A FLORIDA TRIFECTA: FTC Goes To Federal Court To Halt ‘Timeshare’ Telemarketing Scheme; ‘When Consumers Realized They Had Been Duped, The Defendants Routinely Dodged . . . Phone Calls,’ Agency Says
BULLETIN: Even as the SEC and CFTC were charging alleged Ponzi schemers and “precious-metal” fraudsters in Florida yesterday, the FTC was preparing to announce charges against an alleged “timeshare” telemarketing scheme operating in the Sunshine State. Charged by the FTC in the alleged timeshare scam were Albert M. Wilson, David S. Taylor, Frank M. Perry […]
INCREDIBLE: Florida — AGAIN: CFTC Charges Ft. Lauderdale Firm, Principals In Alleged Precious-Metals Scam; ‘Defendants Never Held Or Acquired Any Metals,’ Agency Says
On the same day the SEC announced charges against two residents of South Florida in an alleged $30 million Ponzi scheme, the CFTC went to federal court and accused two other residents of the region of conducting a precious-metals scheme. Charged by the CFTC were James A. Ward of Ft. Lauderdale, and Nathaniel R. Walker […]
FLORIDA — AGAIN: James Clements and Zeina Smidi Of Plantation Ran $30 Million Ponzi Scheme, SEC Says; Firm Claimed ‘Protected Jurisdiction’ Offshore; Defendants Already Face $50 Million Judgment From Class-Action Lawsuit
Two Florida residents have been accused by the SEC of operating a $30 million Ponzi and promissory-notes scheme that purported to trade foreign currency amid claims their domestic company was morphing into an “offshore” firm that would operate in a “protected jurisdiction.” The defendants in the case already face a judgment of $50 million from […]
BULLETIN: OLINT’S David A. Smith Pleads Guilty In $220 Million Ponzi Scheme; International Forex Caper Laundered $128 Million, Feds Say
BULLETIN: David A. Smith, who presided over a $220 million Forex fraud known as OLINT, has pleaded guilty in U.S. District Court for the Middle District of Florida. Smith, 41, is a citizen of Jamaica. He “executed a Ponzi scheme to defraud over 6,000 investors located in the Middle District of Florida and elsewhere out […]
FDA Chemist Cheng Yi Liang’s Very Bad Day: Busted By The Feds, Sued By The SEC For Trading On Information Lifted From Confidential Government Database
A chemist who works for the U.S. Food and Drug Administration has been charged criminally by federal prosecutors, arrested by federal agents in Maryland, sued by the SEC — and will go to bed tonight knowing his son has been arrested in the same case. Cheng Yi Liang, 56, of Gaithersburg, was accused of abusing […]
STATEMENT: Another Unusual Event At PP Blog
Yesterday, beginning at approximately 11:09 p.m., the PP Blog’s operations were affected by a swarm of sudden visitors. The swarm caused an outage that lasted for approximately 30 minutes. The vast majority of the visitors displayed non-U.S. IPs, and sought to pull a range of “old” stories or archived files. It is believed the event […]
URGENT >> BULLETIN >> MOVING: Andy Bowdoin, AdSurfDaily Lose Appeal Of $65.8 Million Forfeiture Order; Panel Unanimously Upholds District Judge
BULLETIN: Andy Bowdoin and AdSurfDaily Inc. have lost their appeal of a January 2010 order by U.S. District Judge Rosemary Collyer that $65.8 million be forfeited to the government in the August 2008 civil Ponzi scheme case against Bowdoin’s assets. The U.S. Appeals Court for the District of Columbia unanimously upheld Collyer, rejecting Bowdoin’s claims […]
BULLETIN: SEC Alleges ‘Payday Loan’ Ponzi Scheme In Utah; Second Major Ponzi Case Brought In State In Two Days; Schemes Attracted Almost $75 Million
BULLETIN: The SEC has gone to federal court in Utah to halt what it described as a $47 million “payday loan” Ponzi scheme and offering fraud in which investors were lured by the prospect of “extraordinary returns” while the alleged operator diverted large sums of cash to himself and other business interests. The payday-loan Ponzi […]
EDITORIAL: Why The Internet Marketing ‘Syndicate’ Product-Launch Model MUST And WILL Fail — And Why The Trade Should Reject The Mind-Numbing Babble Of Frank Kern
“[A]nd the poets down here don’t write nothing at all, they just stand back and let it all be.” — “Jungleland,” Bruce Springsteen There is no delicate way to put it: Frank Kern is among a core group of well-known Internet Marketers who are playing a dangerous and destructive game. If you’ve absently become one […]
Florida Ponzi Property Of Accused Minnesota Fraudster Bo Beckman Will Drain Cash, Receiver Says; Home With 5 Bathrooms Is ‘Under Water’ And Should Be Beckman’s Problem To Solve
Accused Minnesota fraudster Jason Bo-Alan Beckman’s 5,097-sq.-ft.-home with five bedrooms, five bathrooms and a roomy garage of nearly 1,100 sq. ft. in Palm City, Fla., is seriously “under water” on its mortgage and thus creates a drain on assets that are best used to compensate victims, the court-appointed receiver has advised a federal judge. Receiver […]
URGENT >> BULLETIN >> MOVING: German Cardona Soler, Figure Associated With International Forex Scam Pushed On TalkGold And MoneyMakerGroup, Arrested By Spanish National Police; Agency Alleges $300 Million Ponzi
BULLETIN: Spanish National Police have arrested German Cardona Soler in a case that alleges a spectacular Ponzi and fraud scheme involving more than $300 million. Two others also were arrested, and police “locked” 12 bank accounts. Although early details are unclear, it appears as though police have charged at least seven people in the alleged […]