David Markiewicz, a former hotel banquet worker in Hull, has been charged with securities fraud for allegedly defrauding coworkers out of over $700,000 in an investment scheme that spanned eight years. Markiewicz created a fake company and issued bogus earnings reports to hide losses while misusing investor funds for personal expenses, including shopping and travel. Despite poor trading outcomes, he continued to solicit investments, showing false growth statements to his victims, highlighting a significant breach of trust and regulatory law in the investment landscape.
Markiewicz allegedly provided investors false earnings statements showing significant growth to cover up the scheme. According to the complaint, even after losing nearly all the funds, he continued to solicit additional investments, telling the investors.
Over eight years, 12 Massachusetts investors lost more than $700,000 due to Markiewicz's poor trading performance and use of investor funds, according to the complaint.
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