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