Don Bauder 7:49 p.m., May 22
Sigh. Another SD Alleged Fraud
Robert L. Holloway, a San Diego investment manager, has been arrested in Salt Lake City for his alleged role in a $25 million investment fraud, according to the U.S. Justice Department. According to the indictment, Holloway ran US Ventures LLC and gave false information investors when taking their money.
Among the allegedly false claims: his trading software was consistently profitable and the firm generated 0.8% returns per day (think how that would add up). Holloway allegedly sent false statements to investors, indicating they were making money. Actually, they were losing it; over two years, Holloway lost $10 million, charges the government.
Holloway allegedly made distributions to some investors, but the money came from new investors. If true, that would be a Ponzi scheme. Holloway allegedly used the money he collected to support his lifestyle. Any of this sound familiar, San Diegans?