Jewelry Designer Showcase Hit With Ponzi Scheme Allegations

Jewelry Designer Showcase Inc. is facing claims that it lured investors into purchasing shares in the company with promises they would quadruple their money through an initial public offering or sale of the company within two and a half years.

Lead plaintiff Steven D’angelo alleges that JDS’s president, Arthur D’Annunzio, “knew or should have known that these statements were false” because the company “had no prospects of being sold at the time,” and that the statements were part of a scheme “to raise money from ‘investors’ who would never see that money again.”

But D’Annunzio “did not intend to let ...