Figure in Loomis investment fraud receives 5-year sentence
The SEC alleges that Lawrence "Lee" Loomis solicited investments in investment funds managed by his father-in-law John Hagener. Loomis told investors they were investing in safe "liquid high-yield accounts" that would earn 12 percent returns guaranteed by a third party.
During a year of operation, a firm collects $450,000 in revenue and spends $100,000 on labor expense, raw materials, rent, and utilities. The firm’s owner has provided $750,000 of her own money form her personal portfolio instead of investing the money and earning a 10% annual rate of return.
Roseville Wealth Advisor Lee Loomis Sentenced to 12 Years in Prison for Investment Fraud Scheme The following is a copy of the press release from the U.S. Attorney’s Office for the Eastern District of California .
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Loomis, Sayles & Company, L.P. With US$278.2 billion in assets under management (as of June 30, 2019), Loomis Sayles is one of the oldest, largest and most respected investment managers in the U.S., and is increasingly seen as a global player.
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SACRAMENTO, CA- Lee Loomis, aka Lawrence Leland Loomis, 54, of Granite Bay, was arrested today, and a 50-count indictment was unsealed, charging him and six others with mail fraud and wire fraud, United States Attorney Benjamin B. Wagner announced. The indictment alleges that Loomis and his father-in-law, John Hagener, 76, of Granite Bay, operated a Ponzi scheme in 2007 and 2008 that.