2000 Nightline Video concerning Richard Forde
2000 – SEC Securities Fraud Action (Tutornet.com)
Agency: U.S. Securities and Exchange Commission
What happened:
The SEC filed a civil enforcement action against Tutornet.com and Richard (Euburn R.A.) Forde alleging that investors were misled through false and misleading statements.
Key allegations:
- Claimed relationship with America Online that was allegedly misrepresented.
- Claimed a prospective $30 million investment that allegedly did not exist as represented.
- Claimed a nationwide rollout involving United States Department of Housing and Urban Development.
- SEC alleged investors were given misleading information regarding the company’s business prospects and financial condition.
Outcome:
- Permanent injunction entered.
- Civil penalties imposed.
- Amended disclosures required.
2000–2002 – Tutornet Shareholder Litigation
Type: Civil shareholder lawsuits
What happened:
Multiple shareholders sued in connection with investments in operations and reverse-merger activities.
Allegations reported publicly:
- Securities fraud.
- Failure to properly issue or transfer stock certificates.
- Misrepresentations regarding company assets and business relationships.
- Investors claimed substantial financial losses.
Outcome:
Various civil proceedings and settlements occurred, though the specific outcomes varied by case.
2008 – Federal Indictment
Agency: Federal Bureau of Investigation / U.S. Department of Justice
What happened:
Federal prosecutors charged Richard Forde and others in connection with a bankruptcy and mortgage fraud scheme involving a multi-million-dollar real estate transaction.
Core allegations:
- Concealing financial arrangements from the bankruptcy court.
- Misrepresenting the true nature of a property transaction.
- Using false information in connection with mortgage financing.
2009 – Conviction for Bankruptcy Fraud and Bank Fraud
Court: U.S. District Court
What happened:
A federal jury convicted Richard Forde.
Convictions included:
- Conspiracy
- Bankruptcy fraud
- Bank fraud
Summary:
The case involved a real estate transaction where prosecutors alleged the true financial arrangements were hidden from the bankruptcy court and lending institutions.
Outcome:
- Convicted by jury.
- Sentenced to approximately 42 months in federal prison.
- Ordered to pay approximately $1.1 million in restitution.
2010 – Appeal
Court: United States Court of Appeals for the Fourth Circuit
What happened:
Forde appealed his conviction.
Result:
The conviction was upheld, leaving the fraud convictions intact.
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