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The complaint [68] alleged Chais "knew or should have known" he was deep in a Ponzi scheme when his family investments with Madoff averaged 40% annual returns on investment and sometimes soared as high as 300%. It also claimed Chais was a primary beneficiary of the scheme for at least 30 years, allowing his family to withdraw more than $1 ...
The Madoff investment scandal was a major case of stock and securities fraud discovered in late 2008. [1] In December of that year, Bernie Madoff, the former Nasdaq chairman and founder of the Wall Street firm Bernard L. Madoff Investment Securities LLC, admitted that the wealth management arm of his business was an elaborate multi-billion-dollar Ponzi scheme.
A man in the San Fernando Valley of California has agreed to plead guilty to wire fraud, after prosecutors accused him of running a multimillion-dollar Ponzi scheme targeting local Filipino ...
In the past five months, Dottore has filed 71 clawback lawsuits in Summit County court against individuals and businesses that he claims profited from Dente’s investment scheme. The suits seek ...
Kenneth J. Casey (died May 6, 2020) [1] was a Novato, California, real estate investor and member of the Marin County Human Rights Commission, [2] charged in 2020 with "operating a massive Ponzi scheme" that defrauded "more than a thousand investors" while "embezzling tens of millions of dollars to personally enrich himself". [3]
Jacob Young, William Abrams, and Nancy Clem ran what author Wendy Gamber argues, in her book The Notorious Mrs. Clem: Murder and Money in the Gilded Age, was the first-ever Ponzi scheme. [1] [2] In Munich, Germany, Adele Spitzeder founded the Spitzedersche Privatbank in 1869, promising an interest rate of 10 percent per month. By the time the ...
A California con artist whose Ponzi scheme guaranteed quick returns on the resale of office equipment was sentenced Monday to nine years in federal prison for bilking dozens of victims nationwide ...
In 2005, the year the Ponzi scheme allegedly began, Villegas earned $80,000 a year. In 2007, her salary had increased to $145,000. Villegas received two Swiss watches — a Rolex and a Breitling — from her "employer". Rothstein paid off her couch and a bedroom set and held title to her two Honda water scooters. Villegas was living in a ...