Summary: A 59-year-old man from Irvine, California, was sentenced to 87 months in prison for his role in an investor fraud scheme that defrauded over 70 victims of approximately million using fraudulent financial websites. Allen Giltman, along with others, impersonated financial institutions to attract investors promising high returns through fake certificates of deposit. The scheme lasted from 2012 until October 2020, utilizing sophisticated tactics to conceal their identities and financial activities.
Affected: Investors, Financial Industry Regulatory Authority (FINRA), Federal Bureau of Investigation (FBI)
Keypoints :
- Giltman and co-conspirators created over 150 fraudulent investment websites to lure victims.
- Victims were tricked into wiring funds with no return on their investments, despite being promised CDs.
- Giltman used VPNs, prepaid phone services, and other methods to maintain anonymity and facilitate the fraud.