Los Angeles Bus Drivers Targeted in Ponzi Scheme

The SEC has charged investment advisory firm Mitchell, Porter & Williams, Inc. (MPW) and its principal Thomas L. Mitchell with fraud after halting the firm’s $14.7 million Ponzi scheme. According to the SEC press release, the firm targeted retired bus drivers in Los Angeles, pressuring them to invest their retirement funds in MPW and promising them “fixed interest returns ranging from 10 to...