Archive for June 2010

SEC Charges Man Described As ‘Recidivist’ And ‘Felon’ In Alleged Philadelphia Ponzi And Fraud Scheme; Separately, CBS-3 Reports Feds Raid Offices Of Robert Stinson Jr., Life’s Good Inc.

SEC Charges Man Described As 'Recidivist' And 'Felon' In Alleged Philadelphia Ponzi And Fraud Scheme; Separately, CBS-3 Reports Feds Raid Offices Of Robert Stinson Jr., Life's Good Inc.

UPDATED 9:06 P.M. EDT (U.S.A.) A man who filed for bankruptcy twice, has an unpaid federal judgment for running a fraud scheme in the 1990s and managed to rack up convictions for crimes such as grand larceny, wire fraud, mail fraud and bank fraud during his purported business career has been charged by the SEC […]

BULLETIN: Now, A Multimillion-Dollar ‘Penny-Stock’ Scheme Operating On Facebook, Twitter; SEC Charges Two Canadians In ‘Scalping Scam’

BULLETIN: Now, A Multimillion-Dollar 'Penny-Stock' Scheme Operating On Facebook, Twitter; SEC Charges Two Canadians In 'Scalping Scam'

UPDATED 1:58 P.M. EDT (U.S.A.) The SEC has obtained an emergency order to freeze the assets of two Montreal residents, alleging they were pushing a penny-stock scheme through their website and on Facebook and Twitter. Named defendants in the alleged scheme were Carol McKeown and Daniel F. Ryan, whom the SEC described as a Canadian […]

California Man, 72, Sentenced To 110 Months For HYIP Rip-Off; Richard M. Hersch Also Ordered To Pay ‘At Least’ $9.2 Million In Restitution

California Man, 72, Sentenced To 110 Months For HYIP Rip-Off; Richard M. Hersch Also Ordered To Pay 'At Least' $9.2 Million In Restitution

First, Richard M. Hersch, 72, told investors they’d earn up to 6 percent a week by plowing money into his company, All States ATM Inc. He then explained the company had “contracts” with major horse-racing tracks in California and elsewhere to operate Automated Teller Machines (ATMs) on the “back side” of the tracks. Ordinary horse-racing […]

BULLETIN: High Court Orders 3 Accused HYIP Swindlers To Pay $173 Million To U.K.’s Financial Services Authority; Case May Be Largest Ponzi Scheme In British History

BULLETIN: High Court Orders 3 Accused HYIP Swindlers To Pay $173 Million To U.K.'s Financial Services Authority; Case May Be Largest Ponzi Scheme In British History

A court in the United Kingdom has ordered three individuals accused of operating a colossal Ponzi scheme to pay £115m — roughly the U.S. equivalent of $173 million. The alleged Business Consulting International fraud is believed to be the largest Ponzi swindle in British history. As a criminal investigation proceeds, John Anderson, Kenneth Peacock and […]

Detectives Arrest Staten Island Man For Bilking Clients In Forex Scheme; Thomas Carson Ran .ORG Site; Allegedly Used Money For ‘Luxurious Lifestyle,’ Cigars, Treatment Of Varicose Veins

Detectives Arrest Staten Island Man For Bilking Clients In Forex Scheme; Thomas Carson Ran .ORG Site; Allegedly Used Money For 'Luxurious Lifestyle,' Cigars, Treatment Of Varicose Veins

Detectives from the office of Richmond County District Attorney Daniel M. Donovan Jr. have arrested a Staten Island man on charges of stealing $2.5 million from investment clients. Separately, a New York newspaper is reporting that Thomas Carson used some of the money to pay for 30 separate treatments for varicose veins on his legs. […]

‘SURF, HYIP HELPERS BEWARE: Woman Who Let Richard Piccoli Pull Off Ponzi Scheme Hit With $25 Million Restitution Order; Kathleen Fuoco Pleads Guilty To ‘Misprision Of Felony,’ Faces Prison Time, Fine

'SURF, HYIP HELPERS BEWARE: Woman Who Let Richard Piccoli Pull Off Ponzi Scheme Hit With $25 Million Restitution Order; Kathleen Fuoco Pleads Guilty To 'Misprision Of Felony,' Faces Prison Time, Fine

