Santa Monica — Former residents of Santa Monica and Orange County were charged in federal court Wednesday with withdrawing about 100 investors to $ 14 million on suspicion of stock fraud.
Vuuzle Media Corp, an online streaming and entertainment company. Ronald Shane Flynn, the founder of the company, has been charged with a federal grand jury indictment for 15 wire frauds.
According to prosecutors, 57-year-old Flynn has hired a high-pressure sales representative to solicit investment since September 2016.
He was accused of telling investors to open his company that the money would pay the business, and it would generate high dividends. However, prosecutors claim that Flynn had no intention of going public and had millions of dollars in his pocket to buy luxury goods from resorts and jewelers.
Flynn is also facing a proceeding filed by the Securities and Exchange Commission in January. The proceedings allege that the $ 4.9 million investment was used to fly luxury flights, stay at hotels, subscribe to dating sites, and delight nightclubs.
Flynn is believed to live abroad. It’s not clear where he lived in Orange County in the past.
Man with ties to Orange County, Santa Monica charged in suspected stock fraud scheme – Press Telegram Source link Man with ties to Orange County, Santa Monica charged in suspected stock fraud scheme – Press Telegram