An irreverent Wall Street Blog
by Bill Singer

iPhone App Fraud Ends With Criminal Plea

June 21, 2013

Jonathan Gracia, 24, Middletown, CT, strikes me as a fairly intelligent young man with apparently far too much time on his hands and a very, very active imagination. According to federal prosecutors, Gracia told his friends and acquaintances that he was developing a website for which he had potential buyers.

A website. And buyers for that website. Ehh, not that great a business plan but, hey, for a young guy perhaps a start.

Then there was this other business idea of Gracia's: He claimed to have developed an iPhone app.

Yeah, okay - not exactly another earth-shattering new business but, again, for a young guy, ya gotta start somewhere.  At least Gracia seemed to be diversifying.

Raising The Bucks

Showing a flair for entrepreneurship, Gracia embarked upon fundraising via his solicitation of his friends and acquaintances for investments and loans. Gracia promised humongous returns on investment.

Fabulous? Nah, Fabrication

Perhaps being unfamiliar with the concepts of ethics and legality, Gracia provided to his investors and lenders bogus documents, including fake checks, fabricated bank account statements, and a bogus letter on what appeared to be the letterhead of a prominent Connecticut hedge fund management company. 

According to federal prosecutors, Gracia's scam defrauded his victims out of at least $200,000.

Wire Fraud

Alas, when you see the phrase "according to federal prosecutors," you sort of know that this didn't end well. Gracia was arrested on March 18, 2013.

On June 18, 2013, Gracia waived his right to indictment and pleaded guilty to one count of wire fraud in federal court in the District of Connecticut.  He now faces a maximum term of imprisonment of 20 years.
NEW EPISODE OF 
SIDE BAR WITH BILL SINGER 
NOW ONLINE
Brian Carlis, Esq. Talks About Industry Arbitration

