Securities Industry Commentator by Bill Singer Esq

[J]oiner used fake documents and forged signatures to raise millions of dollars from foreign investment firms based in South Korea and China for a project he said would be called "Legends," which is described in court papers as "an anachronistic mash-up of legendary and historical figures from nineteenth century America, such as Davy Crockett, Calamity Jane, Paul Bunyan, and John Henry." 

Joiner, who operated a company called Dark Planet Pictures, LLC, allegedly defrauded Korea Investment Global Contents Fund, a South Korean investment fund whose assets are managed by Korean Investment Partners Co., Ltd. (KIP). The complaint also accuses Joiner of defrauding a Chinese investment firm called Star Century Pictures Co., Ltd. and a related company called PGA Yungpark Capital Ltd.

The scheme allegedly began in late 2015 when Joiner met a director of KIP and provided him a script for "Legends," which Joiner said had been written by his brother. As KIP considered making an investment in the film, Joiner falsely told company representatives that Netflix had agreed to distribute the picture, a claim Joiner supported with a bogus distribution agreement that appeared to be signed by a Netflix executive, according to the complaint. After Joiner provided a copy of the purported distribution agreement, KIP agreed to invest $8 million in the project and, in April 2016, transferred the first half of the investment to Dark Planet Pictures.

During the investigation, FBI agents spoke to the Netflix executive who appeared to have signed the distribution agreement. That executive told the FBI that he had never heard of Joiner, his company or the "Legends" project, nor did he sign the purported distribution agreement, according to the affidavit.

Soon after KIP sent the $4 million to Dark Planet Pictures, Joiner entered into an agreement with the Chinese investors that was supported by the same bogus Netflix distribution agreement, according to the complaint affidavit. As a result of this fraudulent misrepresentation, Yungpark wired $6 million to Dark Planet Pictures in June 2016. 

After receiving the initial $10 million from the victim investors, Joiner provided them with updates claiming that well known Hollywood figures - such as producer Don Murphy - had agreed to work on the project, the affidavit states. While Murphy was retained to produce the film and secure a distribution agreement, no distributor was identified, no talent was secured, and no director committed to the film, the complaint alleges. Murphy terminated his arrangement with Joiner in mid-2017.

In late 2016, Joiner allegedly told his investors that he had terminated the distribution agreement with Netflix and had secured a new agreement with Amblin Partners - all of which was bogus, according to executives at both companies. However, the new distribution agreement prompted the South Korean investors to complete their investment by wiring another $4 million to Dark Planet Pictures in early 2017, the complaint alleges.

Following this final wire transfer, Joiner provided a series of excuses to his investors as to why the project was not moving forward, according to the affidavit. He also allegedly provided a forged bank statement to the South Korean investors to prove that he could repay their investment. The FBI reviewed Dark Planet Pictures bank records and determined that more than $5 million of the investors' money was used to purchase Joiner's Manhattan Beach residence and another $4.3 million was transferred to a bank account that may be linked to another film in development linked to Joiner.

From at least 2013, Lanzana solicited approximately $1.1 million from at least 45 customers to invest in what he claimed were highly successful, algorithm-based trading pools in foreign currency derivatives (forex) and other financial instruments. He misrepresented to prospective customers that he was a successful forex trader when he was not. To keep his customers' trust, Lanzana sent them false account statements, posted false monthly account statements to his companies' websites showing balances - some in excess of $800,000 - for forex trading accounts that did not exist, and sent false tax documents to customers reporting earnings that did not exist.

Lanzana misappropriated at least $350,000 in customer funds, using some to repay earlier investors in the manner of a Ponzi scheme, and to pay for his personal expenses, including purchases on Amazon.com, payments to a luxury car dealer and a jewelry retailer, and golf expenses. 

When she registered with Allstate, Buckles owned an Allstate Insurance Company insurance agency. Buckles's agency employed an individual who had a SIMPLE (Savings Incentive Match Plan for Employees) IRA brokerage account through Allstate and who, therefore, was a customer of Allstate. Buckles agreed to withhold money from the employee's paycheck and then contribute that money to the SIMPLE IRA account. After initially making those contributions, Buckles intentionally ceased payments rot over two years, leaving the withholdings in the agency's operating account and using them to pay other expenses, including her own, personal expenses. By virtue of the foregoing, Buckles converted Funds in violation of FINRA Rule 2010 

Additionally, Buckles failed to provide testimony requested by FINRA pursuant to FINRA Rule 8210. As a result, Buckles violated FINRA Rules 8210 and 2010 

• Securities Industry Commentator
• Bill Singer