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Pam Hopman Facing Fraud Allegations?

The Arizona Corporation Commission has issued an order requiring Pam Hopman and PGH Advisors, LLC to manage obligations that are a result of fraudulent acts. Additionally, they are forced to pay restitution for $410,790, in addition to the penalty of $35,000. Additionally, the Commission has revoked the investment adviser license of PGH Advisors, LLC as well as Pam Hopman’s license as an investment advisor representative. Both of these permits were issued by the Commission.

After conducting an inquiry, the Commission discovered that Pam Hopman and PGH Advisors, LLC had engaged in severe wrongdoing. It was discovered that they had pushed stocks from Deeproot and its subsidiaries to consumers under the premise of life settlement products, and the total amount of money they had given away was at least $1,562,392. Earlier charges that Deeproot was functioning as a Ponzi scheme had been made by the Securities and Exchange Commission (SEC).

In addition, it was discovered that Hopman, PGH Advisors, LLC, and another agent had sold unregistered stocks from Premier Global Corporation to PGH advising customers, with the total amount of these sales amounting to at least $10,040,526. An unsecured promissory note with interest was made available to investors for twelve months. The Oklahoma Department of Securities had expressed concerns that were comparable to those that were made with Premier Global Corporation.

There were countless occasions in which there was a complete absence of transparency. The information about commissions collected by Pam Hopman and PGH Advisors, LLC from advertising these unregistered investment products to investors was not disclosed to the investors.

In addition, the Commission brought attention to the enormous conflict of interest associated with these sales commissions. Hopman’s capacity to offer objective financial advice was hindered as a result of this conflict, which put the interests of his customers in contradiction to his need to receive money.

The conclusions of the Commission have been accepted by all of the parties concerned, and they have also given their permission to a settlement that includes the fines and penalties that have been outlined to end this situation.

Who is Pam Hopman? 

Although Pam Hopman is the CEO of three distinct businesses—The Hopman Group LLC, PGH Advisors LLC, and Hopman Tax Services—there are concerns over the possibility of conflicts of interest and the lack of transparency in her business practices. It is unclear if customers are getting objective counsel or whether suggestions are impacted by the aim to maximize profits across all enterprises due to the structure of having several organizations under her control. This raises doubts regarding the latter.

There is also criticism about the amount to which solutions are personalized to match the precise financial goals and desires of each customer, although she claims to have a profound understanding of investments, insurance, and taxes. Considering the results of regulatory investigations into PGH Advisors LLC and Hopman Tax Services, there are concerns about the honesty of the advice that is being offered and whether or not it is putting the customers’ best interests first.

Clients who are looking for financial advice may be exposed to possible dangers as a result of the interrelated structure of Pam Hopman’s enterprises and the regulatory scrutiny they have been subjected to.

About The Hopman Group:

There has been no accreditation issued to The Hopman Group by the Better Business Bureau [BBB]. You can see their ratings, complaints, and reviews on the Better Business Bureau website.

A licensed financial advisory business that is monitored by the state and is committed to keeping its fiduciary obligation of putting the best interests of its customers first is known as PGH Advisors LLC. As a result of the trust and satisfaction of a significant number of customers, the firm has developed its capabilities to cater to the monetary requirements of individuals at every stage of their lives, irrespective of their gender. 

A financial adviser in Tucson is to blame for the Ponzi schemes that N4T investors lost money on: 

Although Cindy Bryant had put a lot of effort into saving for retirement over the years, she was surprised to learn that she might lose everything with just one signature. $95,000 was the amount that she spent on her investment with Deeproot Funds, which is now being sued by the Securities and Exchange Commission (SEC) for allegedly operating as a Ponzi scheme.

Since he is so heartbroken about the loss, Bryant has a hard time falling asleep at night. According to allegations made by the Securities and Exchange Commission (SEC), Robert Mueller, the primary member of Deeproot, is suspected of squandering investor funds for personal reasons and utilizing the firm as his bank.

Despite the grave allegations, Deeproot and Mueller are not being prosecuted for their actions. On the other hand, investors like Bryant have little prospect of getting their money back now that Deeproot has filed for bankruptcy.

