Archive for April 2011

Edward May, 74, Pleads Guilty In Michigan Ponzi Caper That Gathered $200 Million; Feds Say He Used 150 LLCs As Part Of Spectacular, Decade-Long Fraud

Edward May, 74, Pleads Guilty In Michigan Ponzi Caper That Gathered $200 Million; Feds Say He Used 150 LLCs As Part Of Spectacular, Decade-Long Fraud

The senior-citizen Ponzi cavalcade and incredible paperwork maze continues: Edward May, 74, has pleaded guilty in Detroit to 59 counts of mail fraud in a case in which federal prosecutors alleged he rented office space in Lake Orion, Mich., and established 150 LLCs as part of a $200 million Ponzi scheme that operated for a […]

BULLETIN: U.S. Man Extradited From Argentina Sentenced To 40 Years In Jail; William L. Walters Will Serve His Time In Colorado State Penitentiary

BULLETIN: U.S. Man Extradited From Argentina Sentenced To 40 Years In Jail; William L. Walters Will Serve His Time In Colorado State Penitentiary

BULLETIN: A Ponzi schemer who fled the United States and was extradited from Argentina has been sentenced to 40 years in state prison, Colorado Attorney General John Suthers announced. William L. Walters, 46, was brought back to the United States by the FBI, which worked closely with Colorado authorities to bring him to justice, officials […]

BULLETIN: SEC Goes To Federal Court In Dallas To Halt Alleged Ponzi Scheme Involving DOZENS Of Companies; China Voice Holding Corp. Implicated In Alleged Domestic And International Fraud

BULLETIN: SEC Goes To Federal Court In Dallas To Halt Alleged Ponzi Scheme Involving DOZENS Of Companies; China Voice Holding Corp. Implicated In Alleged Domestic And International Fraud

BULLETIN: UPDATED 3:07 P.M. EDT (U.S.A.) The SEC has gone to federal court in Dallas to halt the operations of what it described as a highly complex fraud and Ponzi scheme involving a purported VOIP/telecommunications firm and more than 40 individuals and companies. A federal judge has frozen the assets of China Voice Holding Corp., […]

URGENT >> BULLETIN >> MOVING: Keith Simmons’ Forex Ponzi Caper Leads To Criminal Charges And Deferred Prosecution Against North Carolina Bank; CommunityONE Bank Charged With Not Maintaining Effective Anti-Money Laundering Program

URGENT >> BULLETIN >> MOVING: Keith Simmons' Forex Ponzi Caper Leads To Criminal Charges And Deferred Prosecution Against North Carolina Bank; CommunityONE Bank Charged With Not Maintaining Effective Anti-Money Laundering Program

BULLETIN: Federal prosecutors say the collapsed Forex Ponzi scheme operated by Keith Franklin Simmons put an undercapitalized¬† North Carolina bank with 45 offices in 38 communities in harm’s way. In a dramatic announcement, Justice Department officials said CommunityONE Bank N.A of Asheboro, N.C., turned a blind eye to Simmons and did not file a single […]

KABOOM! Texas Jury Hits ‘Debt-Repair’ MLM Firm With $13.8 Million Verdict; Panel Even Says Defendants Must Pay State’s Cost If They Appeal

KABOOM! Texas Jury Hits 'Debt-Repair' MLM Firm With $13.8 Million Verdict; Panel Even Says Defendants Must Pay State's Cost If They Appeal

BULLETIN: UPDATED 10:03 P.M. EDT (U.S.A.) A jury in Harris County, Texas, has thrown down the gauntlet to hucksters targeting financially strapped consumers by finding more than 1,400 violations and returning a spectacular verdict of $13.8 million against a purported “debt repair” firm that had a multilevel-marketing component. The jury, which found that the accused […]

BULLETIN: Suspect Captured In Colorado Pipe-Bomb Case; Earl Albert Moore Nabbed By Boulder Police Department; Records Show He Was Released From Federal Prison Less Than Two Weeks Ago

BULLETIN: Suspect Captured In Colorado Pipe-Bomb Case; Earl Albert Moore Nabbed By Boulder Police Department; Records Show He Was Released From Federal Prison Less Than Two Weeks Ago

