Corporate & Securities Law

Ronnie Eugene Bass, Jr. of Delray Beach, Florida was recently sentenced to 17 years in Federal prison for his role in operating a Ponzi scheme and affinity fraud that targeted Haitian-American investors residing primarily in South Florida.

The SEC alleged that from April 2008 through December 2008, Bass raised at least $14.3 million through the sale of unsecured notes to hundreds of Haitian-American investors by promising guaranteed returns of 100% every 90 days. Bass claimed that the returns were a result of a successful stock options and commodities trading strategy. Contrary to his representations, Bass traded no more than $1.2 million of the $14.3 million raised, generated trading losses of 19 percent, and that the bulk of the investor funds to repay earlier investors in typical Ponzi scheme fashion. Bass is also believed to have misappropriated at least $668,000 of investor funds for personal use.

Eccleston Law represents individual and institutional investors to recover their investment losses caused by securities and investment fraud. Our attorneys also help victims of Ponzi schemes pursue recovery by submitting claims with receiverships established by the SEC or by assisting victims with the filing of a Theft Loss Tax Deduction with the IRS.

If you have lost money investing in HomePals or with Ronnie Bass, or if you have information about this scheme, please contact Jim Eccleston at the Eccleston Law Offices at 312-332-0000.