Ponzi Scheme - Law Offices of Robert Wayne Pearce

SEC Complaint Filed Against Bobby Collins for Ponzi Scheme to Defraud Elderly Investors

The Securities and Exchange Commission (SEC) has filed a Complaint against Bobby M. Collins, a Wichita Falls, Texas resident. The SEC Complaint alleges that Mr. Collins raised nearly $4.6 million from at least 36 investors, most of whom were over the age of 65, to invest in what was a classic Ponzi scheme orchestrated through his unincorporated retirement planning business, Collins Insurance Companies a/k/a BMC Retirement Planning. The SEC alleges that Bobby Collins lured investors across Texas and Oklahoma by offering high-yield, unsecured promissory notes promising returns typically of 25% over a 12, 18, or 24-month term. Mr. Collins also allegedly enlisted the assistance of an Oklahoma stockbroker to find additional investors, providing hundreds of thousands of dollars in additional investor funds in exchange for over $100,000 in referral fees.

Nov 14, 2014

The Pearce Law Firm Investigation Summary of the Tri-Med Ponzi Scheme

In the last month, the Law Offices of Robert Wayne Pearce has gathered clients and facts from the Pinellas County Circuit Court files relating to the Tri-Med Ponzi Scheme. It appears that the Tri-Med Lawsuit Defendants and others, including sales agents who worked outside the Tri-Med organization as stockbrokers, investment advisors, accountants have schemed or unwittingly assisted and profited from the scheme to offer and sell at least $13 million in unregistered securities in the form of “notes,” “evidence of indebtedness” and “investment contracts” in violation of the registration and anti-fraud provisions of Chapter 517, Florida Statutes. The perpetrators of the scheme made false claims and purported above market rates of return to lure investors, including the Plaintiffs, into making purported investments in medical practice related account receivables securitized by so-called letters of protection (“Letters of Protection”). Only a small portion of the at least $13 million raised from investors has been used to purchase medical practice accounts receivable. Instead, the Tri-Med Lawsuit Defendants used the majority of the funds to pay off earlier investors, pay for other items not disclosed to investors, or to disburse among themselves.