Deck the halls with fraud and con men

A former bishop in the Mormon Church pleaded guilty to felony mail fraud in connection with a $21-million Ponzi scheme run from his Colorado home. Authorities say the 46-year-old unlicensed broker took investor money ostensibly to purchase securities. Instead, he used the funds to go on African safaris and to buy antique cars, artwork, and a pitching machine. Classic cars included a silver Aston Martin, 1921 and 1936 Auburns, and a 1932 Ford Highboy. He also bought several Rembrandt paintings among other old-master artwork. The broker faces up to 20 years in prison.

A former Utah life insurance agent was arrested by California authorities for allegedly stealing $270,000 in annuity distributions from a state senior citizen. The agent allegedly won the trust of the client, then illegally took control of the person's annuity distribution after he died. When authorities learned of the situation, the agent fled to the Philippines to escape arrest. However, the California Department of Insurance worked to have him deported and returned to the United States to stand trial.

FINRA has barred a former New York broker from the securities industry for defrauding a 90-year-old man of $511,000. The man was living in a nursing home with his 87-year-old wife when the broker persuaded him to invest in a speculative, development-stage company. The firm's securities weren't publicly quoted or traded, and it did not have any publicly available financial information. The broker knew the firm had little or no revenues at the time, but he recommended it anyway, without the knowledge of his two broker-dealers. He also sold the shares at a price of between $3 and $4 per share even though he had no reasonable basis for making that valuation.