A California man has pleaded guilty to committing a $50 million wire and securities fraud scheme. Allen C. Giltman, 56, and his co-conspirators were engaged in an internet-based financial fraud scheme from 2012 to October 2020. The websites were used to lure potential victims with investment opportunities and certificates of deposit with higher than average rates of return. The victims were primarily older adults investing their retirement savings after the advertisements allegedly offered fictitious CDs that the websites falsely claimed were FDIC-insured, the SEC says.”]
Source: https://www.cuinfosecurity.com/california-man-pleads-guilty-to-50-million-internet-fraud-a-18266