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01/18/2022

Fake Broker-Dealers Stole $50 Million Through an Online Investment Fraud Scheme Impersonating Legitimate Institutions

CPO Magazine

A 56-year-old California Allen Giltman pleaded guilty for his role in an internet-based investment fraud scheme by fake broker-dealers who stole about $50 million from at least 70 victims from 2012 to October 2020.

The suspect and his accomplices solicited money from the victims through multiple fake websites. The fraudulent websites were designed to closely resemble websites of reputable financial institutions. Sometimes, the fraudulent websites were designed to resemble legitimate seeming financial institutions that hardly exist.

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