Archive for November 25th, 2009

BREAKING NEWS: Two-Time Convicted Felon With $3 Million Judgment Against Him Emerged From Prison And Targeted Ponzi Scheme At Chinese-Americans In Oklahoma City, CFTC Says

A man imprisoned between 1996 and 2001 after being convicted in Texas of two financial felonies emerged from the penitentiary and targeted Greater Oklahoma City’s ethnic Chinese in a Ponzi scheme, the U.S. Commodity Futures Trading Commission (CFTC) said. Kenneth W. Lee also had a $3 million civil judgment placed against him in the 1990s […]

BULLETIN: Florida Supreme Court Disbars Scott Rothstein

UPDATED 3:52 P.M. ET (U.S.A.) The Florida Supreme Court has disbarred Fort Lauderdale attorney Scott Rothstein, who was implicated in a Ponzi scheme that could involve more than $1 billion. Here is the Rothstein disbarment order. Rothstein had been under investigation by the Florida Bar for stealing clients’ funds. He agreed to the disbarment, which […]

Conservative Radio Host Allegedly Cited Islamic Law To Dupe Christian Investors; Pat Kiley Issued Dire Warnings About ‘Greed’ Of Former President Clinton And ‘Massive Chaos’ To Come Under Obama

Conservative Radio Host Allegedly Cited Islamic Law To Dupe Christian Investors; Pat Kiley Issued Dire Warnings About 'Greed' Of Former President Clinton And 'Massive Chaos' To Come Under Obama

A radio host pitched his Ponzi scheme to listeners and told some clients that his strategy employed an unnamed Islamic bank that complied with Shariah law in an apparent bid to make investors believe the firm borrowed money to trade currency on international exchanges without having to pay interest, according to the SEC. Shariah law […]

WRAP-UP: Marine Corps Officer Tells Judge Ponzi Schemer Who Fleeced Seniors, Charities ‘Violated Every Character Trait I Hold Dear’

EDITOR’S NOTE: This column summarizes three Ponzi cases: Joseph Forte, Sean Healy and Tom Petters. Forte has been sentenced; Healy has been convicted, and Petters is waiting to hear his fate from a Minnesota jury. The cases vary widely in size and scope, but demonstrate the terrible consequences of Ponzi schemes on individual investors and […]