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6/18/2007
Ponzi Fraudster Linked to Ferris Baker Watts, Advest Brokers
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.

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