During the year 2019, Bryant put her money in Deeproot on behalf of the Hopman Group and Pamela Hopman, who is the financial adviser for PGH Advisors. Bryant contributed her money to the Hopman Group.

Bryant believes that Hopman ought to have conducted a more thorough investigation into the financial venture. Hopman’s legal team has written her a letter saying that it may not be successful to sue Hopman since Hopman had damages from Deeproot as well. Although she has not yet filed a lawsuit against Hopman, Hopeman’s legal team has provided her with this information.

Several lawsuits have been filed against Hopman and PGH Advisors because of their participation with the Deeproot company. According to the allegations made by a family from Tucson, who are being represented by lawyers Gail Boliver and Anthony Bingham, a financial adviser who was working under Hopman’s supervision convinced them to invest one hundred thousand dollars in Deeproot. In this particular instance, it does not seem that the financial advisors fulfilled their duty of fiduciary responsibility to conduct a comprehensive investigation of the investments they represent.

The complaint filed by the SEC revealed that Deeproot had not purchased a life insurance policy since September 2017, although it was still receiving millions of dollars. This indicates that Deeproot’s investment in life insurance viaticals was a risky one. These were warning signs that any reasonable financial practitioner ought to have seen, according to the opinions of legal experts.

Marc Fitapelli, an attorney who represents several clients who have placed investments in Deeproot, asserts that Hopman violated her fiduciary obligations to those clients and that there were evident signals of difficulties.

Cindy Bryant is now focusing her efforts on restocking her retirement assets via a combination of dogged determination and laborious work.

Pam Hopman Moves to Repair Reputation After Scandal:

The reputation of Pam Hopman, a respectable financial adviser in the unpredictable world of finance, has been irreparably damaged as a result of the controversy that she is presently embroiled in. Hopman is now recognized as the person who has been accused of engaging in a scam that cost her clients more than ten million dollars. She is also known as the person who has betrayed and misled her consumers. 

Details of her dishonest strategies are coming to light, which is causing shockwaves to spread across the sector. These revelations have brought to light ethical and trust problems in the context of financial relationships. In her heroic efforts to repair the harm done to her image, Hopman is now engaged in a losing struggle that will decide the course of her destiny. 

Commission Findings and Background Information:

The Arizona Corporation Commission conducted a thorough investigation into Pam Hopman and her company, PGH Advisors LLC, which resulted in severe fines. This serves as a forceful critique of Hopman’s dishonest behavior concerning the sales of unregistered securities. The enormity of her misconduct is shown by the hefty penalties and restitution, which total more than $500,000.

Hopman’s capacity to lawfully take advantage of naive customers was also terminated as a direct consequence of her dishonest activities since the event led to the termination of both her company’s license and her license as an investment advisor representative. 

The Deceptive Schemes:

Promoting securities from Deeproot and its affiliated companies was mostly the responsibility of Hopman and PGH Advisors. Given that Deeproot was accused by the Securities and Exchange Commission of operating as a Ponzi scheme, serious questions have been raised about Hopman’s judgment and her willingness to take a financial risk with her customers.

Following investigations, it was discovered that Hopman had received at least $10 million for the sale of unsecured and unregistered promissory notes to Premier Global Corp. Hopman’s business is now involved in legal battles after being accused of orchestrating a Ponzi scheme that duped over 500 investors in 19 states, which is a worrying indication of the extent of the company’s deceit. 

The Repercussions and Efforts to Control Image:

As the controversy continues, it is unlikely that investors’ lost money will be recovered. Mark Dinell, the chief of the ACC’s Securities Division, was aware of the challenges associated with recovering funds from the federal and state lawsuits involving Deeproot and Premier Global.

Despite the mounting evidence around her, Pam Hopman has made a concerted attempt to manage her image. She even sells her property to assist pay the penalties and damages that have been mandated via claims from her lawyer, portraying herself as simply another victim. These are only a few of her activities; in an attempt to move beyond her past and rebuild her image, she is actively disseminating positive information online.

The incident has had a significant influence on her life, and she faces a difficult and perilous path to restoring her reputation. The story of Hopman provides a sobering reminder of the challenges associated with maintaining one’s image and the persistent consequences of dishonest conduct, even if the effectiveness of her methods for managing her reputation remains debatable.