An elderly Ponzi schemer who fleeced Catholic priests, parishioners and senior citizens in a long-running scam in Buffalo was aided by a comparatively youthful assistant who was ordered to make the victims whole, federal prosecutors said today. Kathleen Fuoco, 60, of West Seneca, N.Y., pleaded guilty today to misprision of a felony and willful failure […]

BULLETIN: SEC Halts Alleged $105 Million Ponzi Scheme Operating ‘Offshore’; Daniel Spitzer Charged In Complex International Fraud Case; Several Agencies Credited With Assisting Probe

BULLETIN: SEC Halts Alleged $105 Million Ponzi Scheme Operating 'Offshore'; Daniel Spitzer Charged In Complex International Fraud Case; Several Agencies Credited With Assisting Probe

Saying his offshore Ponzi scheme was on the verge of collapse but still collecting money, the SEC has charged a resident of the U.S. Virgin Islands with fraud. Several international authorities assisted in the probe, the SEC said. Daniel Spitzer, a U.S. citizen who resides in St. Thomas, was charged in the scheme. The SEC […]

BULLETIN: FTC Paints Picture Of Spectacular, International Fraud Involving At Least 16 ‘Sham’ Companies, More Than 100 Bogus Merchant Accounts And 14 ‘Money Mules’; More Than 1.3 Million People Fleeced

BULLETIN: FTC Paints Picture Of Spectacular, International Fraud Involving At Least 16 'Sham' Companies, More Than 100 Bogus Merchant Accounts And 14 'Money Mules'; More Than 1.3 Million People Fleeced

PP BLOG BULLETIN >>> MOVING >>> More than 1.3 million debit or credit-card numbers have been compromised in an international micro-payments scheme that resulted in fraudulent charges totaling more than $10 million. The money appears to have been whisked offshore to bank accounts in Lithuania, Estonia, Latvia, Bulgaria, Cyprus, and Kyrgyzstan, the FTC said. At […]

Two-Thirds Of Poll Respondents Rate Data Network Affiliates’ Pitch A ‘Complete Failure’; Nearly 90 Percent Rate It ‘Poor’ Or Worse

Two-Thirds Of Poll Respondents Rate Data Network Affiliates' Pitch A 'Complete Failure'; Nearly 90 Percent Rate It 'Poor' Or Worse

UPDATED 11:53 A.M. EDT (U.S.A.) The sales pitch of a multilevel-marketing (MLM) company that plucks the heartstrings of members by suggesting it can help law-enforcement and the AMBER Alert program locate abducted children has been rated  a “Complete Failure” by 66 percent of respondents in a PP Blog Poll. Meanwhile, 88 percent of respondents rated […]

RECEIVER: Trevor Cook’s Story ‘Does Not Make Sense’; Ponzi Losses Expected To Top $139 Million; America’s Sad, Stunning Ponzi Tale Continues

RECEIVER: Trevor Cook's Story 'Does Not Make Sense'; Ponzi Losses Expected To Top $139 Million; America's Sad, Stunning Ponzi Tale Continues

Some of the investors in the Trevor Cook/Pat Kiley Ponzi scheme are none too pleased with Cook’s plea deal, which may place a ceiling of 25 years on any prison sentence he receives while tens of millions of dollars remain missing. One investor has told the PP Blog that a group of investors is seeking […]

UPDATE: Ponzi Suspect Found Dead Tuesday Conducted Benefits/Planning Seminars For FBI, IRS, Secret Service, Others; July Pitch Was Scheduled For Federal Law Enforcement Training Center In Georgia

UPDATE: Ponzi Suspect Found Dead Tuesday Conducted Benefits/Planning Seminars For FBI, IRS, Secret Service, Others; July Pitch Was Scheduled For Federal Law Enforcement Training Center In Georgia

UPDATED 5:31 P.M. EDT (U.S.A.) A company operated by a man found dead Tuesday in Florida from an apparent self-inflicted gunshot wound was scheduled to conduct a seminar for government workers July 2 at the Federal Law Enforcement Training Center (FLETC) in Glynco, Ga., according to the firm’s website. FLETC is operated by the Department […]