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roanoke,va - An Albemarle County man is behind bars after being arrested this week amid accusations that he ran an $11 million Ponzi scheme. After a short appearance yesterday in Charlottesville’s federal court, John M. Donnelly returned to the Central Virginia Regional Jail in Orange. John Davidson, Donnelly’s defense attorney, requested additional time prior to holding a bond hearing. “Both the government and I have work to do to figure out bond issues,“ Davidson said after court. More details in the case are expected to emerge March 19, when Donnelly will return to court for a bond hearing and a preliminary examination. During the examination, the federal prosecutor will try to convince the judge that there is probable cause that the defendant committed a federal offense. Donnelly, 52, is being detained on accusations of wire fraud, according to federal court records. The U.S. Commodity Futures Trading Commission and the U.S. Securities and Exchange Commission filed separate civil suits Wednesday against Donnelly, accusing him of fraud and violating federal acts. The filings accused Donnelly of duping at least 31 investors into giving his companies money with the promise that they would get annual returns of up to 22 percent. Donnelly was the president of three businesses - Tower Analysis Inc., Nasco Tang Corp. and Nadia Capital Corp. - none of which was registered as commodity pool operators with the trading commission. The identities of Donnelly’s investors have not been released. It is unknown if any are from the Charlottesville area
DFW Metroplex Lawyers , Minnesota Lawyer Directory
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S.E.C. Report Details Lapses i
