative positions without Adamopoulos’ consent.Adamopoulos asked for $305,680.91 in damages, interest, costs and other relief deemed just, proper and equitable.

The case was arbitrated by an all-public panel of independent arbitrators. The panel rendered its award on February 3, 2026. The award held that Stifel and Morrison are jointly and severally liable for compensatory damages, expert fees, hearing fees, to a total of $302,607.00.

Royal Oak Securities Fraud and FINRA Arbitration Attorney

Our Royal Oak securities law firm is dedicated to protecting investors from fraud, scams, and broker misconduct. We use our experience in securities law to safeguard your interests and seek recovery for your losses. If you have concerns about how your investments are being handled, call today to speak with an experienced attorney for a free consultation.

1 About FINRA

Link: https://www.finra.org/about

2 Understanding FINRA: Rules, Oversight, and Investor Protection by Liz Manning, 4/25/2026

Link: https://www.investopedia.com/terms/f/finra.asp

3 Award FINA Dispute Resolution Services Adamopoulos vs. Stifel, et. Al.

Link:https://www.finra.org/sites/default/files/aao_documents/24-00627.pdf

The post Investor Wins FINRA Arbitration Against Stifel Advisor in Southfield, Michigan appeared first on Stockbroker Securities Fraud Attorney | Helping Investors Recover Losses.

Claimant Wins FINRA Arbitration Against Stifel, Nicolaus & Co. and its Advisor based in Southfield, Michigan. FINRA Arbitration No: 24-00627 The Financial Industry Regulatory Authority (FINRA) regulates brokerage firms doing business with United States investors. FINRA is overseen by the U.S. Securi...

04/03/2026

Cyber Security Knowledge Protects Your Investments
Anyone who has had a bad experience purchasing a product that was advertised through an ad online is aware of the potential for becoming a victim of a retail cyber scam. Gen Digital, Inc., a multinational cybersecurity and digital technology company provides cybersecurity software and monitoring through a number of affiliated companies including Norton, Avast, AVG and LifeLock and regularly reports on aspects of cyber security.

For retail investors, being aware of cybersecurity issues is important to protecting hard-earned assets.

Threat analysts at Gen Digital report that “Facebook was found to be associated with the most potential digital threats, like scams, phishing attacks and malvertisements.” Phishing attacks are when criminals steal data by deceiving people into providing the criminals with sensitive information like passwords, social security numbers and credit card numbers.

Malvertisements, short for malicious advertising, “is the use of online ads to spread malware and/or redirect users to malicious sites,”2 Consumers visit legitimate websites that may have ads with images that have malicious code in the background. Clicking on the ad activates the malicious code and downloads the malware to a computer or smart phone.

Meta, the parent company of Facebook, is aware that their social medial platform is a target for scams. In fact, at one point Meta itself estimated it hosted 15 billion scam ads a day according to documents obtained by Reuters.3 Meta countered that Reuters “presented a selective view that distorts Meta’s approach to fraud and scams” and Meta reported that they instituted scam reduction efforts in 2025, removing more than 134 million pieces of scam ad content.4

Facebook is the largest social media network, making it a popular target for thieves. The Gen Digital team found that the most common digital threats on Facebook were malvertising, phishing attacks, e-shop scams and financial scams.5

While 63 percent of all social-media-related threats identified by Gen Digital products stemmed from Facebook, YouTube came in second at 22 percent, X (Twitter) at 7 percent, and Instagram and Reddit at 3 percent each.

Financial scams accounted for 9 percent of Facebook scams identified by Gen Digital products. These scams “promise easy money, fake investment opportunities or quick loans in exchange for upfront payments or sensitive data.”6

Gen Digital recommends a number of ways to protect people from falling victim to social media investment scams:7

• Don’t talk to strangers: Avoid chatting with people you don’t know and ignore friend requests from strangers. Remember that online “friends” asking for money or personal information is a huge red flag.

• Adjust your online privacy settings: Review and tighten your privacy settings on every platform. Limiting what you share publicly — and who can contact you — makes it harder for scammers to target you.

• Pause before you click: Think twice before clicking on links or attachments, even from familiar accounts. Hackers often disguise malicious links to spread malware or steal login credentials. Be skeptical of urgent requests or too-good-to-be-true deals.

• Vet fundraisers: Research fundraisers before donating. Scammers use fake charities or emotional stories to manipulate people. Only donate through verified platforms.

• Be a cautious investor: Beware of “can’t-miss” investments on social media — especially if cryptocurrency is involved. Scammers post fake success stories to lure victims.

