Most Recent
AdSurfDaily Agape agent American Integrity Aronson asset sales Attorney av bar reg baker bank bank of america Bankruptcy baumann bermudez black diamond blackwell bridge loan bull cattle CD celebrity cftc charity china China Voice church cityfund claims claims process clawback commission commodities commodity pool computer program congress Crown Forex currency death sentence denver diamond bar disgorgement Distribution Dodd-Frank donnan Dreier dunhill e-bullion elderly E-M Management SEC england Fairfield family FBI FDIC Fees female ponzi scheme financial advisor fine FINRA football forex fraud fufta fugitive Full Tilt gift card guilty plea GunnAllen hawaii Heckscher HSBC india invers forex janvey John Morgan JP Morgan kansas ken bell kenzie las vegas lawsuit lawyer libya Lifland machado Madoff Marian Morgan metro dream homes mets milberg millers a game Morgan European Holdings mortgage multiple schemes NCAA Net Winner new jersey notes objection Oxford Patrick Kiley paul burks PermaPave Pettengill Petters Picard poker Ponzi ponzi scheme ponzi scheme database ponzi scheme list Prime Rate profitable sunrise prosun pta puerto rico Rakoff real estate receiver receivership regulation relief defendants religion remission repeat offender restitution Rothstein RRA sec sentencing simmons sipa sipc snelling standing stanford stettin subpoena td bank telexfree treasury bonds treasury strip Tremont Trevor Cook UBS UFTA uga utah venture advisors Wachovia wilpon wire fraud woman zeek zeek rewards zeekler zeekrewards
Recent SEC Releases

Entries in baumann (1)


Guilty Plea in "Battle of the Bands" Ponzi Scheme

A Southern California woman recently pled guilty to charges she bilked investors out of nearly $1 million in a classic Ponzi scheme.  Lauren Baumann, 43, pled guilty to a charge of wire fraud.  She faces a maximum prison sentence of twenty years, but which will likely be lower due to federal sentencing guidelines.  

According to authorities, Baumann solicited investors for Stewardship Estates LLC, a business she ran that sought to finance "battle of the band" events featuring Christian rock bands.  Some investors were also told that Baumann would use their funds to flip real estate.  Investors were promised guaranteed interest payments, and in total, more than two dozen victims invested nearly $1 million with Baumann.  However, instead of using investor funds for the stated purposes, Baumann used new investor funds to pay returns to existing investors, a hallmark of a Ponzi scheme.  Authorities also accused her of failing to disclose her previous conviction for securities fraud.

This is not Ms. Baumann's first Ponzi scheme.  She was previously convicted of securities fraud in Texas in 1999, when she was charged with fraudulently raising at least $5 million in connection with low-risk mortgage investments.  She served three years in prison for that scheme.  

Baumann is scheduled to be sentenced December 12, 2011.

A copy of the 1998 SEC Press Release is here.