Archive for April 2010

UPDATE: 5 Convictions To Date In Money-Laundering Cases Involving Colombian Drug Operation That Used Same Debit Card As AdSurfDaily Autosurf

UPDATE: 5 Convictions To Date In Money-Laundering Cases Involving Colombian Drug Operation That Used Same Debit Card As AdSurfDaily Autosurf

Federal prosecutors have announced five convictions in an international money-laundering case involving drug proceeds and the use of “stored-value” debit cards. (See subhead below.) The cases were brought by the Drug Enforcement Administration in 2008 as a result of an undercover operation. The debit cards used in the transactions were provided by Virtual Money Inc., […]

FBI Director Again References ‘Shadow Banking System’ In Congressional Testimony; Warns About ‘Homegrown Violent Extremists’ And ‘Lone Actor’ Terrorists

FBI Director Again References 'Shadow Banking System' In Congressional Testimony; Warns About 'Homegrown Violent Extremists' And 'Lone Actor' Terrorists

EDITOR’S NOTE: Still selling autosurfs and HYIPs? Quick! Name your autosurfing neighbor, his or her neighbors, the source of their funding — and describe their intent. Do you even know the names of the program owners, the venues from which they operate and the sources of their funding? How many companies do they own? How […]

A SILENT DEATH? Did GoldenPandaAdZone Forum For Autosurf Shills Follow Surf’s Up Into The Electronic Graveyard?

A SILENT DEATH? Did GoldenPandaAdZone Forum For Autosurf Shills Follow Surf's Up Into The Electronic Graveyard?

Has the Golden Panda Ad Zone forum, which was renamed the Online Success Zone after federal agents seized tens of millions of dollars from AdSurfDaily and Golden Panda Ad Builder in 2008, followed the Pro-AdSurfDaily Surf’s Up forum into the dust? The website URL — http://goldenpandaadzone.ning.com — now is returning the same error message Surf’s […]

Trevor Cook’s Plea Agreement Requires Cooperation With Government, Receiver To Recover Assets; Polygraph Exam May Be Used If He Ducks Disclosure Requirements

Trevor Cook's Plea Agreement Requires Cooperation With Government, Receiver To Recover Assets; Polygraph Exam May Be Used If He Ducks Disclosure Requirements

Convicted Ponzi schemer Trevor Cook’s plea agreement requires him to take a lie-detector test “if requested” by prosecutors to determine “whether he has truthfully disclosed the existence of all of his assets and the use of the fraud proceeds.” Meanwhile, the nine-page agreement requires Cook to cooperate with the government and R.J. Zayed, the court-appointed […]

Ponzi Guilty Pleas In New York, Tennessee; New Ponzi Case Filed By CFTC In Florida; Relief Defendant Misspelled Its Own Company Name

Ponzi Guilty Pleas In New York, Tennessee; New Ponzi Case Filed By CFTC In Florida; Relief Defendant Misspelled Its Own Company Name

EDITOR’S NOTE: There was significant action in Ponzi cases today. Earlier we reported on the guilty plea of Trevor Cook in Minnesota and the issuance of a bench warrant in South Carolina for Michael Derrick Peninger. The brief below summarizes action in the Ponzi and affinity-fraud case case of Steven Byers in New York, the […]

Federal Judge Dispatches U.S. Marshals To Arrest Convicted Ponzi Schemer; Michael Derrick Peninger Did Not Show Up At Sentencing Court In South Carolina

Federal Judge Dispatches U.S. Marshals To Arrest Convicted Ponzi Schemer; Michael Derrick Peninger Did Not Show Up At Sentencing Court In South Carolina

UPDATED 5:45 P.M. EDT (U.S.A.) A federal judge has issued a bench warrant for Michael Derrick Peninger after Peninger did not show up for sentencing yesterday in a $7 million, Ponzi-scheme case in South Carolina. Peninger, 50, of Charleston, was convicted in October of eight counts of mail fraud and one count of making a […]

BULLETIN: Trevor Cook, Minnesota Ponzi Scheme Figure, Pleads Guilty In $190 Million Fraud Case

BULLETIN: Trevor Cook, Minnesota Ponzi Scheme Figure, Pleads Guilty In $190 Million Fraud Case

BULLETIN: (UPDATED 12:35 P.M. EDT (U.S.A.) Trevor G. Cook, implicated in a $190 million Ponzi scheme that pushed tremendous sums of money all over the world and is believed to have fleeced investors out of at least $139 million, has entered a guilty plea in federal court in Minnesota. No sentencing date has been sent. […]

INetGlobal Disputes Government Assertion That Attorney Should Be Disqualified From Case; Says Lawyer Not ‘Necessary Witness’

INetGlobal Disputes Government Assertion That Attorney Should Be Disqualified From Case; Says Lawyer Not 'Necessary Witness'

Attorney Mark Kallenbach should remain as counsel for INetGlobal because he is not a “necessary witness” as the prosecution claimed last week, an attorney for INetGlobal owner Steve Renner said today. Prosecutors moved last week to have Kallenbach disqualified, arguing that he was attempting to be both a lawyer and a witness in the Ponzi […]

Another Fraud Case In Minnesota: Renee Marie Brown Accused By SEC Of Starting ‘Sham’ Investment Fund Known As ‘X’

Another Fraud Case In Minnesota: Renee Marie Brown Accused By SEC Of Starting 'Sham' Investment Fund Known As 'X'

UPDATED 7:52 A.M. EDT (April 13, U.S.A.) On the very day Tom Petters was sentenced in Minnesota to 50 years in prison for operating a colossal Ponzi scheme, a federal judge froze the assets of Renee Marie Brown after the SEC accused her of ripping off clients by persuading them to invest in a mysterious […]

Prosecutors Ask Judge For Order To Disqualify INetGlobal Attorney, Saying They May Wish To Cross-Examine Him As Witness In Ponzi Case

Prosecutors Ask Judge For Order To Disqualify INetGlobal Attorney, Saying They May Wish To Cross-Examine Him As Witness In Ponzi Case

UPDATED 11:31 A.M. EDT (U.S.A.) Federal prosecutors have filed a motion to disqualify attorney Mark Kallenbach as counsel for INetGlobal and related companies, claiming that Kallenbach is attempting to be both a witness in the case and a lawyer for multiple clients involved in a Ponzi scheme, wire fraud and money-laundering probe. Kallenbach, prosecutors said, […]

Accountant For Ponzi Scheme Suspect Who Shot Himself In Church Lot Indicted In Tennessee; Mark S. Riddle Charged With Defrauding Investors

Accountant For Ponzi Scheme Suspect Who Shot Himself In Church Lot Indicted In Tennessee; Mark S. Riddle Charged With Defrauding Investors

EDITOR’S NOTE: The story of the Robert McLean Ponzi scheme is, indeed, a sad one. Litigation that has accompanied the Ponzi provides yet-another example of how fraud schemes can affect the lives of even innocent parties — charities on the receiving end of donations from Ponzi schemers and investors who receive payouts that can be […]