• Double-check links: Hover over links to see the real URL before opening them. Fake websites often use small spelling changes, a technique known as typosquatting, to trick you into visiting fake websites. Even better, install software like Norton 360 that can help alert you to dangerous links.

• Turn on 2FA: Enable two-factor or multi-factor authentication for an extra layer of security. That way, even if someone steals your password, they won’t be able to access your account without the second verification step.

• Use malware protection software: Install trusted security software, like Norton 360, to help block viruses, detect scams, and be alerted to phishing attacks and other online threats.

• Use ad blockers: Ad blockers can stop malicious or misleading ads from appearing in your feed. They also reduce the chances of accidentally clicking a harmful link.

Michigan Securities Law Services for Investor Protection

Cyber threats and online investment scams are becoming harder to ignore, making investment protection more important than ever. If misleading schemes, broker misconduct, or securities fraud put your financial future at risk, experienced securities law services can help protect your rights and pursue accountability.

The Law Offices of Peter C. Rageas, P.C. in Royal Oak provides dedicated legal representation for investors who need strong, knowledgeable advocacy in complex securities matters.

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1, 5, 6, 7 Cyber Safety Researchers Reveal Riskiest Social Media Platforms by Jeremy Coppock, 12/16/2025

Link: https://us.norton.com/blog/digital-life/riskiest-social-media-platforms?om_em_cid=hho_email_NORTON_NEWSLETTER_1927369&et_rid=336886586

2 The Dangers of Malvertising and How to Protect Yourself Against It by Florian Kaster, 7/16/2024

Link: https://www.pcworld.com/article/2385494/this-is-how-dangerous-malvertising-is-and-how-you-can-protect-yourself-against-it.html

3, 4 Meta is Earning a Fortune on a Deluge of Fraudulent Ads, Documents Show by Jeff Horowitz, 12/28/2025

Link: https://www.reuters.com/investigations/meta-is-earning-fortune-deluge-fraudulent-ads-documents-show-2025-11-06/

The post Cyber Security Knowledge Protects Your Investments appeared first on Stockbroker Securities Fraud Attorney | Helping Investors Recover Losses.

Anyone who has had a bad experience purchasing a product that was advertised through an ad online is aware of the potential for becoming a victim of a retail cyber scam. Gen Digital, Inc., a multinational cybersecurity and digital technology company provides cybersecurity software and monitoring thr...

03/06/2026

Highlights from the NASAA 2025 Enforcement Report
Founded in 1919, the North American Securities Administrators Association (NASAA) is the oldest international investor protection organization. NASAA’s primary goal is to advocate and act for the protection of investors, especially those who lack the expertise, experience and resources to protect their own interests.1

The organization released their 2025 Enforcement Report in October.

The report contains useful information to guide investors in recognizing fraudulent investment offerings.

The report detailed that in 2024 state securities regulators conducted 8,833 active investigations and initiated 1,183 enforcement actions leading to more than $259 million in monetary fines and restitution as well as criminal prosecutions, probation and deferred adjudication.2

State securities regulators received the majority of referrals from FINRA (Financial Industry Regulatory Authority), as well as state and local law enforcement and prosecutorial agencies and the U.S. Securities & Exchange Commission (SEC).

Senior investor vulnerability was highlighted in the report which revealed that in 2024 there were over 3,500 complaints of alleged financial misconduct targeting older investors. “The top products and schemes in investigations involving senior victims were digital assets (151), pig butchering (91), stocks and similar equities (75), social media fraud (69), and promissory notes (51).”3

A pig butchering scam, derived from the idea of fattening an animal before it is killed, is when a thief works over months or years to build a relationship with the victim and then exploits the relationship for financial gain.4

The problem of investors making investments with unregistered firms and unregistered individuals was also highlighted in the report. Regulators opened 345 investigations involving unregistered firms and 944 involving unregistered individuals according to the report. This highlights the importance of investors checking whether those individuals and firms asking for their investments are legitimate.

A check can easily be accomplished by going to FINRA’s Broker Check website: click here 5.

The good news is that the same technology, such as artificial intelligence, which is fueling a rise in fraudulent investment offerings is also being used to root out investment fraud schemes and stop them.