Conclusion

Finally, Pam Hopman and PGH Advisors, LLC demonstrate the dangers of financial sector dishonesty. The Arizona Corporation Commission’s inquiry found their acts severe, resulting in penalties, reparations, and license revocation.

Hopman’s promotion of securities from Deeproot, a Ponzi scam, and her sale of unregistered securities to investors violate ethical and fiduciary norms.

Despite Hopman’s attempts to control her image and limit the scandal’s effects, investors have suffered large losses, and court fights are imminent. Financial advising services need openness, honesty, and regulatory compliance, as shown by the case.

As Pam Hopman recovers from the scandal, it highlights the long-term effects of dishonesty and the difficulties of regaining banking sector confidence.

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Larry Weltman Fraud Allegations Fact-checked

According to Larry Weltman, the mission of Weltman Consulting is to give his clients the most comprehensive real estate sales and brokerage consulting services possible. He flaunts the fact that Weltman Consulting is an expert in market consulting and real estate sales for realtors and brokerages. Larry also states that he offers advisory services to help businesses with cash flow management, marketing, brokerage administration, and the development and revision of business strategies.

Larry Weltman goes on to say that he created Weltman Consulting after observing that the real estate sales industry was changing significantly and that more independent realtors were taking on the majority of the costs of running their businesses on their own. Regulations have forced brokers to pay additional costs, and as a result of increased competition, their commissions have substantially fallen.

Weltman Consulting provides consulting services to realtors and real estate brokerages to ensure they are completely equipped for the requirements and responsibilities connected with operating a real estate sales firm. 

Larry Weltman Found Guilty of Fraud

Larry Harry Weltman of Thornhill was found guilty of violating Rule 201.1 of the law after being found guilty of fraud in the Supreme Court of the State of New York, County of New York. He was also found guilty of failing to uphold the good name of the profession and its ability to serve the public interest. 

Mr. Larry Weltman was an executive vice president and director of a publicly traded company that agreed to acquire a company in the highly regulated gaming sector. He also served in a control management capacity.

Mr. Weltman’s company closed the deal, operating the business without a license and without notifying the gaming authority of the purchase, despite having full knowledge that the required gaming license of the company to be purchased would be nullified upon the closing of the purchase transaction. 

As soon as the gaming authorities discovered that Mr. Weltman’s organization was conducting business unlawfully, he was charged with fraud and convicted guilty. Mr. Weltman was expelled and fined $3,000 by the Institute. 

Larry Weltman: The allegations made against him 

The Professional Conduct Committee has leveled the following accusations against Institute member Larry Weltman, CA:

When the Supreme Court of the State of New York, County of New York, found the aforementioned Larry Weltman guilty of a fraud offense on or about September 27, 2000, in violation of Rule 201.1 of the rules of professional conduct, he did not act in a manner that would uphold the profession’s good name and its capacity to serve the public interest.  

Larry Weltman- Decisions and Orders

A member of the Institute named LARRY HARRY WELTMAN, CA, was accused of breaking Rule 201.1 of the Rules of Professional Conduct in a letter dated August 15, 2002.

After reviewing and assessing the evidence, the discipline committee finds Larry Harry Weltman guilty of the charge. 

Larry Weltman- Order

It is ordered in respect of the charges:

THAT Mr. Larry Weltman should receive a formal censure from the hearing’s chair.

THAT Mr. Weltman is now fined $3,000 and issued such an order. Within three (3) months after the day these Decisions and Orders become enforceable under the bylaws, the funds must be transferred to the Institute.

THEREFORE, Mr. Weltman is officially removed from the Institute’s membership.

THAT, upon this Decision and Order becoming final under the bylaws, notice of it in the form and manner decided by the discipline committee, revealing the identity of Mr. Weltman:

The Ontario Province’s Public Accountants Council

The Institute of Chartered Accountants of South Africa and The Canadian Institute of Chartered Accountants

Through CheckMark Publication

Published by The Globe and M

Although Mr. Weltman turned in his Institute membership certificate to the  

discipline committee secretary within ten (10) days from the date this Decision and Order becomes final under the bylaws. 

