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Thread: When the Crooks Get Caught!! In the News!

  1. #1
    scratchycat's Avatar
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    Exclamation When the Crooks Get Caught!! In the News!

    Forbes Thought Of The Day
    “ Only the bold get to the top. ”
    HOW they get there just might make a difference:

    Kevin J. Wilcox

    Chief Administration Officer and General Counsel
    Altisource Portfolio Solutions SA
    Luxembourg
    Sector: FINANCIAL / Mortgage Investment
    Officer since May 2008
    47 Years Old
    Kevin J. Wilcox. Mr. Wilcox serves as Chief Administration Officer and General Counsel of Altisource. Before joining Altisource in August of 2009, he served as Executive Vice President, Chief Administration Officer and Corporate Secretary for Ocwen since May 2008. Mr. Wilcox previously served as the Senior Vice President of Human Resources and Corporate Services. He joined Ocwen in March 1998 as Senior Manager, Litigation in the Law Department where he was responsible for the management and resolution of all corporate litigation. He holds a Bachelor of Science in Business Administration from the University of Florida and a Juris Doctorate from the Florida State University College of Law.
    Compensation for 2010
    Salary $363,632.00
    Bonus $0.00
    Restricted stock awards $0.00
    All other compensation $150,076.00
    Option awards $ $1,446,000.00
    Non-equity incentive plan compensation $500,500.00
    Change in pension value and nonqualified deferred compensation earnings $0.00
    Total Compensation $2,460,208.00
    Options Granted
    Grant
    Date All other stock awards (# of shares of stocks or units) Number of securities underlying options Exercise
    or base
    price Percent of total options granted in fiscal year Grant date fair value of stock and option awards See More
    05/19/2010 - - $24.85 0% $390,000.00


    Expiration date -
    Value of options potential value 5% $ -
    Value of options potential value 10% $ -
    Estimated future payouts under non-equity incentive plan awards (threshold $) $182,000.00
    Estimated future payouts under non-equity incentive plan awards (target $) $364,000.00
    Estimated future payouts under non-equity incentive plan awards (maximum $) $546,000.00
    Estimated future payouts under non-equity incentive plan awards (threshold #) -
    Estimated future payouts under non-equity incentive plan awards (target #) -
    Estimated future payouts under non-equity incentive plan awards (maximum #) -
    Close

    - - - $ - 0% $ -


    Expiration date -
    Value of options potential value 5% $ -
    Value of options potential value 10% $ -
    Estimated future payouts under non-equity incentive plan awards (threshold $) $127,899.00
    Estimated future payouts under non-equity incentive plan awards (target $) $255,797.00
    Estimated future payouts under non-equity incentive plan awards (maximum $) $383,696.00
    Estimated future payouts under non-equity incentive plan awards (threshold #) -
    Estimated future payouts under non-equity incentive plan awards (target #) -
    Estimated future payouts under non-equity incentive plan awards (maximum #) -
    Close

    - - - $24.85 0% $741,000.00
    - - - $24.85 0% $315,000.00


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    Company: Altisource Portfolio Solu... (ASPS) Top Executives at Altisource Portfolio Solutions SA

    William B. Shepro, J.D. CEO/Director/President
    Kevin J. Wilcox Chief Administrative Officer/General Counsel
    Robert D. Stiles CFO/Chief Accounting Officer
    William C. Erbey Chairman of the Board/Director
    Roland Mueller-Ineichen Director
    W. Michael Linn Director
    Timo Vatto Director
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    Kevin J. Wilcox Profile - Forbes.com




    U.S. SECURITIES AND EXCHANGE COMMISSION
    Litigation Release No. 22218 / January 4, 2012
    Securities and Exchange Commission v. Kevin J. Wilcox, Jennifer E. Thoennes, and Eric R. Nelson, Civil Action No. 2:11-cv-01219-DN (D. Utah, December 29, 2011).
    SEC CHARGES THREE INDIVIDUALS FOR THEIR ROLE IN $16 MILLION PONZI SCHEME
    On December 29, 2011, the Securities and Exchange Commission filed a civil fraud action against Kevin J. Wilcox, Jennifer E. Thoennes, and Eric R. Nelson for their role in a $16 million Ponzi scheme operated by Joseph Nelson. The SEC previously charged Joseph Nelson and others involved in the scheme.

    The SEC’s complaint, filed in the U.S. District Court for the District of Utah, alleges that from at least June 2005 through June 2010, Joseph Nelson and his associates, including at various times Wilcox and Thoennes, solicited at least $16 million from more than 100 persons to invest in promissory notes offered by Joseph Nelson’s companies. Joseph Nelson, Wilcox, and Thoennes told investors — many of whom are fellow members of the Church of Jesus Christ of Latter Day Saints (“LDS”) that Nelson identified and targeted through church connections and during church functions — that Joseph Nelson and his companies were engaged in the business of purchasing “merchant portfolios” of credit card processing accounts, holding them for a certain period of time, and then selling them for a profit to financial institutions, such as banks.