Agencies are engaged in working with domain providers to shut down fraudulent websites and are “working with blockchain analytics firms and digital asset exchange platforms to trace and seize assets obtain through fraud.”6

Securities Law Firm Protecting Investors in Royal Oak

The Law Offices of Peter C. Rageas helps investors pursue claims involving broker misconduct, unsuitable investments, fraud, and other securities-related losses. If you believe you were misled or treated unfairly, our Royal Oak securities law firm can review your situation and explain your options for moving forward.

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1 About NASAA

Link: https://www.nasaa.org/about/

2, 3 NASAA Releases 2025 Enforcement Report, 10/16/2025

Link: https://www.nasaa.org/77718/nasaa-releases-2025-enforcement-report/

4 The Pig Butchering Scam Explained by Paul Frew and Gene Petrino, 10/27/2025

Link: https://www.security.org/digital-safety/scams/pig-butchering/

5 Broker Check by FINRA

Link: https://brokercheck.finra.org/

6 NASAA Enforcement Report: 2025 Edition

Link:https://www.nasaa.org/wp-content/uploads/2025/10/2025-NASAA-Enforcement-Report_FINAL.pdf

The post Highlights from the NASAA 2025 Enforcement Report appeared first on Stockbroker Securities Fraud Attorney | Helping Investors Recover Losses.

Founded in 1919, the North American Securities Administrators Association (NASAA) is the oldest international investor protection organization. NASAA’s

02/06/2026

Overview of the Types of Investment Fraud (Part 2)
Knowledge of the most common types of investment fraud can help to curtail this type of fraud which costs Americans billions each year. Unfortunately, many of those who lose investment income are seniors who are particularly vulnerable to scams.

The U.S. Securities and Exchange Commission (SEC) website has a special section dedicated to educating investors —Investor.gov 1 A detailed explanation of 14 common types of investment fraud can be found here 2

The last blog post provided an overview of 1) Advance Fee Fraud, 2) Binary Options Fraud, 3) High Yield Investment Programs and 4) Impersonation Schemes.

Below is Part 2 of our overview of investment fraud types:

5. Internet and Social Media Fraud

Investors are frequently introduced to scams through Facebook, YouTube, Twitter, LinkedIn and other social media sites. These sites also serve as platforms for research on investment opportunities and may contain information that is not legitimate.

6. Investment Scams Targeting Groups

Investments are often pitched to seniors, ethnic groups, members of the military, religious groups and other groups by people they meet in these groups who build relationships with members for the purpose of gaining their trust and securing their cooperation on fraudulent investments.

7. Microcap Fraud

Microcap stocks are low-priced stocks issue by the smallest of companies. Information on these investments is hard to obtain so they are an easy target for investor fraud. Fraudsters can also easily manipulate the price of microcap stocks because often they don’t trade on national securities exchanges. Microcap solicitations, especially fraudulent ones, are usually unsolicited.

8. Ponzi Scheme

A Ponzi or pyramid scheme is one where new investor money is used to pay earlier investors, making it appear as if the investment is successful and legitimate when it is not.

9. Pre-IPO Investment Scams

Fraudsters encourage investors to invest in companies before they go public with an initial public offering of securities (IPO) claiming that the company is an emerging technology or industry that will provide high returns on their investments. The company may not actually exist or the company’s potential may be greatly exaggerated to get the investor to invest.

10. Pyramid Schemes

Pyramid schemes are ones where participants make money solely by recruiting new participants and where high returns in a short period of time are promised.

11. “Prime Bank” Investments

All solicitations involving “prime bank” investments are fraudulent. These purported high-yield investments will often be pitched as being issued, traded or guaranteed by the World Bank, International Monetary Fund, the Federal Reserve, or other known organizations.

12. Promissory Notes

Promissory notes are used by companies to raise money by having investors loan money to the company, usually for a very high rate of return.

13. Pump and Dump Schemes

Pump and dump schemes, usually offered on the internet, have promoters boosting the price of a stock with false or misleading claims about the company. Then, when a sufficient number of investors have bought stock the promotor quickly sells their stock and takes the profit leaving most investors with little or no profit.

14. Relationship Investment Scams

This type of scam relies on building trust with a friend or romantic partner and then exploiting the relationship for financial gain. This scam is often done through online communications or text messages.

While not every investment on this listing actually results in fraud, it is important that investors beware that there is a high likelihood that they may be taken in by a fraudster. Tools are available to help investors make good decisions.

The SEC recommends researching investments and investment professionals, understanding fees and monitoring your accounts and provides information on these important safeguards at: https://www.investor.gov/protect-your-investments 3

Securities Law Expertise for Investment Protection

If you suspect investment fraud, broker misconduct, unsuitable recommendations, or account mismanagement, we can help you understand your options. Contact our securities law firm in Royal Oak to discuss your situation.

