Securities and Exchange Commission Banishes Daniel Rudden
The Securities and Exchange Commission has placed Daniel Rudden and Financial Visions under administrative freeze due to allegations that they ran an elaborate Ponzi scheme which duped nearly 150 investors from Colorado and other states out of $55 million over several years.
Rudden promised investors annual returns of 12% or higher.
Early Life and Education
Daniel Rudden, 72, operated Financial Visions as a Ponzi scheme that enabled families to cover funeral costs using life insurance policies he held as collateral. According to authorities in Colorado and elsewhere, more than 175 people lost over $20 Million through this alleged scheme run by Rudden and Financial Visions.
Rudden used new investor funds to pay existing investors interest and redemptions, according to SEC allegations, in what can only be described as a classic Ponzi scheme fashion. Furthermore, Rudden allegedly concealed his companies true financial performance and condition from investors.
Daniel Rudden is survived by many relatives, such as Tammy (Blair) Krause/Hanneman, Barney Rudden, Jeremiah Rudden, Mary Ann O’Toole, Eileen Sienkiewicz and Peggy Rudden; in addition to many nieces and nephews. Daniel passed peacefully Thanksgiving evening. We all miss him very much!
Greenwood Village businessman Daniel Rudden admitted this week in a letter sent out to investors that for seven years he operated a Ponzi scheme and stole $55 million from them – money which belonged to many elderly investors, such as life savings or retirement funds.
Prosecutors allege Rudden lured investors to his Financial Visions companies through promissory notes containing attractive interest rates of 12 percent on their investments. When funeral homes ceased using Financial Visions services, Rudden began using funds from new investors as principal payments towards interest and redemption payments of his older investors.
Rudden and his companies were subject to civil fraud charges from the Securities and Exchange Commission, who filed civil suit alleging no profits had been realized from life insurance assignments made through Financial Visions; further, Rudden had misled investors as to its true performance and condition.
Achievement and Honors
Danny passed away August 20, 2021 following a short fight against stage four esophageal cancer, leaving behind his loving wife Vicky and two-year-old son Danny as well as Crux Coffee & Espresso Bar located in Jupiter Florida.
Rudden confessed to authorities that his long running Ponzi scheme cost investors in Colorado and around the country millions. In 2000 he started Financial Visions which provided financing services for cemeteries and funeral homes; original investors received between 12-15% returns on their principal.
Dan Rudden currently works at Divinity Star Enterprises, employing 6 individuals. He graduated with his BA from Monmouth University. Additionally, Dan is part of a number of social groups.
Danny passed away peacefully on August 20, 2021 after an arduous fight against Stage 4 Esophagus cancer. He left behind Vicky, their two year old son Danny (named in his honor) and the Crux Coffee business that was dearly dear to him.
Daniel Rudden and his companies have been charged with operating a $55 million Ponzi scheme, purporting to defraud 175 investors of their money. The federal government has frozen their assets as a precaution.
Rudden operated Financial Visions, which purported to assist families pay funeral costs through taking an assignment on deceased’s life insurance policies and then recovering costs directly from insurance company which then reimbursed Financial Visions. According to U.S. Attorney’s office of Colorado news release, Rudden operated his business without authorization and illegally.
Danny was a bright light in this world and will be deeply missed by all who knew him. His kind and generous spirit touched many lives; his legacy lives on with Vicky, their two year old son Danny and other family members.
The SEC’s action permanently restrains Rudden and Financial Visions companies from violating antifraud provisions of securities laws, freezes their assets, and imposes an order of restitution in the amount of $55 million.
According to a press release from the U.S. Attorney’s Office, Rudden and his companies used investors’ money to pay existing investors interest payments while concealing Financial Visions’ true performance and state. When Rudden no longer could pay interest payments or refund initial investments, their scheme eventually collapsed.