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The Securities and Exchange Commission (SEC) filed criminal charges against Kapa-Community Ministry International and its executives, citing an investment scam. [7] [8] President Rodrigo Duterte was the first government official to announce the legal actions, doing so on June 8, 2019, when he ordered the National Bureau of Investigation (NBI) to shut down Kapa.
As Russia did not have any laws against Ponzi schemes, the government decided to seek tax evasion charges. [6] At that point, Invest-Consulting, one of the company's subsidiaries, owed more than 50 billion rubles in taxes (US$23 billion in 1994), and MMM itself owed between 100 billion and 3 trillion rubles to the investors (from US$50 million ...
Authorities from the Philippines have set a manhunt for Manuel K. Amalilio, the founder of the company who left the Philippines for Sabah, Malaysia. [2] The "double-your-money" was a phrase being pitched to join the network. NBI has said that there is about 8,000 complaints filed against the company and over 100,000 Filipino families were ...
An informant, co-conspirator Deanna Coleman, told law enforcement in 2008 about the multi-billion-dollar Ponzi scheme and said it had been going on for at least 10 years.In the end, Petters was ...
In classic Ponzi fashion, the government says, "new businesses became the source of funding for funerals that prior customers had previously paid for in advance."
A federal judge ordered an end to the U.S. Securities and Exchange Commission's 16-year-old lawsuit over Allen Stanford's $7.2 billion Ponzi scheme, directing the financier and two former ...
Forty-one investors claimed they lost a total of $75,000 to the investment scheme. FrancSwiss deceived investors in the Philippines of ₱1 billion ($50 million). [66] On March 7, 2008, WinCapita Oy's Internet site was shut down due to investigation of the company. The company had collected about 100 million euros by this point.
In 2001, allegations that Multitel is engaging in scams arose. [3] The Senate held hearings regarding the case. [ 4 ] Rose Baladjay would be arrested in March 2003 in Mangaldan, Pangasinan for failing to comply with the Senate's order for her to take part in the hearings.