Exposed: How a Reality TV Scam Swindled Elderly Investors Out of $391,000 – You Won’t Believe Who’s Behind It!

Imagine a set for a reality television series. The stars? The stars? What is the audience? The audience? A crowd of elderly investors eagerly anticipating the promised profits by the show’s creators. Scott L. Snyder, President and founder of California’s Legendary Partners, LLC, created this dazzling illusion.

According to the SEC the reality was much less glamorous. Today, the SEC announced that Legendary Partners and Snyder were charged with a nationwide fraud which stole approximately $391,000.000 from investors between April 2018 and December 2021.

Have you been cold-called before? This is like having an uninvited dinner guest. This is how Legendary Partners, and Snyder, allegedly, operated. They used cold callers, mostly elderly investors, to make false profit predictions. Snyder is hiding behind an alias “Bill Miller,” I was one of the cold callers.

But the fraud didn’t end there. Snyder allegedly redirected money from investors who wanted to invest in unrelated investments. Imagine a magician doing a sleight of hand trick. Instead of using a coin to perform the trick, your investment is disappearing in thin air. This money was allegedly placed into Legendary Partners’ accounts, but then taken by Snyder and the company.

In response, the SEC requested court approval of a settlement. Legendary Partners and Snyder agreed to a final judgement that would bar them permanently from violating antifraud provisions of Securities Act of 1933 and Securities Exchange Act of 1964. Snyder would be prohibited from taking part in any securities issuance, sale, purchase or offer except for transactions made on his own account.

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If this judgment is approved by a court, Snyder will be liable for $42,636 of disgorgement and $9,956 of prejudgment interest plus a $50 civil penalty. Legendary Partners will be ordered to pay an additional $184 706 in disgorgement, plus $43,130 of prejudgment interest and a civil penalty of $184 706.

In the wake of the Retail Strategy Task Force and Office of Investor Education and Advocacy’s saga, they encourage investors to confirm the background of anyone who offers them an investment by using the free tool available on SALI, the SEC’s database of SEC court cases and administrative proceedings, can provide information on individuals that have been subject to judgments or orders.

Carolyn Kurr and Michael Grimes conducted the SEC investigation, assisted by Dean Conway and Melissa Hodgman, like a detective putting together a complicated puzzle. The SEC acknowledged the FBI’s assistance and that of the U.S. Attorney’s Office of the Central District of California.

The reality-TV dream ended up being a nightmare for unsuspecting investors. All that glitters may not be gold goldBefore making a decision, you should carefully examine every investment opportunity.

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