Denver DA charges man with security fraud in online investment scam

The Denver District Attorney’s Office has charged a man with securities fraud in connection with an investment scheme involving live streaming of motor sports and motor vehicle events.

Bertrand Ungar, 68, was arrested on Nov. 9 as he was about to leave the country after selling his home.

The charges allege that in 2016 and 2017 Ungar failed to disclose to investors that he was not licensed to sell securities in Colorado, and that his license to practice law in Colorado had been temporarily suspended for misappropriating funds from an investor.

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Ungar was soliciting investments for an online streaming platform featuring various motorsports programming and sending funds obtained from investors overseas, possibly to Hong Kong, where he has an office.

To date, none of three victims who invested approximately $75,500 has received any promised financial return on their investment, according to a news release.

Anyone who believes they may have been a victim of the scam should contact the Denver District Attorney’s Office at 720-913-9179.

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Source:: The Denver Post

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