    According to the SEC’s complaint, Joseph Nelson, Wilcox, and Thoennes lured investors by offering extraordinary rates of return. Most investors were given promissory notes promising returns of 14% to 60% on an annualized basis and additional premium of 20% to 60% at maturity. Some investors were simply told that they would double their money.

    The SEC alleges that Joseph Nelson and his companies never purchased or sold a single merchant portfolio. The money invested with Joseph Nelson and his companies was instead used by Nelson to make incremental payments to investors in a Ponzi-scheme fashion, to pay his associates, including Wilcox and Thoennes, and to pay his own lavish personal expenses, as well as those of other family members.

    Kevin J. Wilcox, Jennifer E. Thoennes, and Eric R. Nelson: Lit. Rel. No. 22218 / January 4, 2012

    Altisource Portfolio Solutions - Management


    Kevin Wilcox: Executive Profile & Biography - BusinessWeek

  2. #2
    scratchycat's Avatar
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    Re: When the Crooks Get Caught!! In the News!

    Jennifer E. Thoennes:
    Ponzi Scheme
    SALT LAKE CITY - Kevin J. Wilcox, Jennifer E. Thoennes and Eric R. Nelson targeted fellow Mormons in a $16 million Ponzi scheme run by Nelson's brother, Joseph A. Nelson, who was sued separately, the SEC says.

    Courthouse News Service

    SALT LAKE CITY — Three more people are linked to a California man who apparently used his LDS Church leadership position to attract investors to an alleged multimillion-dollar Ponzi scheme, federal authorities say.

    The U.S. Securities and Exchange Commission filed a complaint last week against Eric R. Nelson, 36, of Layton; Kevin J. Wilcox, 30, of Vacaville, Calif.; and Jennifer E. Thoennes, 36, of Saugus, Mass. Last summer, the SEC filed a complaint against Nelson's brother Joseph R. Nelson and three others.

    Click to enlarge
    Christian Probasco, for the Deseret News
    Securities and Exchange investigators confer with the driver of the one of the FBI vans during the raid on the headquarters of Management Solutions in Fountain Green on Friday, Dec. 16, 2011. About seven or eight agents removed records from the building and the house of owner Wendell Jacobson across the street.
    Related article
    •Utah duo accused in $220M scheme
    From June 2005 through June 2010, Joseph A. Nelson, 33, of El Dorado Hills, Calif., and his associates solicited at least $16 million from more than 100 people to invest in promissory notes offered by JCN Inc., JCN Capital LLC and JCN International, all of which he owns and controls, according to the complaint in U.S. District Court.

    The companies purported to buy merchant portfolios, hold them for a certain period of time and then sell them for a profit to financial institutions such as banks. Investors were promised extraordinary rates of return — up to 200 percent — in a very short amount of time, the complaint says.

    The SEC alleges those claims were false or misleading and that Joseph Nelson never bought or sold merchant portfolios. The Nelson companies, the SEC said, created fake documents to mislead investors into believing the portfolio sales earned money.

    California man used Mormon leadership position in investment fraud scheme, SEC says | Deseret News

    So many crooks, so few buses to haul them to jail.

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    Re: When the Crooks Get Caught!! In the News!

    The Commission's complaint alleges violations of the antifraud, registration, and broker-dealer provisions of the federal securities laws: Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933, and Sections 10(b) and 15(a) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder. The complaint seeks permanent injunctive relief, disgorgement, civil penalties, and officer and director bars against Zufelt, Nelson, David Decker and Cache Decker. The complaint also seeks disgorgement of investor funds or other illicit benefits obtained by relief defendants Jennifer M. Zufelt (Zufelt's former wife), Shae L. Morgan (Zufelt's girlfriend), Garth W. Jarman, Jr. (Zufelt's brother-in-law), Eric R. Nelson (Nelson's brother) and Kevin J. Wilcox (a relative of Nelson's wife).
    This was released in June 2010 by SEC.

    Anthony C. Zufelt, Joseph A. Nelson, David M. Decker, Jr., Cache D. Decker, Zufelt Business Services, Inc. (d.b.a. Zufelt, Inc.), Silver Leaf Investments, Inc., JCN, Inc., JCN Capital, LLC, and JCN International, LLC, Defendants, and Jennifer M. Zufe

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    Re: When the Crooks Get Caught!! In the News!

    So glad that you are reporting news of these crooks getting what they deserve "scratchy!" It is really hard to keep up with the news about characters like Bowdoin, Trevor Cook, Krimm, Smirnow etc. They all claim to have God on side, which offends me as I have great friends who are devoted Christians and I don't like seeimg them upset.

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