Our securities attorneys have decades of experience representing investors in recovery matters. Call today for a confidential, no-obligation case evaluation.

_________________________

1 U.S. Securities and Exchange Commission Investor.gov website

Link: https://www.investor.gov/

2 Types of Fraud

Link: https://www.investor.gov/protect-your-investments/fraud/types-fraud

3 Protect Your Investments

Link: https://www.investor.gov/protect-your-investments

The post Overview of the Types of Investment Fraud (Part 2) appeared first on Stockbroker Securities Fraud Attorney | Helping Investors Recover Losses.

Knowledge of the most common types of investment fraud can help to curtail this type of fraud which costs Americans billions each year. Unfortunately,

01/09/2026

Overview of the Types of Investment Fraud (Part 1)
Investment fraud in 2025 was on track to continue the steady year-to-year increase that has existed since 2020. Americans lost $3.5 billion in investment fraud and scams in just the first half of 2025 and that figure is projected to rise above the $5.8 billion in losses reported for 2024.1

Crypto scams remain the second-largest source of funds for scammers behind bank transfers, with the first half of 2025 seeing scammers collect $959 million in cryptocurrency.2

The U.S. Securities and Exchange Commission’s (SEC) hosts a website dedicated to educating investors. It is Investor.gov 3 This site includes a listing of 14 common types of investment fraud and gives an overview of each.4

1. Advance Fee Fraud

When a person or company asks you to pay a fee up front prior to receiving any proceeds, money, stock or warrants you may be dealing with this type of fraud. An example of this would be when you receive a direct mail solicitation that falsely claims that you have won, or soon will win, cash or valuable prizes or otherwise come into great fortune if you complete a form and submit a payment of $15 to $55 via mail. That exact scheme netted fraudsters more than $18 million in the United States in 2015.5

2. Binary Options Fraud

The Investor.gov website stated that a binary option “is a type of options contract in which the payout depends entirely on the outcome of a yes/no proposition and typically relates to whether the price of a particular asset will rise above or fall below a specified amount.

A binary option does not give the holder the right to buy or sell the specified asset. When the binary option expires, the option holder receives either a pre-determined amount of cash or nothing at all.”6

The website further reveals that the internet-based trading platforms where these assets are often offered don’t necessarily comply with U.S. regulatory requirements. The Commodities Futures Trading Commission recommends checking out the registration status and disciplinary history of a derivatives professional or company by using a free tool – BASIC.7

3. High Yield Investment Programs

If you are enticed by what appears to be an abnormally high return on a high-yield investment with little or no risk to the investor, it is most likely a fraudulent offering. These fraudulent offerings are perpetrated by individuals who are not licensed or registered. To find out if an individual offering a high yield investment is registered go to Investor.gov.8

4. Impersonation Schemes

Impersonation schemes involve fraudsters claiming to be someone they are not to entice or demand that individuals invest or provide them with personal information. This includes fraudsters that claim they work for a government agency like the SEC.

They may also represent themselves as legitimate investment professionals like brokers and investment advisers. You should verify the person’s identity before providing any personal information if they represent a government entity. The SEC personnel locator can be reached by calling (202) 551-6000 or you can call the SEC at (800) SEC-0330 to check if a communication is from the SEC. To verify that you are communicating with a legitimate investment professional do the following:

• In the “Check Out Your INVESTMENT PROFESSIONAL” search box on Investor.gov, select “Firm” from the drop down options and type in the name of the firm.

• In the search results, click on the relevant firm and then click on “Get Details.”

• Click on “Relationship Summary” or “Part 3 Relationship Summary to get a legitimate phone number or website and make sure it matches what your investment professional provided to you.

The additional investment fraud types will be overviewed in a future blog post. These fraud types include Internet and Social Media Fraud; Investment Scams Targeting Groups; Micocap Fraud; Ponzi Scheme; Pre-IPO Investment Scams; Pyramid Schemes; “Prime Bank” Investments; Promissory Notes; Pump and Dump Schemes; and Relationship Investment Scams.

Stay Protected with Experienced Securities Litigation Counsel

If you suspect investment fraud, broker misconduct, unsuitable recommendations, or account mismanagement, we can help you understand your options. Contact our securities law firm in Royal Oak to discuss your situation.

Our securities attorneys have decades of experience representing investors in recovery matters. Call today for a confidential, no-obligation case evaluation.

