3/7/2024 0 Comments Steven schwartz global capitalSchwartz, Dale Ledbetter, and others made false and misleading representations to investors and potential investors as to the profitability of 1 Global’s business in marketing materials and periodic account statements. In order to attract investments, Individual #1, Alan G. Atlas had regular contact with Individual #1. Atlas purported to serve as outside legal counsel for 1 Global. Atlas, a resident of Broward County, was an attorney licensed in the State of Florida and a partner at Law Firm #1. Dale Ledbetter had frequent contact with Individual #1, with whom he sometimes solicited investors together on 1 Global’s behalf. Starting in approximately 2015, Dale Ledbetter also acted in a fundraising capacity at 1 Global, in which he solicited potential investors and investment advisors. Schwartz was also the brother-in-law of Individual #1.ĭale Ledbetter, a resident of Broward County, was an attorney licensed in the State of Florida who worked at Law Firm #1. In marketing materials used to raise money from investors, Schwartz was sometimes identified as the Chief Operating Officer (“COO”) of 1 Global. Schwartz, a resident of Palm Beach County, was employed as a director of 1 Global. Heide reported to Individual #1 at 1 Global. Heide, a resident of Palm Beach County, worked in several positions at 1 Global, including as Chief Financial Officer (“CFO”), Executive Vice President, and as Director of Syndicate Partner Relations. Individual#1 solicited investments from outside investors and investment advisors working on behalf of their investing clients.Īlan G. Individual #1 exercised ultimate control over the operations of 1 Global and maintained significant involvement in the company’s daily operations. Individual #1, a resident of Miami-Dade County, was the Chairman and Chief Executive Officer (“CEO”) of 1 Global. In total, from 1 Global’s inception in 2013 through in or around July 2018, when the company declared bankruptcy, 1 Global raised hundreds of millions of dollars from thousands of investors. 1 Global also represented to the investors that they could expect to receive high single digit and low double-digit returns. 1 Global raised money using investment advisors and other intermediaries, with promises to these advisors of significant commissions. The investors would supposedly receive a proportionate share of the principal and interest payments as the loans were repaid. To fund these loans, 1 Global obtained funds from investors nationwide, offering short-term investment contracts that promised to “place” the investors’ money in MCAs. Overview: 1 Global Capital LLC (1 Global) was a commercial lending business based in Hallandale Beach, Florida, that made the equivalent of “pay day” loans to small businesses at high interest rates, termed merchant cash advance loans (“MCAs”). Ledbetter’s sentencing hearing is currently scheduled to be held via ZOOM and has been reset for Augat 1:30 PM before Judge Roy K. On Septemdefendant Andrew Dale Ledbetter was charged by information with one count of conspiracy to commit securities fraud and wire fraud, in violation of 18 U.S.C. The sentencing hearing for defendant Jan Douglas Atlas previously scheduled for August 23, 2021, has been reset for Augat 10:00 AM in Miami Division, 400 North Miami Avenue, Courtroom 12-4 before Judge Roy K. The court also ordered Schwartz to pay restitution in the amount of $36,362,392 with his co-conspirators. ® Copyright 1992-2021, Castle Connolly.Latest Update: On July 9, 2021 Schwartz was sentenced to 24 months’ imprisonment to be followed by one (1) year supervised release. If you do NOT want to be bound by these Terms of Use, you must not access or use this Website. The Terms of Use for this website constitute a contract, binding on all users of this Website. Nothing stated or posted on the site is intended to be the practice of medicine. As explained in more detail in Castle Connolly's Terms of Use, if you have questions or concerns about your health, treatment, diagnosis, or the content on this website, you should always consult with a physician or other healthcare professional. All information on the Castle Connolly website is for informational purposes only, and is not intended to be used for medical advice, diagnosis, or treatment.
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