BULLETIN: A man who spent time in federal prison for bank robbery and is believed to have left a pipe bomb and two propane tanks at a Colorado shopping mall last week has been captured by the Boulder Police Department at a grocery store, the FBI said. Earl Albert Moore, 65, had become the subject […]

Man, 79, Becomes Fugitive In Ponzi Scheme Case; Gerald J. Berke Wanted By FBI In Alleged $81 Million Caper

Man, 79, Becomes Fugitive In Ponzi Scheme Case; Gerald J. Berke Wanted By FBI In Alleged $81 Million Caper

It is not unusual for senior citizens to operate Ponzi schemes — and here is another alleged example. Gerald J. “Jerry” Berke, 79, is wanted by the FBI for an alleged Ponzi caper in the Los Angeles area that fleeced about 500 investors out of more than $81 million, the agency said. Berke will turn […]

BULLETIN: Walmart Enters Home-Delivery Grocery Business; Retail Giant Testing ‘Walmart To Go’ Concept In California; News May Be Potentially Devastating To MPB Today Affiliates Because Of MLM’s Up-Front Fees, High Shipping Costs And ‘Dry Goods’ ONLY Policy

BULLETIN: Walmart Enters Home-Delivery Grocery Business; Retail Giant Testing 'Walmart To Go' Concept In California; News May Be Potentially Devastating To MPB Today Affiliates Because Of MLM's Up-Front Fees, High Shipping Costs And 'Dry Goods' ONLY Policy

BULLETIN: Walmart said today that it was testing a grocery home-delivery concept known as “Walmart To Go” in the San Jose, Calif., market. Walmart.com visitors can test the availability of home delivery in their area by entering their address and Zip code into a form at the Walmart.com website. (Link at bottom of story.) The […]

SPECIAL REPORT: SEC Sues Commodities Online LLC, Alleging Massive Fraud; Firm That Listed Surf’s Up Mod Terralynn Hoy As ‘Director’ Says It Plowed $39 Million Into Alleged Ponzi Scheme Operated By James Clark Howard III And Others

SPECIAL REPORT: SEC Sues Commodities Online LLC, Alleging Massive Fraud; Firm That Listed Surf's Up Mod Terralynn Hoy As 'Director' Says It Plowed $39 Million Into Alleged Ponzi Scheme Operated By James Clark Howard III And Others

UPDATED 2:25 P.M. EDT (U.S.A.) In a complex case unfolding in Florida, the SEC has filed fraud charges against two companies that allegedly sold unregistered securities and conducted a $27.5 million “investment scheme” involving “purported commodities contracts.” A receiver has been appointed to marshal the assets of the murky businesses, which are known as Commodities […]

BULLETIN: ‘Fugitive’ TV Analyst And Commodity-Pool Operator Now Faces Order Demanding $12.5 Million In Restitution And Penalties In CFTC’s Civil Case; Brian Kim Was Indicted In February

BULLETIN: 'Fugitive' TV Analyst And Commodity-Pool Operator Now Faces Order Demanding $12.5 Million In Restitution And Penalties In CFTC's Civil Case; Brian Kim Was Indicted In February

BULLETIN: A trader and TV analyst declared a “fugitive” in February by Manhattan District Attorney Cyrus R. Vance Jr. now faces a restitution order and penalties totaling more than $12.5 million in a lawsuit filed by the CFTC. Brian Kim, 35, the operator of a hedge fund known as Liquid Capital Management LLC, appeared on […]

The Coloradoan: Man, 72, Accused Of Ripping Off Fellow Seniors In Ponzi Scheme — Including 100-Year-Old Man

The Coloradoan: Man, 72, Accused Of Ripping Off Fellow Seniors In Ponzi Scheme -- Including 100-Year-Old Man

The Coloradoan, citing an arrest affidavit, is reporting that Richard Horace Mayfield, 72, has been charged with ripping off 22 people in a Ponzi scheme.¬† One of the alleged victims is a 100-year-old man. “Most” of the victims were senior citizens, the newspaper reported. Website visitors were told that “Jesus” was the answer to overcoming […]