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1, 2 Crypto and Investment Scam Statistics for 2025 by Jack Caporal, 8/18/2025

Link: https://www.fool.com/research/crypto-investment-scams/?msockid=2c114190ff07677c35b657cbfe8c66c9

3 U.S. Securities and Exchange Commission Investor.gov website

Link: https://www.investor.gov/

4, 6 Types of Fraud

Link: https://www.investor.gov/protect-your-investments/fraud/types-fraud

5 Updated Investor Alert: Be on the Lookout for Advance Fee Fraud, 9/22/2016

Link: https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/updated-2

7 NFA Basic Tool

Link: https://www.nfa.futures.org/basicnet/

8 U.S. Securities and Exchange Commission Investor.gov website

Link: https://www.investor.gov

The post Overview of the Types of Investment Fraud (Part 1) appeared first on Stockbroker Securities Fraud Attorney | Helping Investors Recover Losses.

Investment fraud in 2025 was on track to continue the steady year-to-year increase that has existed since 2020. Americans lost $3.5 billion in investment

12/11/2025

Focus Areas of SEC Enforcement Actions
The U.S. Securities and Exchange Commission’s (SEC) was founded in 1934 during the Great Depression. The SEC’s mission is to “protect investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation” with the end goal of making a positive impact on the U.S. economy, capital markets and people’s lives.1

The organization oversees federal securities laws, The SEC roots out the misconduct of those who sell and trade securities, holds wrongdoers accountable and provides resources to educate investors so they can make good investment decisions and avoid fraud.

There are areas where the SEC tends to focus their enforcement actions.

Compliance in these areas helps businesses avoid SEC scrutiny.

Failure to Maintain Electronic Communications

In January 2025 the SEC charged nine investment advisers and three broker-dealers “for failures by the firms and their personnel to maintain and preserve electronic communications, in violation of recordkeeping provisions of the federal securities laws” and these firms combined agreed to pay civil penalties totaling $63.1 million. 2

Recordkeeping failures are serious violations of federal securities laws as they call into question the transparency and integrity of the markets and their participants. The issue in this enforcement action was the use of unapproved communication methods — or off-channel communications — sent and received by multiple levels of employees including supervisors and senior managers.

“Off-channel communications refer to electronic messaging platforms outside of traditional, monitored channels like company email systems…including apps and services like WhatsApp, Signal, Bloomberg messaging, and social media platforms.3 In fiscal year 2024, the SEC’s recordkeeping cases resulted in more than $600 million in civil penalties against more than 70 firms and since December 2021 the SEC’s recordkeeping cases have resulted in charges against more than 100 firms, netting more than $2 billion in penalties.4

Disclosure Issues

A key federal securities law, referred to as the “truth in securities law” requires companies offering securities to provide truthful information about securities (e.g., stocks or bonds for public sale) and the risks associated with investing in them, making disclosure requirements ‘the cornerstone of federal securities laws.’5 In 2024, the SEC found 12 investment advisers non-compliant by advertising hypothetical performance to the general public, using “untrue or unsubstantiated statements of material fact and/or testimonials, endorsements or third-party ratings that lacked disclosures and advertising misleading performance that was not fair and balanced.”6 Many of the SEC’s enforcement actions include violations of disclosure requirements.

In the SEC fiscal year ending on September 20, 2025 the Commission reported it brought 90 actions against investment advisers and their representatives.7 Other major areas of SEC scrutiny included failure to file timely reports, illegal trading and fraudulent offerings.

Royal Oak Securities Fraud & Investment Loss Attorneys

Our Royal Oak Securities Law Firm is dedicated to protecting investors from fraud, scams, and broker misconduct. We use our experience in securities law to safeguard your interests and seek recovery for your losses. Have concerns about how your investments are being handled? Call today to speak with an attorney – free consultation.

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1 U.S. Securities and Exchange Commission Mission

Link: https://www.sec.gov/about/mission

2 Twelve Firms to Pay More than $63 Million Combined to Settle SEC’s Charges for Recordkeeping Failures, 1/13/2025

Link: https://www.sec.gov/newsroom/press-releases/2025-6

3 Scrutiny of Off-Channel Communications Capture, Archive and Surveillance, Peter Kenny, 6/27/2024

Link: https://www.acaglobal.com/industry-insights/scrutiny-of-off-channel-communications-capture-archive-and-surveillance/

4, 6 SEC Announces Enforcement Results for Fiscal Year 2024, 11/22/2024

Link: https://www.sec.gov/newsroom/press-releases/2024-186

5 SEC Securities Disclosure: Background and Policy Issues

Link: https://www.congress.gov/crs-product/IF11256

7 2025 Fiscal Year in Review: SEC Enforcement against Investment Advisers to Private Funds, Registered Funds, and Retail Clients, 10/16/2025

Link: https://www.sidley.com/en/insights/newsupdates/2025/10/2025-fiscal-year-in-review-sec-enforcement-against-investment-advisers

The post Focus Areas of SEC Enforcement Actions appeared first on Stockbroker Securities Fraud Attorney | Helping Investors Recover Losses.

