Tag: promissory notes schemes
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BULLETIN: Massachusetts Charges Purported Top 20 Shaklee MLM Distributor, Amid Allegations He Drafted Downline Members Into $10.4 Million Ponzi Scheme He Ran Through His Private Companies
BULLETIN: (UPDATED 5:03 P.M. EDT (U.S.A.) The office of Massachusetts Secretary of State William Galvin has alleged that a man who described himself as a Top 20 distributor for Shaklee Corp. — a multilevel marketing firm — drafted members of his 50,000-strong downline into a $10.4 million Ponzi scheme and promissory-notes scam that he was…
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BULLETIN: SEC Says Utah Scammers Funneled Money To 2 Ponzi Schemes; Christopher A. Seeley, Justin G. Dickson Accused Of Conducting Offering Fraud That Raised Millions
BULLETIN: The SEC has gone to federal court to accuse two Utah men of conducting a $7.9 million offering fraud in which money that flowed from investors was used to prop up two Ponzi schemes. Named defendants were Christopher A. Seeley, 36, of Herriman, and Justin G. Dickson, 35, of Salt Lake City. The offering…
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Texas Fraudster, 77, Sentenced To Prison For Scamming Seniors In Securities Swindle; John Langford’s Agency Claimed, ‘We Don’t Promise To Make You Rich, But We Guarantee Not To Make You Poor’
“Irony, thy name is John F. Langford.” — Texas State Securities Board, July 28, 2011 An Amarillo man whose firm fleeced senior citizens by telling them it couldn’t promise to make them rich — but guaranteed it wouldn’t make them poor — has received what might amount to a life sentence behind bars for bringing…
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BULLETIN: SEC Charges ‘Sovereign International Group LLC’ Amid Allegations It Funded Ponzi Payout With Cash Infusion From 93-Year-Old Boyfriend Of Accused Fraudster’s Elderly Mother; Arthur Weiss, Ronald Abernathy Charged In Bizarre Scheme That Allegedly Claimed Ownership Of $50 Million Note From ‘U.S. Financial Agency LLC’
BULLETIN: Two men have been charged by the SEC with fraud in an alleged Ponzi scheme that features allegations that read like fiction — although the agency says they are true. Among the SEC’s spectacular claims is that Ponzi payments to investors were made after the 93-year-old boyfriend of the elderly mother of one of…
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Fugitives Charged In Michigan Ponzi Scheme Captured By U.S. Marshals, Police In Tennessee; Rita Gosselin And Husband Had Been On The Lam Since April
In December 2009, Rita Gosselin was indicted for racketeering in Michigan. Michigan Attorney General Mike Cox said she was at the helm of a real-estate Ponzi scheme involving promissory notes. In April 2010, Gosselin, 58, was alleged to have cut a monitoring device and fled the the state with her husband, Richard Gosselin, 62. The…
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MORE BAD NEWS FOR PONZI PURVEYORS: Upstart Ponzi Operator Sued By SEC After Assists From FINRA, Texas State Securities Board, Agency Says; Gregory Todd Froning Confronts Civil, Administrative Actions
EDITOR’S NOTE: Online HYIP and autosurf purveyors and their fellow “mini-Madoffs” may find the brick-and-mortar case of Gregory Todd Froning at once unsettling and instructive. In yet-another development apt to create unease in the HYIP and autosurf Ponzi worlds, a new court action by the SEC demonstrates that even “small” operators in the universe of…