TAUNTING MISCREANTS SINCE 2012! AN INDEPENDENT, AD-FREE NEWS SITE--SHINING A LIGHT ON THE DARK UNDERBELLY OF FRAUD, CONS AND SCAMS FROM NORTHERN MICHIGAN TO LAS VEGAS, NEWPORT BEACH HAS ENDED ITS RUN. PUBLISHED CONTENT WILL REMAIN ONLINE, BUT MISS FORTUNE HAS SIGNED OFF! Due to lack of technical support by Google, I'm unable to respond to your comments.
A naked man fears no pickpocket, a truism now-incarcerated Las Vegas con man David Damante likely learned during his recent trip to the Shangri La Ranch, a “clothing optional” Arizona resort.
Damante, who was arrested on June 22, 2018 for violating the terms of his supervised release, remains in federal custody. He faces a formal revocation hearing, scheduled for Friday, June 29 at 9:30am in U. S. District Court in Las Vegas.
In a detention order released yesterday, federal prosecutors revealed details about activities that triggered Damante arrest. And while the government's formal petition and addendum remain sealed, the detention order outlines several violations:
-Damante did not provide his Probation Officer access to requested financial information;
-Damante cashed two checks, one on February 8, 2018 in the amount of $28,000.00, and one on February 26, 2018 in the amount of $22,995.00;
-Damante did not advise his Probation Officer of all
businesses in which he had an ownership interest or affiliation;
-Damante, who was prohibited from leaving the Las Vegas district without permission of his Probation Officer, was discovered to have spent time in Arizona.
On May 1, 2018, a receipt from the Shangri La Ranch, located in New River, Arizona, and a receipt on June 6, 2018 from a store in Phoenix, Arizona were discovered when a search of the Damante's vehicle was conducted by his Probation Officer.
The Shangri La Ranch is located near Phoenix, and Damante purchased an item from a Phoenix store roughly a month later...hmmm?
What business could Damante possibly be doing in Phoenix?
Inveterate fraudster, David Damante, is back in federal custody.
Although
details on new charges that triggered Damante's June 22, 2018 arrest are unclear, federal court records confirm Damante appeared yesterday, June 25, in U. S. District Court in Las Vegas for an initial appearance for the revocation of his supervised release.
The record confirms the “petition and addendum” will be unsealed at a later date.
“Ferrari Dave” (shown below) appeared in front of U. S. Magistrate Judge George Foley, Jr. yesterday, represented during the 20 minute hearing by his previously appointed attorney. Damante waived reading of the Petition for Warrant for Offender Under Supervision and the Addendum, and the government moved for detention. Damante was ordered detained and was remanded to custody pending the formal revocation hearing, set for Friday, June 29, 2018 at 9:30am.
According to a document filed in his bond revocation case in U. S. District Court on February 5, 2018, Damante was advised of and acknowledged the significant penalties and sanctions that would result if he violated the terms and conditions of his release.
He can't say he wasn't warned.
More on this story as additional details become available.
Tuesday, June 19, 2018
BREAKING NEWS!Indicted Grand Blanc Investment Adviser Jason Bescoe Michigan Securities Registration Revoked; Final Order Also Revokes Registration Of Bescoe's Firm, Research Money Managment, LLC
As Sally explained to Linus in the classic, "A Charlie Brown Christmas," all she wants is what's coming to her.
Today, Michigan's Department of Licensing and Regulatory Affairs (LARA) delivered what was coming to Jason Bescoe when it pulled the proverbial football away from Grand Blanc's shiny-scalped Ponzi schemer—issuing a Final Order revoking his registration as a Michigan investment adviser representative and the registration Research Money Management, LLC (RMM), Bescoe's investment adviser firm.
In a news release issued this afternoon, Julia Dale, Director of LARA’s Corporations, Securities & Commercial Licensing Bureau (CSCL), stated “the Michigan Uniform Securities Act (the Act) prohibits dishonest or unethical practices in the securities industry. Our bureau will continue to take strong regulatory actions to protect the public. Consumers should always have a clear understanding of long- and short-term investments and the risk involved. Frequently monitor your investments to avoid any potential for substantial losses.”
An investigation by CSCL found evidence that Bescoe and RMM failed to update their registration applications and public disclosure information, as required by the Act and the terms of their conditional registrations; engaged in fraud in the provision of investment advice; unlawfully accepted custody of client funds; convinced investment advisory clients to transfer approximately $300,000 to an entity not registered under the Act to perform the promised services; and, made multiple and repeated false statements to CSCL in registration documents, public disclosure documents concerning Bescoe’s outside business activities, and quarterly reports and other documents and information required to be submitted as part of their conditional registrations.
The investigation led CSCL to issue an Order to Cease and Desist; an Order Summarily Suspending Investment Adviser and Investment Adviser Representative registrations; and a Notice of Intent to Revoke Investment Adviser and Investment Adviser Representative registrations against Bescoe and RMM.
Bescoe is the managing member and the sole employee of RMM. CSCL also made a criminal referral to the appropriate law enforcement authority.
Bescoe and RMM admitted to all of the allegations in the Notices of Intent and Orders of Summary Suspension, and Notices and Orders to Cease and Desist, agreeing to the revocation of their respective registrations. The revocations are effective immediately.
Bescoe was arraigned on August 19, 2017 on a felony charge of embezzlement of $100,000 or more, a 20-year felony. Later, on September 6, 2017, Bescoe was charged with intimidating a witness and assault and battery. Proceedings in those cases continue.
Roughly eight hours after I published a story on June 13 revealing the departure of several teachers from the Grand Traverse Academy, which also questioned the charter school board's seeming delay in releasing its 3rd quarter financials, the documents popped up on the Municipal Securities Rulemaking Board's public information site.
Hmmm?
Here are the documents: a Balance Sheet as of March 31, followed by the Profit & Loss Budget vs. Actual report (July 2017-March 2018).
On the Balance Sheet, the Total Equity (or fund balance) is pegged at $366,056.63 as of March 31, 2018; based on the the Grand Traverse Academy board's fourth 2017-2018 revised budget, the final fiscal year ending fund balance is projected to be $491,365.
My in-depth analysis will appear tomorrow, June 19. Here are the Profit & Loss statements:
What business could Damante possibly be doing in Phoenix?
