Federal Grand Jury Charges Founder of Online Live Streaming Outfit with Wire Fraud Details Written by IVN
Santa Ana, California - A former Southern California resident was charged today with defrauding more than 100 investors out of $14 million by using boiler room tactics to fraudulently offer a “pre-IPO” investing opportunity in his online streaming and entertainment company, then using much of the funds to support his lavish lifestyle.
Ronald Shane Flynn, a.k.a. “Ronnie Shane,” 57, who formerly resided in Santa Monica and Orange County and is believed to be residing abroad, was charged in a federal grand jury indictment with 15 counts of wire fraud.
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Canyon News
SANTA MONICA-On Wednesday, April 7, the Department of Justice announced that a former Santa Monica and Orange County resident has been charged with defrauding more than 100 investors out of $14 million.
Ronald Shane Flynn, a.k.a. “Ronnie Shane,” 57, who is believed to be residing abroad, has been charged with 15 counts of wire fraud for using boiler room tactics to fraudulently offer a “pre-IPO” investing opportunity in his entertainment and online streaming company, then using the funds to support his lavish lifestyle.
Flynn was the operator and founder of Vuuzle Media Corp., which purported to be a streaming media business with offices in Las Vegas, New York, the Philippines, the United Arab Emirates, and other locations throughout the world, according to the indictment.
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FOR IMMEDIATE RELEASE Washington D.C., Jan. 27, 2021
The Securities and Exchange Commission today charged Vuuzle Media Corporation, a purported online live streaming and entertainment company, and its founder Ronald Shane Flynn (a.k.a. Ronnie Shane) with fraudulently offering over $14 million in securities to investors across the United States using an aggressive boiler room sales scheme.
The SEC’s complaint alleges that between 2016 and 2020, Vuuzle and Flynn raised more than $14 million from individual investors using a boiler room of salespeople employing high-pressure tactics, based primarily in the Philippines. According to the complaint, Vuuzle and Flynn promised investors that Vuuzle was a legitimate and growing company and a “pre-IPO” investment opportunity when in fact Vuuzle has never made a profit and has never made a public offering on any stock exchange. As alleged, only a small fraction of investor funds went towards the online streami