Permalink

Search BrokeAndBroker

Related Topics

Previous Entries

Tag Cloud

Bill Singer BrokeAndBroker FINRA Arbitration AWC SEC BrokeAndBroker.com Expungement Employment Street Sweeper Bill SInger Jobs Wells Fargo Guest Blog Fraud OBA U5 Guest Blogger Promissory Note BrokerAndBroker Email U4 Aegis Frumento Merrill Lynch Wire Fraud Elderly Morgan Stanley EFL UBS Defamation CRD Forbes FBI Suitability PST Statutory Disqualification Ponzi Citigroup ALJ Whistleblower Borrowing Rule 3270 DOJ Supervision BrokerCheck Outside Business Activity BrokeAndBroker Bank OIP IRS Form U4 Willful NAC Felony OHO Supreme Court Wrongful Termination SDNY Ameriprise Pro Se Wachovia Expenses IRA InSecurities Rule 2080 Mail Fraud Discretion WSP Insider Trading Wife Husband Rule 8210 Dodd Frank CCO Forgery Checks Conversion Raymond James Rule 1122 NASD Form U5 RIA Punitive Damages Bankruptcy Business Expenses Employment Tuesday Tax Discovery Estate Settlement Rule 3240 Madoff Willfulness Rule 2010 Rule 3040 Credit Card Frumento Wall Street JP Morgan NYSE Private Securities Transaction Securities Industry Commentator Small Firm Outside Business Activities Bar LPL Power of Attorney Real Estate Annuities Indictment Commissions 2Cir Promissory Notes Edward Jones Rule 3280 Impersonation Exam Facebook Corrective Action Statement Spouse Street Legal Bank of America Tax Lien ETF Tax Liens Margin Beneficiary Mortgage SRO ATM Stephen Kohn Test Complaint Injunction Trust Case In Point Wire Offer of Settlement Rule 12206 Schwab Antitrust Misdemeanor Appeal ARS Annuity Options Schapiro Lien Signature Barclays OTR Trump Away Account Rule 2510 Insurance CFTC POA TRO Spouses T&P Loan Trustee NSF Employee Forgivable Loan Goldman Sachs VA Due Diligence Initial Decision Money Laundering Securities Fraud NASDAQ RBC Deutsche Bank Remand Unauthorized Discretion Blockchain NASAA Signatures Bonus HFT Crypto Liens Conspiracy Great Recession Eligibility Rule Fidelity PCAOB Sanctions DCCir Cease And Desist Chase Mandatory Arbitration Failure to Supervise Flash Crash Customer Continuing Education Dissent Stay Rule 4530 Credit Cards email Scottrade Undisclosed Settlement Compliance LOA Burris Rule 4511 Huffington Post E*Trade Fiduciary Rule 3010 Solicitation Broker Protocol Cryptocurrency Unsuitability Unauthorized Trading Hacker Motion to Dismiss Lehman Brothers Disclosure Bharara Divorce Coronavirus Variable Annuity ACQ OWB Hacking Unfair Competition Willfully MSSB Gallagher RRBDLAW.com Identity Theft Registered Rep Magazine Rule 3050 brokeandbroker Deceased arbitration Vacatur Forex Explained Decision Severance Malware JPMorgan Wedbush Audit Discrimination FINRA Arbitration Bitcoin Annual Compliance Questionnaire Letter of Authorization Reg SP employment Website Reimbursement Rule 12200 Jurisdiction Apple Board Sexist Stockbrokers Retirement Spoofing Prison 10Cir jobs REIT FINOP Internet Registration Away Accounts Will LIBOR Elder Abuse Net Capital Retaliation 9Cir Customer Complaint Variable Annuities Sexism TD Ameritrade Lehman Wey 2nd Circuit Personal Expenses Disgorgement BrokeAndBroker Bill Singer Rule 12805 Second Circuit Self Regulation Lucia Solicited RMBS Social Media Hedge Fund Imposter Bureau of Prisons Bonds Waiver Confidential Information Examination Plea Hilton Weiner Charles Schwab Time And Price RRBDlaw.com Telephone Private Placement Loans Private Securities Transactions FOREX Unsolicited Motion to Vacate BrokeandBroker China Marijuana Postponement BOP Commission bill singer Stifel Trading Platform IC3 Debit Card Brummer BrokeAndBroker.com Blog Judgments Newman Zipper Indemnification Rule 2111 MetLife Arbitraiton Credit Suisse OSHA Dakota Securities Rakoff Due Process Testimony Unjust Enrichment Sanction Guidelines WSPs Botkin CPA PNC Lawyer Morgan Keegan CNBC Rule 3110 Protocol Class Action Rule 2150 Manifest Disregard Auction Rate Securities Check Kiting Emails Knight NYAG Stifel Nicolaus Cheating Piwowar FAA Fees IPO Compensation ADA Joshua Brown JOBS Act Statute of Limitations MC-400 Widow Suspension Crowdfunding Obstruction of Justice Mutual Funds CRS Bear Stearns DOL FNMA CE Article V Cannabis AML CEO Passcode TSSB Woody Allen Counterclaim Puerto Rico Rule 12504 Bloomberg OIG Ketchum Aleynikov Bandimere Inability to Pay Termination Appointments Clause Elder Fraud Tortious Interference Raiding ING Khuzami Restaurant Customer Information Affiliate Wire Transfer Confirm Executor Rule 13200 Whistleblowing Series 7 Rule 9552 Sales Assistant MF Global Rule 13805 Hurry Embezzlement Stanford Regulation SP Employment Agreement SAC High Frequency Trading Public Interest Check USERRA Banc of America Morgan Stanely Reg S-P Board of Governors Rule 2081 EIA Wine Unsuitable Confidential Rosenthal Recruiting TOD Affinity Fraud Conflict Phishing Concentration Non Solicitation Pennystock Reg D PN Oppenheimer Medicare Gold Shah Gilani Dementia Charge Churning Failure To Supervise Federal Reserve Consent Order Obstruction Outside Account White Online Leveraged ETF Deferred Compensation 4Cir Side Bar Corruption Smith Barney NPR Motion to Confirm Self Regulatory Organization Star Wars Moon Information Written Supervisory Procedures Pennystocks Medical Condition Mutual Fund WB-APP SunTrust Casino Disability Broke And Broker Parking expungement Kokesh Teleconference IM David Sobel Day Trading Statutory Disqualification Committee Private Placements Amazon Membership Continuance Argentina Bank Fraud Margin Call Attorneys Fees TCR Ride the Thunder Vietnam Nietzsche Layering Johnny Burris Guitron Linde Murphy Rule 4513 Charity Finder\'s