Larry Weltman: Justifications for the August 15, 2002, Decision and Order 

The discipline committee of the Institute of Chartered Accountants of Ontario convened on August 15, 2002, to hear testimony concerning the complaint lodged against Mr. Larry Harry Weltman by the professional conduct committee.

The representative of the professional conduct committee, Barbara Glendinning, was in attendance. Mr. Weltman was represented at the hearing by Richard Auger, his lawyer.

The official decision and order were signed, dated, and given to Mr. Weltman on August 22, 2002. The discipline committee’s decision and order were revealed during the hearing on August 15, 2002. Bylaw 574 provides written reasons that incorporate the committee’s justifications in addition to the charge, decision, and order. 

Larry Weltman- Reprimand

The committee felt that the member would be more aware of the gravity of his transgression and the wrongness of his actions if he received a formal reprimand. 

Larry Weltman- Fine

The committee determined that, in this case, a $3,000 fine was appropriate.

The court agreed that, in the majority of circumstances, a more severe penalty like the $10,000 punishment in the Rapier case, which Ms. Glendinning specifically mentioned would be more appropriate. On the other hand, the committee reduced Mr. Weltman’s sentence because it considered that he had already paid the US$500,000 court in New York.

The committee anticipates that Mr. Weltman will be particularly discouraged by the fine in addition to being generally discouraged. 

Conclusion

To sum up, Mr. Auger’s attempt to minimize Mr. Weltman’s role in the events that led to his conviction has been categorically rejected. One cannot minimize the importance of Mr. Weltman’s involvement in these incidents to a simple error of judgment.

The self-signed letter dated September 27, 2000, is indisputable proof of Mr. Weltman’s involvement in the illegal activities. This document and his testimony together verify that he was fully aware that the license that Mr. Larry Weltman’s company-owned would soon become invalid as a direct result of the acquisition agreement closing. Because the gaming industry is highly regulated, Mr. Larry Weltman’s willful failure to operate his business without a license puts the stockholders at serious risk of financial loss.

It is clear from the committee’s thorough investigation that Mr. Larry Weltman intentionally broke the law, going beyond the possibility of a brief error of judgment. The shareholders lost faith in his leadership as a result of his premeditated actions. 

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Armin Ordodary and the FSM Smart Fraud

Media released a request for information about the broker fraud FSM Smart and its operator, Armin Ordodary, at the beginning of March 2017. We did, in fact, learn some important facts. After speaking with insiders, we were given the assurance that Armin Ordodary would merely serve as a front for a bigger organization. Not long after we requested it, FSM Smart modified its domain. The fact that the Scam Broker is still active online is another reality. We must reiterate our request for information because this is intolerable.

Verified FSM Intelligence Regarding Armin Ordodary

Following the most recent call, we were informed that Armin Ordodary was the manager and founder of both the white-label broker platform provider NepCore and the SIAO Group. In the interim, both businesses have shut down their websites.

We have received confirmation that Armin Ordodary is a manager and shareholder of DOO, the upmarket Serbian company. This is purportedly a marketing firm that introduces fresh victims to broker scams, not a boiler room.

It has come to our attention that the Iranian-born resident of Cyprus and his businesses are merely a small component of a worldwide criminal network.

Information about the illicit broker scheme FSM Smart (www.fsmsmart.com) and its aggressive client acquisition strategy through Upmarkt d.o.o., a Serbian boiler room, was provided to the media by whistleblowers. Benrich Holdings Ltd., a company based in Cyprus, is the only shareholder in this boiler room. Armin Ordodary, a resident of Cyprus, is a director of both companies.

The Warnings to Investors About Armin Ordodary

Early in 2018, the illicit broker was introduced. Currently, investors are advised not to participate in the FSM Smart scheme (www.fsmsmart.com and www.fsmsmarts.com).

The UK Financial Conduct Authority (FCA) warned investors against the plan in March of 2019.

ASIC, an Australian agency, warned investors not to participate in the broker scheme in April 2019.

