21 Apr Michael Boswell —Ponzi Scheme
An $81 Million “Hamilton” Ponzi Scheme Allegedly Promised Profits from Broadway Ticket Sales from the Smash-Hit Show
Have you or a loved one lost your hard-earned cash investing in a “Hamilton” Ponzi scheme?
Michael Boswell, the co-founder and President of Tripoint Global Equities LLC, allegedly operated a $81 million Ponzi scheme which promised profits from the resale of tickets from the Broadway hit “Hamilton”, according to Documents from the SEC currently under review by attorneys Joe Peiffer and James Booker.
Peiffer Wolf securities practice lawyers are investigating investment recovery options on behalf of investors in issues related to Michael Boswell’s alleged Ponzi scheme.
Investors who believe they may have lost money in activity related to Michael Boswell’s alleged Ponzi scheme are encouraged to contact attorneys Joe Peiffer or James Booker with any useful information or for a free, no obligation discussion about their options.
Michael Boswell allegedly produced arguments that an investor’s so-called “shotgun pleading” purportedly did not actually allege that he did any wrongdoing, and said that he should be freed from the case that accuses TriPoint of passing off the investment as a “no-brainer”, said SEC Documents note.
The president of a broker-dealer also allegedly made statements to a New York federal court recently that an investor failed to allege he orchestrated an act of securities fraud in a suit which involved an alleged $81 million Ponzi scheme that had promised big profits from the resale of tickets to the hit Broadway musical “Hamilton” and events such as Adele concerts, according to said SEC Documents.
Boswell also purportedly made the following statement: “Plaintiffs make no factual allegations with respect to any purported wrongdoing by Mr. Boswell under any of the counts of the amended complaint.”
The Peiffer Wolf securities lawyers are currently investigating whether investors who invested through TriPoint may have claims against that brokerage firm’s alleged Ponzi scheme.
Purported Investors in an Alleged “Hamilton” Ponzi Scheme Allegedly Made Misrepresentations to at Least 125 Investors that their Funds would be Pooled to Purchase Big Numbers of Tickets to Hit Events like Broadway Shows or Adele Concerts
Purported investors in a so-called “Hamilton” Ponzi scheme allegedly made misrepresentations to at least 125 investors that their funds would be brought together to purchase big numbers of tickets to huge events like “Hamilton” or Adele concerts, which would then be resold to bring in big returns, according to the aforementioned SEC Documents currently under review by attorneys Joe Peiffer and James Booker.
One alleged investor allegedly delivered false assertions to investors that he held an agreement with the producer of “Hamilton” to purchase 35,000 tickets to the musical to be resold for a profit, SEC Documents note.
From the aforementioned $81 million which was raised, however, only about 10 percent or $9 million was spent in connection with the ticket reselling business, while $48 million was used to pay existing investors, according to the SEC Complaint.
Other purported investors also claimed to have purportedly lost about $4.5 million between them after a Tripoint investment banker delivered a so-called “hard sell” on the ticket resale investment, according to recent Reports from New York.
Securities Lawyers Investigating
The Peiffer Wolf securities lawyers often represent investors who lose money as a result of Ponzi schemes and are currently investigating whether investors who invested through TriPoint may have claims against that brokerage firm’s alleged Ponzi scheme. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of the alleged “Hamilton” Ponzi scheme may contact the securities lawyers at Peiffer Wolf, Joe Peiffer or James Booker, for a free no-obligation evaluation of their recovery options, at 216-589-9280 or via e-mail at [email protected] or [email protected].