Call Goodman & Nekvasil, P.A. Today | Dan Rudden and Financial Visions Involved in Ponzi Scheme
Dan Rudden, Financial Visions Inc., Financial Visions West, LLC, Financial Visions West1, committed securities fraud by operating a Ponzi scheme, according to SEC allegations. The SEC alleges that from approximately 2001 through approximately July 2018, the Financial Visions Companies raised as much as $55 million from as many as 150 investors in multiple states through a promissory note offering. The SEC alleges that The Financial Visions Companies paid annual interest rates of 12% on promissory notes by allegedly earning profits through “life insurance assignments.”
According to the SEC, Dan Rudden, the perpetrator, repeatedly told investors that the Financial Visions Companies’ business was profitable, claimed that he needed additional funds to obtain more life insurance assignments, and encouraged individuals to invest more money and to find others to also invest. In reality, according to the SEC, since approximately 2010 or 2011, the Financial Visions Companies were not earning sufficient income from its life insurance assignment business to pay interest and redemptions to its investors. Instead, according to the SEC, since approximately 2010 or 2011, Rudden operated the Financial Visions Companies as a Ponzi scheme by paying monthly and quarterly interest payments and redemptions to existing investors with money raised from other investors.
According to the SEC’s complaint, Dan Rudden concealed the Financial Visions Companies’ true financial performance and condition from new and existing investors. Among other things, according to the complaint, Rudden concealed that he was engaging in a Ponzi scheme, hid from investors the Financial Visions Companies’ perennial net losses and the widening gap between amounts owed to its investors and its total income and assets, represented that the Financial Visions Companies’ life insurance assignment business was profitable, created fake financials to show the Financial Visions Companies had profits, continued to raise new funds from investors through promissory notes knowing their repayment depended on defrauding future investors, and continued to represent that investors’ principal could be “called and deemed payable UPON 90 days written notice” when that was not possible absent bringing in new investor money. Further, on information and belief, according to the SEC, Relief Defendants received illicit proceeds from Dan Rudden and the Financial Visions Companies’ fraud to which they have no legitimate claim
If you purchased your Financial Visions investment from a licensed financial advisor, Goodman & Nekvasil, P.A. can help you. Goodman & Nekvasil, P.A., a Clearwater, Florida, law firm with a national practice representing victimized investors, has filed hundreds of cases against brokerage firms selling high-risk or fraudulent investments such as Financial Visions and has recovered more than $180 million dollars on behalf of victimized investors. All our cases are handled on a purely contingency fee basis by Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA. Kalju Nekvasil, Esq. has practiced in this area of the law for more than 35 years.
There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf. Finally, the filing of such a case should not affect your ownership of your Financial Visions investment and your rights in connection with the SEC action.
If you incurred losses on your investment in Financial Visions and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
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