Accused Ponzi Fraudster, David Dadante, ripped off more than 100 people
who altogether invested tens of millions with him, thinking they were placing their money in a blue chip stock fund. In the end, they were only really placing their cash into Dadante's pockets.
Between 1999 and 2005 he blew through nearly $30 million and when he wasn't busy gambling away investors money, prosecutors say that Dadante and two brokers - one from Advest
(now part of Merrill Lynch) and one from Ferris Baker Watts
- were busy manipulating the stock price of the Georgria-based Innotrac Corporation
Late last week Dadante was charged with two counts of securities fraud. His two apparent accomplices have not yet been charged or publicly named. Details here
Labels: Advest, David Dadante, Ferris Baker Watts, Fraud, ponzi scheme, securities