California Securities Fraud Attorney Call Today 800-699-1881
California Securities Fraud Lawyer Firm Overview Attorney Profiles Recoveries Obtained Frequently Asked Questions Testimonials Contact Us
information center
Attorney Advertising Disclaimer
Broker Misrepresentation
Brokerage Firms Sued
Structured Products
Hedge Fund Losses
Recognizing Investment Losses
Recovery of Investment Loss
Securities Arbitration
Reverse Convertible
Securities Fraud
Securities Mediation
Securities Litigation
Stock/ Investment Losses
Suitability/ Unsuitability
Unauthorized Trading
Common Claims
Frequently Asked Questions
Attorney Referrals
Video Center
securities fraud blog
legal blog Click here for a free case evaluation. Read our Articles on Securities Related Issues here. have a question resources
contact us
Are you a new client?
10 Avvo avvo badge
If you need help recovering your losses contact us today. View our complete list of brokerage firms and banks we've sued.

William J. Ferry, Dennis Clinton Found Guilty in $1 Billion Investment Fraud Scheme

A federal jury found broker William J. Ferry (Newport Beach) and Dennis Clinton (San Diego) guilty of conspiracy, mail fraud and wire fraud after promoting a high-yield investment scheme, promising unrealistically high rates of return while attempting to dupe unknowing investors into handing over their life savings.

During an investigation in which FBI agents posed as investors in an undercover operation, prosecutors discovered that Ferry, Clinton, and others perpetrated their fraudulent scheme in 2006, convincing investors that a fake high-yield investment program that was supposedly associated with humanitarian relief for Hurricane Katrina victims would produce record-high returns at minimal risk to principal.

A FINRA BrokerCheck for William Joseph Ferry, not presently associated with any FINRA member firms, though employed by Newport First Investment Services, reveals one previous regulatory disclosure, a $5,000 monetary fine, censure and Order of Offer of Settlement following the Securities and Exchange Commission's finding that Ferry exaggerated the amount of money an adviser he owned possessed, claiming $160 million under management when the actual amount was less than $7 million, and that Ferry had failed to disclose a personal bankruptcy, published misleading advertising material and failed to maintain required records.

Ferry, Clinton and Martin each face a maximum penalty of 20 years in federal prison on each fraud count. Previously convicted parties to the fraudulent scheme include California resident Brad Keith Lee (pleaded guilty to wire fraud and conspiracy, sentenced to 24 months in prison on Jan. 11, 2010) and Oregon's John Brent Leiske (pleaded guilty, sentencing scheduled for Sept. 19, 2012). Meanwhile, Florida's Ronald J. Nolte was acquitted of all charges while the government dismissed all charges against Iowa's Richard Arthur Pundt.

Canadian citizen Alex Chelak, who was also indicted, remains a fugitive.

If you invested with Ferry, Clinton or with any broker, advisor or firm whose promises and investment activity has been harmful to your interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

News: Two Investment Advisors Convicted in California of High Yield Investment Fraud

The Law Offices of Jonathan W. Evans & Associates - California Securities Fraud Attorney
Located at 12711 Ventura Boulevard, Suite #440 Studio City, CA 91604. View Map
Phone: (800) 699-1881 | Local Phone: (818) 760-9880.