The U.S. Securities and Exchange Commission's (SEC) was founded in 1934 during the Great Depression. The SEC's mission is to "protect investors,

11/14/2025

SEC Targets Pennsylvania Firms in $770M ATM Case
There were over 500,000 automated teller machines (ATMs) in the United States in 2023.1 While it might seem that Americans like to pay with credit cards, according to Federal Reserve research the average American carries $67 in cash and has $306 in cash stored elsewhere.2

With businesses requiring that customers pay up to 4 percent extra to charge items, it may become even more common for people to carry cash.

In September, the Securities and Exchange Commission (SEC) charged a Pennsylvania businessman and his companies – Prestige Investment Group, LLC and Paramount Management Group, LLC with operating a Ponzi scheme which involved investments in ATM machines.

Daryl F. Heller, a Pennsylvania resident is the founder and chair of Paramount’s board and is the founder and CEO of Prestige and is the managing member, CEO and majority owner of Heller Capital Group, LLC, which is the majority owner of both Paramount and Prestige.3

Heller, Paramount and Prestige were named in the SEC complaint. The complaint alleges that they operated a multi-year Ponzi scheme that resulted in 2,700, mostly retail investors, losing about $400 million. 4

Many of the retail investors were members of the Amish and Mennonite communities in the Lancaster, Pennsylvania area where Heller resides and where both Paramount and Prestige are located.

Potential investors were solicited through emails, podcasts, YouTube videos, meetings, seminars and investor presentations. Heller is accused of “creating the false impression that they were running a successful, nationwide ATM network and paying investors fixed monthly distributions from income earned from ATM transaction fees and related charges.”5

Heller did not give investors true information on the size of the company’s ATM network or its profitability according to the SEC complaint. In order to keep the business running he would take new investor money to pay existing investors, thereby perpetuating the Ponzi scheme.

Heller is accused by the SEC of using $185 million in investor funds to purchase a beach house, make personal tax payments, and to fund his other businesses among other misappropriations of investor funds.

According to the complaint, the SEC is seeking permanent injunctions, disgorgement of ill-gotten gains with pre-judgement interest and civil penalties against the defendants and a conduct-based injunction and officer and director bar against Heller.

Securities Litigation Attorneys Serving Metro Detroit

Investment and securities matters are complex, and the stakes are high when negligent or dishonest brokers and financial advisors cause significant financial losses. Our securities law firm in Royal Oak has been fighting for investors’ rights for more than 20 years. We work to help clients recover their losses and hold brokers and advisors accountable for misconduct.

Call today to speak with a securities attorney about your investment concerns and potential claims.

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1 ATM Population in the U.S. Shows Strong Growth Over the Past Year, by David Tente, 9/6/2023

Link: https://www.atmia.com/news/atm-population-in-the-us-shows-strong-growth-over-the-past-year/20388/

2 Who Carries Cash Anymore? The Surprising Amount Americans Have on Them Despite Cashless Options by Isabel O’Brien, 7/25/2025

Link: https://www.investopedia.com/who-carries-cash-anymore-11741436

3 SEC Complaint, Case 5:25-cv-05036, 9/3/2025

Link:https://www.sec.gov/files/litigation/complaints/2025/comp-pr2025-111.pdf

4, 5 SEC Charges Pennsylvania Resident and His Companies with $770 Million Ponzi Scheme, 9/3/2025

Link: https://www.sec.gov/newsroom/press-releases/2025-111-sec-charges-pennsylvania-resident-his-companies-770-million-ponzi-scheme

The post SEC Targets Pennsylvania Firms in $770M ATM Case appeared first on Stockbroker Securities Fraud Attorney | Helping Investors Recover Losses.

There were over 500,000 automated teller machines (ATMs) in the United States in 2023.1 While it might seem that Americans like to pay with credit cards,

Law Offices of Peter C Rageas P.C.

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