Archive for May 6th, 2011

BULLETIN: John Bravata, Figure In Alleged ‘Billionaire Boys Club’ Ponzi Scheme In Michigan, Arrested At JFK Airport After Return From Italy

BULLETIN: John Bravata, Figure In Alleged 'Billionaire Boys Club' Ponzi Scheme In Michigan, Arrested At JFK Airport After Return From Italy

BULLETIN: John Bravata, who was sued by the SEC in July 2009 in a Ponzi Scheme case that became known as the “Billionaire Boys Club” case, has been arrested at JFK International Airport in New York, the FBI said. Bravata was arrested on an inbound flight from Italy, prosecutors said.  He is charged with wire […]

RECEIVER: ‘Insiders And Related Parties’ Of Commodities Online Took Out Twice What They Put In; Shuttered Florida Firm Had Office With ‘Boiler Room’; Winners Received ‘Fraudulent Transfers’

RECEIVER: 'Insiders And Related Parties' Of Commodities Online Took Out Twice What They Put In; Shuttered Florida Firm Had Office With 'Boiler Room'; Winners Received 'Fraudulent Transfers'

The court-appointed receiver unraveling the affairs of a Florida firm accused by the SEC of operating a $27 million commodities fraud and selling unregistered securities says the company had “insiders and related parties” who took out twice what they put in. Clawback actions are anticipated against unspecified “targets” because the money they received constituted “fraudulent […]