Ponzi schemes

Police in Delhi arrested two men in connection with a Ponzi scheme that managed to hoodwink 5,000 people into investing large sums of money. ... A similar pyramid scheme was recently stopped in China, where the people involved promised investors returns of up to 80,000 yuan ($12,600) per day.

Indian authorities have arrested two individuals accused of operating a bitcoin ponzi scheme that swindled some 300 bitcoins, approx. ... a major cryptocurrency-related ICO fraud in Vietnam saw authorities, including the office of Vietnam's prime minister, crack down on a sweeping scheme that conned ...

Law360 (April 23, 2018, 2:50 PM EDT) -- The receiver for victims of the Robert Allen Stanford Ponzi scheme has reached a confidential settlement in a clawback case against Stanford's onetime general counsel, and both parties asked a Texas federal judge Friday to pause the suit to give the attorney time to comply with the ...

Self-Proclaimed Cryptocurrency Guru Amit Bhardwaj Accused Of Running A Ponzi Scheme · Who Is Amit Bhardwaj? The Real Story Behind $300 Mn Bitcoin Ponzi Schemes And More · Cryptocurrency This Week: RBI Bans Banks From Dealing With Bitcoin Exchanges And More. After being presented in the ...

North Carolina regulators have slapped a foreign tech firm with a permanent cease-and-desist order, accusing it of offering unregistered securities to children and young people through a Bitcoin investment package they've characterized as a possible “Ponzi” scheme. That company, USI-Tech Limited, had ...

Amrit Chahal, 30, is charged with fraud for an investment scheme that used forged documents and fictitious statements to solicit funds from about 50 ... benefit like paying for his luxury car, rent, travel, dining and other living expenses, as well as payments to clients in a “Ponzi-like manner,” prosecutors say.

Though global security forces are doing their best in the battle against all forms of unlawful activities, 'cryptocriminals' are unrelenting in their efforts to make unsuspecting and somewhat gullible virtual currency enthusiasts shed tears. Now, the Chinese police force has crushed a $13 million cryptocurrency ...

Here's one major reason why celebrity chef Jose Garces shuttered his Battery Park City version of Amada: The Philly-based restaurateur has been wildly underwater at several restaurants — with several lawsuits against him regarding finances and one investor couple alleging that the chef was running “a ...

According to Coindesk, the pyramid scheme managed to steal US$20 million from investors. The scheme began in 2015. While it is unclear what happened here, cryptocurrency Ponzi schemes typically work by leveraging the idea of mining rigs, fake proprietary networks or trading profits from exchange ...

A judge found a St. Albert man was motivated by “greed” when he sentenced him to seven years in prison Wednesday for a Ponzi scheme that bilked investors of about $6 million. Wade Closson, 47, earlier pleaded guilty to 53 counts of fraud over $5,000, related to an $11-million mortgage investment ...

To investors, it seemed like a good deal, state officials said. For less than $25,000, JB Financial Resources in New Brunswick told its clients they could write a check and get in on a short-term, safe investment secured by real estate. In return, they would be paid an annual interest rate of 5 percent or more.

The former president and a manager of a South King County precious-metals company on Monday pleaded not guilty to 20 felony counts of wire fraud and mail fraud for allegedly running a Ponzi-like scheme that cost customers and investors more than $35 million. The indictment alleges that Bernard Ross ...

"Ponzi schemes only work when unscrupulous individuals lure unsuspecting victims into a scam for their own profit," said New Jersey Attorney General Gurbir Grewal. ... In reality, the FPCM securities were unregistered, unsecured, and part of an alleged $1.2 billion Ponzi scheme, the Bureau Chief found.

“Investigation into the alleged fraud is still ongoing and all efforts are being made to recover the money involved and the alleged suspects be brought to justice,” EFCC said. Many Nigerians are registered with Swiss Golden which has a networking angle, just like MMM. Information on its website shows that ...

In January 2010, Rothstein pleaded guilty to several racketeering, money-laundering and mail- and wire-fraud conspiracies, as well as two counts of wire fraud. Later that year, the judge imposed the 50-year prison sentence. In 2011, the prosecution and defense filed a court document that stated they ...

The uncovering of the Ponzi scheme revealed the tens of billions of dollars in fake profit that victims believed they had earned through Madoff. Many prominent Jewish nonprofits also suffered big losses, with Yeshiva University taking a $140 million hit, Hadassah $90 million and Elie Wiesel's foundation ...

What could well become known as the largest Initial Coin Offering (ICO) scam in history has highlighted the need for the cryptocurrency community to promote financial education. On Monday, April 9, Vietnamese media reported that nearly $660 mln of investors' money had been stolen by two separate ...

Two Texas men targeted retirees in their 80s and 90s as part of a $2.4 million Ponzi scheme and in a related $1.4 million scam involving an oil and gas ... Clifton E. Stanley of Galveston and Michael E. Watts of Sugar Land and their two companies for violating securities registration and anti-fraud laws.

Analysts say MMM, like most Ponzi schemes, mainly thrived given the difficult economic times amid Nigeria's first recession in decades with many wooed by its tantalizing interest rates. But even though pyramid schemes are not new in Nigeria, the scale of MMM's growth has signaled other similar ...

