Details Written by Justice Department
Miami, Florida - A Florida man was sentenced yesterday to more than four years in prison for operating an investment scheme in which he used investor funds to repay other investors and misappropriated funds for himself.
David C. Coggins, 42, of Miami, pleaded guilty to one count of securities fraud on March 2, 2021. According to court documents, Coggins solicited investors to his investment fund between 2015 and 2020 by touting the fund’s successful performance and total assets under management. Over time, the fund lost money and Coggins used money from new investors to pay other investors. Coggins also misappropriated funds for his personal purposes. To conceal the fund’s actual losses and persuade investors to part with their money, Coggins fabricated reports purportedly showing the fund’s successful performance and created a fraudulent independent auditor’s report. By the end of 2020, the net asset value of th
ADVERTISEMENT
Hedge Funder Gets 4 Years After Stealing $2M From Investors
Law360 (May 14, 2021, 3:35 PM EDT) A Florida federal judge sentenced a hedge fund manager to more than four years in prison after hearing from victims, including a former close friend, who said he had shown little remorse for bilking them out of nearly $2 million and lying to them about the fund s success.
U.S. District Judge Robert N. Scola Jr. sentenced David C. Coggins, 42, to 51 months in prison for lying to about a dozen investors about the health of his fund Coral Gables Asset Management LLC and using the money for his own personal expenses.
US Department Of Justice: Florida Man Sentenced For $1.3 Million Securities Fraud Scheme Date
14/05/2021
A Florida man was sentenced today to more than four years in prison for operating an investment scheme in which he used investor funds to repay other investors and misappropriated funds for himself.
David C. Coggins, 42, of Miami, pleaded guilty to one count of securities fraud on March 2, 2021. According to court documents, Coggins solicited investors to his investment fund between 2015 and 2020 by touting the fund’s successful performance and total assets under management. Over time, the fund lost money and Coggins used money from new investors to pay other investors. Coggins also misappropriated funds for his personal purposes. To conceal the fund’s actual losses and persuade investors to part with their money, Coggins fabricated reports purportedly showing the fund’s successful performance and created a fraudulent independent auditor’s report. By the end of 20
County Bancorp, Inc to Host Earnings Conference Call morningstar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from morningstar.com Daily Mail and Mail on Sunday newspapers.