Michael Anderson Uses Charity to Steal Millions from Investors
The Securities and Exchange Commission (SEC) brought fraud charges against Michael F. Anderson and his company, The End of the Rainbow Partners, LLC, after discovering that Anderson misappropriated millions from investors in a Ponzi-like scheme.
Anderson stole more than $2.3 million from investors by claiming to be a successful hedge fund manager.
Anderson swindled investors by claiming that he was a successful hedge fund manager who just wanted to help his friends and charitable causes. He convinced investors, many of whom considered him a close friend, that he would trade their funds using a proprietary algorithm. He also claimed that he would fund his wife’s charitable organization for abused women and children with up to 20% of the trading profits from his investments and split the remaining profits amongst the investors.
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The SEC discovered that Anderson never conducted any legitimate charitable work and, instead, was using investor funds to cover tax debts, mortgage payments, private school tuition, credit card bills, and car payments. In total, the SEC alleges that Anderson misappropriated over $2.3 million from investors.
Anderson died in February of this year. Prior to his death, he signed an affidavit admitting that he defrauded his investors.
If you have suffered significant financial losses due to a financial scam like Michael Anderson’s, the attorneys of the Business Trial Group may be able to help. Backed by the largest Plaintiff’s law firm in the country, our clients pay no upfront fees or retainers, and we only receive a fee if we successfully recover compensation on your behalf.
For a no cost and no obligation review of your fraud or investment lawsuit, call us at (877) 599 3102 or fill out our case review form.