Two more securities brokers in Colorado were ordered to stop selling products from a California company that federal authorities say ran a $1.2 billion nationwide Ponzi scheme. The two brokers — Gerald Kagarise of Colorado Springs and James Campbell of Woodland Park — brings to six the number of ...

Onetime Questar Capital and Woodbury Financial Services broker Kevin D. Wanner carried out a 15-year Ponzi scheme involving bogus CDs and ... to a $21 million fraud; and notorious fraudster R. Allen Stanford, who is serving a 110-year sentence after being convicted in 2012 of a $7 billion scheme also ...

Gainmax Capital is also offering a classical multi-level marketing scheme, where people who refer others to the Ponzi scheme get higher returns on their ... From binary options to fake brokers, boiler rooms, clones and Ponzi schemes, the watchdog has been posting warnings on its website for many years.

A former top executive of Charlotte-based North Carolina National Bank is suing the IRS for more than $200,000 in refunds after claiming he was fleeced by an international Ponzi scheme. Luther Hodges Jr., who once served as chairman of the board at Bank of America predecessor NCNB, filed his suit this ...

Unfortunately, this also means that scams and ponzi schemes became more prevalent. In response to this, the ... It's worth noting that the FTC would have targeted the Bitcoin Funding Team regardless of what currency was used, as the underlying ponzi scheme remains the same. “This case shows that ...

According to the U.S. Attorney's Office for the Eastern District of California, Seth Depiano pleaded guilty to mail fraud, wire fraud and money laundering in connection with running the Ponzi scheme. Court documents showed that Depiano convinced real estate investors to give money to him and the ...

A pyramid scheme is a Ponzi scheme in which the promoter turns you into a recruiter. The promoter promises high returns over a short period of time, and your returns do increase – depending on the number of people that you recruit to the scheme. A "fee" or initial investment is required to participate in the ...

The investors who lost the most in the William Apostelos Ponzi scheme have filed a lawsuit against those who they call “net winners” to recover some of their ... to get back money from those who may have benefited from their investments with the Springboro man serving a 15-year federal sentence for fraud.

The investors alleged that the law firms were part of a scheme orchestrated by Eliyahu Weinstein, who was convicted of fraud and sentenced to 22 years in prison for operating a massive Ponzi scheme that stole money from members of the Orthodox Jewish community under the guise of investing in ...

The Labour Party would try to regulate cryptocurrencies if it was in power, shadow home secretary Diane Abbott has said. The senior Labour MP said she believes bitcoin is a "Ponzi scheme." The governor of the Bank of England has also called for a greater regulation of digital currencies.

The Shadow Home Secretary described the digital currency as “a gigantic Ponzi scheme” that could easily collapse and said the Treasury should look to clamp down on its spread. In an interview with The House magazine, Abbott also said the war on drugs had “failed” but stressed Labour was not in favour ...

Trials in Japan and the United States over an alleged Â¥130 billion ($1.2 billion) Ponzi scheme — in which Las Vegas-based investment firm MRI International Inc. targeted thousands of Japanese — are set to be settled out of court, a lawyers' group representing the victims said Thursday. A total of Â¥5 billion ...

Durban - Police, alongside private investigators, have launched a probe into a multimillion-rand cryptocurrency Ponzi scheme that has ensnared ... “Our advice now is for people who have fallen victim to this scheme, to open up cases of fraud at the police station and get in contact with us so that we can add ...

Ralf Gold has been reportedly involved with a number of Ponzi schemes, including AdsProfitReward, MX Fast Money, World Consumer Alliance, HourlyRevShare, AdsProfitWiz, APR Clicks, ... While USI Tech has generated profit for many users, there's a lot of evidence that it's essentially a Ponzi scheme.

A federal judge in Eugene Tuesday sentenced Michael and Gary Holcomb, the brothers behind the $40 million Berjac Ponzi scheme, to six years each in prison. Michael Holcomb, 74, and ... He recalled the pain and depression brought by the fraud on one of his clients, who was in her 90s. “It crushed her,” ...

A Haltom City man is headed to prison for 25 years after being found guilty of taking $693,000 in a Ponzi scheme, Tarrant County Criminal District Attorneys say. Ronald T. Dunn, 67, was sentenced Thursday on one count of theft of property over $200,000 and three counts of securities fraud over $100,000.

On its face a crypto exchange and lending venture, Bitconnect was widely considered—even among the often pie eyed digital token enthusiast communities—to be a Ponzi scheme. Supposedly guaranteed returns at unusually high rates triggered alarm bells for some would be investors, and even drew ...

The payments were made by the Madoff Victim Fund, a government entity created to help people who lost money when Mr. Madoff's long-running Ponzi scheme unraveled. The government said it could return more than $4 billion to victims who lost their savings to Mr. Madoff and his firm, Bernard L. Madoff ...

... have seized more assets of a Raleigh investment adviser accused of bilking people out of more than $15 million in an elaborate Ponzi scheme, according to recently unsealed court records. Stephen Condon Peters, 44, was indicted in December on one count each of investment adviser fraud and fraud in ...