August 2018: A warning was released by the Financial Markets Authority (FMA) of New Zealand;

October 2018: A warning was issued by FINMA, Switzerland’s financial market supervisory authority;

In November 2018, the Manitoba-based Canadian watchdog, MSC, issued a warning to investors about FSM Smart.

According to reports, the FSM Smart contact address is Hertensteinstrasse 51, 6004 Luzern in Switzerland.

FSM Smart (Armin Ordodary’s Brainchild)

As one of the oldest and most innovative Forex brokers in the world, FSMSmart has elevated the entire industry to new heights. Both FSMSmart and its operations manager, FSM Smart Ltd., are well-known in the financial services industry.

Over 140 countries worldwide have benefited from the Company’s noteworthy and well-founded financial services thanks to its brave service and steadfast dedication.

Because of the company’s vast market expertise and experience, FSMSmart provides top-notch services. As we enhance our existing technology to enable the vast and volatile industry to establish a reliable and sound trading system, we continue to give the enormous value of the market to our clients.

The Company’s founding members, who have been in the brokerage and forex industries for more than 50 years and who have been directing and instilling values in FSMSmart from its foundation, are financial professionals and adept financial service providers.

FSMSmart is constantly coming up with new ideas and methods to ensure that our clients have a luxurious and fulfilling experience. In addition, the company strives to offer the finest possible trading circumstances and top-notch client support while carefully selecting Account Managers to ensure success in forex trading.

Financial Conduct Authority

The UK government has no control over the Financial Conduct Authority (FCA), a financial regulator that is funded by fees collected from participants in the financial services sector. The FCA protects the integrity of the UK financial markets by regulating financial companies that offer services to consumers.

It focuses on how financial services companies, both retail and wholesale, are expected to behave. Similar to the FSA, which it replaced, the FCA is set up as a company limited by guarantee.

To establish regulatory standards for the financial industry, the Financial Policy Committee, the Prudential Regulation Authority, and the FCA collaborate. The FCA is responsible for the conduct of around 58,000 businesses which employ 2.2 million people and contribute around £65.6 billion in annual tax revenue to the economy in the United Kingdom.

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BeiBei Zhang’s Crimes Exposed

In Broward County, Florida, BeiBei Zhang, a 44-year-old prostitute, claims to oversee two real estate management companies and to own over 200 homes. She further states that she has expertise in real estate investing, real estate management, and property management.

What led to BeiBei Zhang’s arrest?

Zhang, a lady from Coral Springs who operated a one-woman brothel in Tamarac and catered to five to seven customers every day, was detained on charges of prostitution and money laundering, according to court records.

Zhang, 44, of Coral Springs, is accused by the Broward Sheriff’s Office Money Laundering Task Force of having sex acts with her clients at 8341 Sands Point Blvd., unit 201B.

Based on detectives’ observation, BeiBei Zhang “usually sees 5-7 customers a day and works Monday through Friday from late morning to early evening,” according to an arrest complaint. Zhang bills $160 per hour plus a bonus for sexual activities. She also advertises her services on other websites, such as “adultsearch.com”.

After “an undercover operation” in the Tamarac home, “where [she] performed a sex act for $160,” Zhang’s prostitution was confirmed by the investigators.

The task force asserted that Zhang took out between $1,200 and $2,000 in “cash only” cash deposit withdrawals over a year in order to avoid disclosing her activities to the banks, amounting to over $100,000 in illicit profits from her sex industry.

BeiBei Zhang ran a one-woman brothel out of an apartment in Tamarac, earning $19,000 a month.

According to the statement, “Beibei Zhang is believed to be making at least $4,800 a week, which equals to nearly $19,000 a month, based on six customers per day, one hour each, at $160 per hour.”

Zhang was reportedly present at the Truist bank branch in Coral Springs, which is situated at 6210 Coral Ridge Drive, on August 31. She was accused of money laundering related to prostitution and income fraud.

Documents show that Beibei Zhang was taken into custody at the Broward County Main Prison and released after a $15,000 bail payment.

Bottom Line

But in addition to operating a brothel illegally, BeiBei Zhang was also connected to fraud and money laundering cases. Despite being taken into custody, she was eventually freed.