Adviser Charged with Involvement in $2.95M Fraud
Alexander S. Rowland, a New Jersey advisor, was charged with fraudulent offer and sale of roughly $2.95M of securities. He scammed nearly 122 investors through Roaring Investment, a Philadelphia-based specializing in stocks and cryptocurrency.
SEC Says Advisor Made False Promises of High Returns
According to reports released by the Securities and Exchange Commission (SEC), Mr. Rowland promised investors a return rate of 25%, with potential returns of up to 140%.
The U.S. Attorney’s Office for the Eastern District of Pennsylvania explained that the so-called advisor convinced victims to invest almost $3M in his company through this and other misrepresentations.
Criminal and Civil Cases Both Propose Penalties
In the criminal case, Mr. Rowland was charged with seven counts of mail fraud, one count of investment adviser fraud, one count of bank fraud, 30 counts of wire fraud, one count of securities fraud, and two counts of money laundering. The latter count concerns a scam in which he either stole or lost victims’ money while acting as their advisor, resulting in total losses of over $2M.
New Jersey Advisor Facing 835 Years in Prison
According to reports, Mr. Rowland invested only roughly $518,000 of the almost $3M obtained from clients — investments that lost more than $100,000. The rest of the funds (nearly $2.5M) were used by Mr. Rowland in undisclosed ways, including spending over $1M on himself.
The former advisor faces a maximum sentence of 835 years in prison, a fine of almost $16M, and a $4,200 special assessment.
In its civil case, the SEC seeks injunctive relief, the disgorgement of ill-gotten gains with prejudgment interest, and civil penalties.
Speak with a Securities Fraud Attorney
Dimond Kaplan & Rothstein, P.A. has vast experience with cases related to securities fraud. The firm has successfully represented numerous securities fraud victims and we will aggressively pursue claims to recover your losses.
Contact Dimond Kaplan & Rothstein Today
Contact an investment fraud attorney at Dimond Kaplan & Rothstein, P.A. to schedule an appointment for a FREE case evaluation.
With offices located in Los Angeles, New York, Detroit, West Palm Beach, Naples, and Miami we represent clients nationwide. Translation services are available. Translation services are available, hablamos Español / hablamos Portugues.