William Andrew Hightower, of Bellaire, Texas, Allegedly Orchestrated a $10 Million Ponzi Scheme from 2013 to 2018
Bill Hightower, from 2013 to 2018, allegedly received more than $10 million from investors as part of a Ponzi scheme, according to Reports from the U.S. Attorney’s Office in the Southern District of Texas under review by investor rights attorney Alan Rosca.
Alan Rosca, of the Goldman Scarlato & Penny PC law firm, is investigating activity related to Bill Hightower’s alleged Ponzi scheme. Investors who believe they may have lost money in activity related to Bill Hightower are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.
Hightower originally made his initial appearance on a 13-count indictment charging him with alleged wire fraud, mail fraud and money laundering, according to U.S. Attorney Ryan K. Patrick, but soon allegations arose that he was allegedly conducting a Ponzi scheme, the Reports state.
Hightower was president of Hightower Capital Group (HCG) which he founded in 2010, the Reports note.
Hightower also worked for Legacy Asset Securities, Inc. in Houston, Texas from September 23, 2013 to June 17, 2015, and with UBS Financial Services, Inc. from June 7, 2007 to September 12, 2013, FINRA notes.
Hightower, however, allegedly hid the fact from his clients that FINRA had barred him from acting as a broker or otherwise associating with a broker-deal firm in October 2015, according to the indictment.
Hightower Allegedly Told Investors their Money was being Invested in Different Legitimate Projects, but Instead Used the Cash to Pay Earlier Investors
Hightower allegedly made statements to investors that their money was being invested in various projects, such as restaurants, movies, insurance contracts, among other things, according to the aforementioned Reports.
Hightower, however, rather than purportedly investing their money in legitimate projects, used investor funds to pay earlier investors in a Ponzi Scheme, pay himself and finance his lifestyle.
If convicted, Hightower faces up to 20 years in federal prison for each count as well as a thousands of dollars in possible fines, the Reports note.
Securities Lawyer Investigating
The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Bill Hightower’s alleged Ponzi scheme. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, and has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Investors who believe they lost money as a result of Bill Hightower’s alleged Ponzi scheme may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at email@example.com, or through the contact form on this webpage