Thank you for reading the news about UAE central bank extends $13.6bn support measure until end of 2021 and now with the details
Jeddah - Yasmine El Tohamy - SANTA ANA, California: A former Southern California man was charged Wednesday with running a “boiler room” scheme that bilked more than 100 investors out of $14 million.
Ronald Shane Flynn, who once lived in Orange County, was indicted by a federal grand jury on 15 counts of wire fraud, the county district attorney’s office said in a statement.
Flynn, 57, is believed to have left the United States more than a decade ago, according to the District Attorney’s office, which declined to comment on where he might be living.
Flynn ran Vuuzle Media Corp., which claimed to be a streaming media and entertainment business with offices in New York, Las Vegas and worldwide.
Prosecutors alleged that beginning in September 2016, the company offered what it claimed was an opportunity to invest in the business before its initial public stock offering, prosecutors said.
Although he was barred from offering securities in California and also in Ohio, Flynn ran the scheme while operating from the Philippines, Dubai and elsewhere, according to the indictment.
Flynn fielded a “boiler room” of salespeople, mainly based in the Philippines, that used high-pressure tactics to solicit about $14 million from investors, according to the indictment and a January lawsuit filed in New Jersey by the US Securities and Exchange Commission.
According to the indictment, Vuuzle never made a profit, Flynn never paid dividends to investors, and he never intended to take the business public.
Only a small percentage of the funds actually went toward the streaming business, authorities said.
Instead, according to the SEC lawsuit, about $5.5 million was used to pay commissions and expenses for the recruitment effort while Flynn used nearly $5 million to finance a luxury lifestyle that included buying jewelry and paying for resort stays and nightclub visits.
If convicted of the criminal charges, Flynn could face a sentence of up to 300 years in federal prison.
These were the details of the news UAE central bank extends $13.6bn support measure until end of 2021 for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.
