TheStreetSweeper in the News
- The Wall Street Journal: Northern Oil & Gas Gets a Bear Raid
- The Motley Fool: Northern Oil and Gas Shares Plunged: What You Need to Know
- Barron's: Insider Selling Accelerates at Northern Oil & Gas
- Benzinga: Will Growth Spurt Last for Northern Oil & Gas?
- Benzinga: More Trouble for Northern Oil and Gas
N.J. Developer Is Charged In Long-Running Ponzi Scam, Feds Say
Federal regulators have charged David M. Connolly, a New Jersey real estate developer, with operating a long-running Ponzi scheme that gathered millions from investors who thought they were buying into apartment complex projects. The Securities and Exchange Commission said Connolly began offering investments in 1996 and eventually raised $50 million, but misrepresented the nature of his projects to investors and paid himself more than $2 million along the way. He is also charged with commingling investment funds with his personal accounts, and writing more than $2.5 million worth of checks to “cash,” the SEC said. Properties owned by his investment ventures eventually slipped into foreclosure, leaving investors stranded, the government alleges.
