All articles tagged with #ponzi scheme
Eli Weinstein, a convicted fraudster, was released early from prison by Donald Trump’s clemency and quickly resumed fraudulent activities, leading to a new wave of scams involving fake deals and deception, highlighting issues with the US clemency process and the persistence of white-collar crime.
A Chinese woman known as 'cryptoqueen' was sentenced to over 11 years in the UK for running a $6.6 billion Bitcoin Ponzi scheme that defrauded over 128,000 people, with authorities seizing 61,000 Bitcoin in the largest cryptocurrency seizure in the UK.
A Chinese woman, Zhimin Qian, was sentenced to over 11 years in the UK for running a Ponzi scheme that defrauded over 128,000 people in China, amassing 5 billion pounds in Bitcoin, and living an extravagant lifestyle in Europe. Authorities recovered 61,000 Bitcoin in the largest cryptocurrency seizure in the UK, and she was convicted of money laundering and criminal property transfer.
The SEC alleges that Retail Ecommerce Ventures, which bought RadioShack out of bankruptcy, ran a $112 million Ponzi scheme by falsely promising high returns and misusing investor funds, with key executives facing fraud charges.
Owners of Retail Ecommerce Ventures, who acquired brands like RadioShack and Pier 1 Imports, are accused by the SEC of running a $112 million Ponzi scheme, misleading investors about the profitability of their acquisitions and using new investor funds to pay returns and cover obligations.
A Harvard Business School graduate, Vladimir Artamonov, was arrested for allegedly running a $4 million Ponzi scheme, exploiting his alumni network to deceive investors with false promises of high returns, and using the funds for personal expenses, leading to significant financial losses and one investor's suicide.
A former hedge fund manager and Harvard MBA was charged with defrauding classmates and others of over $4 million through a Ponzi-like scheme, investing in risky options while claiming to follow a Buffett-inspired strategy, and using funds for personal expenses. He was arrested in Maryland and faces up to 20 years in prison.
A Pennsylvania man, Daryl Heller, has been charged with orchestrating a $400 million ATM fraud scheme involving false promises of high returns, many of which were based on non-existent or broken machines, leading to significant investor losses and allegations of securities and wire fraud.
William Santor, a film financier in the Cayman Islands, orchestrated a massive fraud involving over $31.7 million, leading to the collapse of his company and his death by suicide, impacting many investors and highlighting risks in indie film financing.
Miles 'Burt' Marshall, a trusted local businessman in upstate New York, was indicted for allegedly running a $95 million Ponzi scheme, deceiving nearly 1,000 investors including community members and college professors, leading to significant financial losses and his bankruptcy.
Two men, Ryan Wear and Jordan Chirico, have been indicted for a $200 million Ponzi scheme involving water vending machines, with Wear accused of selling non-existent machines and paying returns with new investor money, and Chirico allegedly concealing his financial stake and knowledge of the fraud. Both face up to 20 years in prison.
A federal investigation is underway to recover $140 million lost in an alleged Ponzi scheme linked to some Republican figures in Georgia and Alabama, with many investors, including conservatives and political donors, suffering significant financial losses. The scheme involved promises of high returns through loans to businesses, but most assets are now depleted, and recovery is uncertain. Politicians and party officials are grappling with the fallout, with some returning donations and others facing calls for accountability.
Georgia businessman Edwin Frost and his company are under investigation for allegedly running a $140 million Ponzi scheme, misappropriating investor funds for personal expenses and political donations, with authorities freezing assets and seeking restitution.
First Liberty Building & Loan, a Georgia-based lender linked to political figures, collapsed amid lawsuits and federal allegations of operating a $140 million Ponzi scheme, leading to legal and financial turmoil for investors and associated businesses.
A Georgia Republican, Brant Frost IV, is accused of running a $140 million Ponzi scheme through First Liberty Building and Loan, defrauding 300 investors by misrepresenting its business and misappropriating funds for personal and political expenses, with investigations ongoing by federal and state authorities.