Md. A.G. Orders Calvert County Man's Company to Halt Operations, Ponzi Scheme Alleged - Southern Maryland Headline News

Md. A.G. Orders Calvert County Man's Company to Halt Operations, Ponzi Scheme Alleged


Timothy Hancock of Calvert County, and his two business partners, accused of running ponzi scheme by Md. Attorney General

BALTIMORE (September 24, 2007) - Maryland Attorney General Douglas F. Gansler announced today that the Securities Division of his Office has ordered Ardin Logistics, LLC, and three of its principals to cease and desist from further engaging in investment-related activities—an alleged ponzi scheme that has attracted investors from both within and outside of Maryland. The Order requires Ardin Logistics, based in Montgomery County, and the three principals, Joseph Carlini and Charles McCarthy of Montgomery County, and Timothy Hancock of Calvert County, to immediately cease and desist violating Maryland's securities laws and halt the operation of an investment program involving the offer and sale of short-term promissory notes that promise above-market rates of return.

"This action orders Ardin and its principals to cease any operations in Maryland pending a hearing in this matter," said Attorney General Gansler. "Until this action is resolved, the order prohibits the company from unlawfully soliciting investors and risking the potential loss of money."

According to Gansler, despite the claims that those returns were created by investments in salvaged shipping containers and the sale of their contents for a profit, the investigation revealed that investors' monies were deposited into a bank account used to fund purchases for travel, dining, entertainment, pet supplies and other personal expenditures.

Attorney General Gansler warns Maryland investors to be wary of this or any similar-sounding investment scheme—if it sounds too good to be true, it probably is. "In these types of cases, it is much easier to avert further investor losses when we have the assistance of those investors who have already been victimized." Gansler urges anyone who is an Ardin Logistics investor, as well as anyone with questions about a prospective investment or persons engaged in investment activities, to contact the Securities Division at 410-576-6360.

Source: Maryland Attorney General Douglas F. Gansler

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