Fee Unregistered Penson Yesenia Guitron BrokeAndBroke Statement of Corrective Action Marine Corps Marines Probate ICO Government Accountability Project Whitman Rule 2210 9/11 Vault Commodities Fraud Form ADV Eligibility Funds Subpoena EDNY Morgan Stanley Smith Barney Poteroba Circuit Court 401k Ethereum McDuff Corzine COVID 6th Circuit Unauthorized Practice of Law Kon Bid Rigging Aguilar Joint Account HSBC Standing Mother Testing Hearing Chief Compliance Officer Small Firm Governor PAQ Marketplace ACH Slander Feigenbaum Trade Secrets Laptop Rule 3030 Accounting SDFL Thain Stockbroker Escrow 11Cir Investment Adviser FOCUS Client Information IAR Excessive Trading Rule 21F signature Resignation Stop Loss Judgment FINRA AWC Google Inside Information S&P Commissioner Stein YouTube Privilege Investor Alert 401(k) Meals WaMu Settling Away Attorneys\' Fees Fines TIC Schneiderman 11th Circuit Elder Law CGMI CD Negligence Death Trading Motion Fifth Amendment Timban Kiting JPM Arbitration Florida OCIE Sarbanes Oxley Electronic Communications Rule 9216 Do Not Call Chiasson Data TheBlot SP Fiduciary Duty Sexual Discrimination David Lerner Female PIABA Oral Discretion ESOP Over Concentration Fowler BD Verbal Discretion RRBDlaw Texting LLC Cold Spring Advisory Group Jennifer Tarr Research Sexual Harassment Counterfeit Scholander Taft Correctional Institution VXX Equity Indexed Annuities VIX Chase Investment Services Arrest BrokerAndBroker.com Rule 12212 Money Market Newport Coast Securities BrokeAndbroker Stipulated Award Rory Flynn Inmate Puts Reverse Life Insurance Wanger Christian Stanley Tax Fraud Libel FCI FCI Beaumont Robert Muh Turnover Backstage Wall Street Control Person 40 Act CDO Talman Harris SIFMA Congress Password Fine Selling Away Lincoln Financial Sharemaster Third Party Vendor Outside Accounts BATS Constitution Rule 1031 Hospital Moore Non-Solicitation OWWP Commodities Netschi Red Flags Guest Bloggers Rule 2370 Robert Cook Disciplinary History First Amendment Test Center Hester Peirce Elles Administrative Remedies Respondeat Superior RICO Rule 12904 AXA 1Cir Regulation Department of Justice Withdrawals Scottsdale Dell Pension Election Copyright Blank Forms Flash Drive Leveraged ETFs Summary Judgment Whistleblowers Stephen A. Kohn Undertaking Work Product Motion To Dismiss Collateral Apartment Statute of Limitation Cherry Picking Fiero Service Irreparable Harm SEC Rules of Practice Evidence Sex Customer Files GAP UIT CMO Lek Exhaustion Doctrine AWC. FINRA Relevant Disciplinary History Honorarium Excel Hugh Hewitt FINRA Small Firm 9th Circuit Mistake Exception Reports DPA Risk Murray Gabelli Kenneth Starr Nasdaq Banks Reverse Merger Financial Disclosure Self Directed FINRA Board Chevron fraud EDPA Outside Counsel Fee US Airways Arbitrator Fourth Amendment Annual Audit 17a-5 Series 79 Jon Corzine Scam Eric Stein BitTorrent Capital Gains Branch Manager Securities and Exchange Commission Silver Deferred Prosecution Agreement Janney Montgomery Scott ALJ Grimes Crime Kent Expense Microcap PHC Diamonds Proctor NML Oilpro Impersonator Series 66 Restitution Galleon Mary Jo White Taxes Guardian IBM Cryptocurrencies State Farm Non Solicit Bill Singer BrokeAndBroker Lee Disney Criminal Merrill Merill Lynch Beneficiaries Saad BrokeandBroker.com Initials Anderson Binary Options Mary Schapiro Merger Stock Promotion securities industry commentator Disparate Treatment Molchatsky Clayton Brokeandbroker.com Obama RRBDLAW Covid-19 NFA Bezos Reuters Theft Coin 10b-5 Currency FDA Women Regulation S-P Capitalism Pruco BIll Singer Short Sale DWI Section 206 Non-Prosecution Agreement Martin Unauthorized Trades QuadrigaCX Credit Repair Reform Office of Special Counsel Father Grievance BBVA Elon Musk Martoma NoCA Gifts Bank Guarantee Confidential Customer Information Willfull ADR Transfer Bill singer iPhone Supervisor Game of Thrones Dinner Compliance Officer Production Compromise Wires Wire Transfers Berthel Fisher Life Insurance House Financial Services MSPB Broy 6Cir Newbridge Wells Fargo Advisors In House Counsel Advisor Placement Group Pacifico Legend Romer Non Compete Nationwide Walter Baby Boomers NY Life Offset Reason for Termination Expert Witness Res Judicata Quasi Governmental State Actor Lawyers Ethics Powell Solomon Well Managed Portfolio Costa Rica Kierkegaard CAT Rule 9554 Enforcement Dow Diabetes Tippee Executrix Altered Records Tipper Countrywide McCartney Texas State Securities Board FCPA Personal Information Rule 3310 Schumer Springsteen Reasonable Finra FTC Trainee Fee JPMorgan Chase AIG Bob Dylan Principal Rule 3210 ETFs Municipal Bonds Retired Woman With Cane Tennis Court Immunity Promoter SIPC Sterne Agee Investacorp Witness Tampering Permanent Bar HBO 1099 Laser Mattera Cellphone Compliance Questionnaire Undercover Prudential 3Cir Rule 420 Exotic ETF Fraudulent Inducement Spoliation National Securities Life Settlement Boyland Traders Obamacare Rule 2330 Hertz SD Tran Books and Records Orders Retroactive Bar Retroactive NYG Capital Motion to Compel FNI Media Collateral Bar Municipal Advisor Self Reporting Sears ADEA Travel Bartko Wages NRSRO Daspin Rules of Practice Subway MBS Goble Chase Bank Payroll Relevant 8210 God Koval Skimming false statements Falsification Naskovets Sharing Agreement Preliminary Determination Age Discrimination Turbeville Cybercrime William Faulkner Salman NDCA Books And Records Constructive Discharge Varney Spam Kennedy Johnson Bribe AAA Prime Bank Practice Sale Confirmation Liquidation Lexicon Conflicts Checking Trader Lewis Carroll FMLA Customers Preet Bharara