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Ponzi schemes sometimes begin as legitimate investment vehicles, such as hedge funds that can easily degenerate into a Ponzi-type scheme if they unexpectedly lose money or fail to legitimately earn the returns expected. The operators fabricate false returns or produce fraudulent audit reports instead of admitting their failure to meet ...
In May 2012, Joseph Blimline was sentenced to 20 years in federal prison for operating two oil and gas Ponzi schemes. He operated a Ponzi scheme from 2003 to 2005 in Michigan, netting over $28 million. He then operated a Ponzi scheme in Texas, using a company called Provident Royalties, that lasted from 2006 to 2009 and netted over $400 million ...
A South Florida woman is being sentenced to 20 years for leading a $190.7M Ponzi scheme — victims were ‘blindsided’ and ‘devastated.’ Here’s how it worked and how to spot similar scams
Kenneth Ira Starr (born 1943/1944) is an American accountant and former money manager [1] convicted of running a $35 million Ponzi scheme with the money of numerous wealthy and celebrity clients.
Weinstein had, at that point, served eight years of a 24-year sentence for his role in a $200 million real estate Ponzi scheme that preyed on fellow members of the Orthodox Jewish community in ...
The federal investigators later explained that the Krassensteins' websites allowed for the publication of ads for companies that were scams, and that a criminal organization from Russia was allegedly behind the ads. The DOJ investigated whether the brothers were actively involved in what the department described as Ponzi schemes. [1] [34] [17] [32]
Donald Anthony Walker Young, who is known as Tony Young or Walker Young, was the owner of Acorn Investments and Acorn II L.P..He was indicted, [1] [2] pleaded guilty and was sentenced for running a $25 million Ponzi scheme.
More than a year after the Ponzi scheme ended, a more than $3 million judgment was obtained by the U.S. Securities and Exchange Commission against Motty Mizrahi and the brothers’ company ...