Sadly I'm sure she's not the only one out there.......but if someone can get 800% returns - they wouldn't need your money. *LOL*
The SEC today announced fraud charges against a Honolulu woman posing as an investment banker and soliciting investors through Twitter, Facebook, and other social media.
An SEC investigation found that Keiko Kawamura engaged in two separate fraudulent schemes to raise money from investors while casting herself as an investment and hedge fund expert when in fact she had virtually no prior trading experience. In one scheme, she sought investors for her self-described hedge fund and posted on Twitter some screenshots of brokerage account statements suggesting she was personally obtaining incredible investment returns. However, the account statements were not hers. And instead of investing the money she raised from investors, she spent it on her own living expenses and luxury trips to Miami and London. In a later scheme, Kawamura continued to boast phony experience to attract investors to her subscription service for investment advice. She falsely told subscribers that she had been in the investment banking industry for nearly a decade and had achieved 800 percent returns in her personal brokerage account. Said Michele Wein Layne, director of the SEC’s Los Angeles Regional Office:
As alleged in our case, Kawamura used social media to ensnare investors and raise money to support her lifestyle. Investors should beware of fraudsters who use social media to hide behind anonymity and reach many investors with little to no cost or effort.
Courtesy of EconIntersect
(hat tip member Sadiq for this story)
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