Tag: U.S. District Judge John F. Walter
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11,900 Claims Received In WCM777 Ponzi/Pyramid Case; Time To File Is Running Out
In the bizarre WCM777 Ponzi- and pyramid scheme, investors may not know what has become of Ming Xu and how much the equally bizarre Joseph Global Institute reportedly once operated by Xu and a former Mafia member continues to contribute to the vomitous madness. What is known is that about 11,900 claimants have come forward. The number is…
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SPECIAL REPORT: Accused WCM777 Ponzi Schemer Ming Xu Expressed Concern About Being Harmed, Says He Was Cooperating With Government; Purported Texas University Claims It Has Absorbed The Bizarre ‘Joseph Global Institute,’ Raising New Questions; WCM777 Claims Deadline Extended To Dec. 24
EDITOR’S NOTE: The story about Phil Ming Xu’s asserted cooperation with the government appears below the subhead. We’ll lead with the news of extension of the claims deadline for WCM777 victims. If you’re a victim of the World Capital Market/WCM777 Ponzi- and pyramid scam shut down by the SEC last year, you now have until…
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WCM777 Claims Process Proposed: RECEIVER
WCM777 claims will be accepted in the not-too-distant future, under a proposal by Krista L. Freitag, the court-appointed receiver in the SEC’s pyramid- and Ponzi-scheme case. The proposal, which includes time guidelines but no specific date upon which claims will be accepted, was submitted to U.S. District Judge John F. Walter of the Central District…
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BULLETIN: CLAIM: Former CIA Operative Was Paid More Than $400,000 By Companies Linked To WCM Ponzi Scheme
UPDATED 9:44 P.M. EDT MARCH 14 U.S.A. How strange were things in the universe of WCM777, an MLM “program” accused by the SEC last year of pulling off an $80 million, cross-border Ponzi swindle? Would you believe that a former CIA operative with two felony convictions ended up on the payroll? Robert Sensi, the former…
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WCM777: More Theft And Money Laundering MLM-Style
“Many investors gave cash to the company and to their leaders (or upline sponsors) who then deposited the cash along with other investor funds.” — Krista L. Freitag, court-appointed receiver in the WCM777 pyramid- and Ponzi case, Feb. 27, 2015 EDITOR’S NOTE: Tens of millions of dollars allegedly flowed through WCM777 and related entities. At…
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Hedge-Fund Manager With ‘Great Tan’ And Porsche ‘Getaway Car’ Sentenced To Decade In Prison For Ponzi Scheme; Judge Scolds Bradley L. Ruderman At Sentencing
After Bernard Madoff’s Ponzi scheme was exposed in December 2008, Beverly Hills hedge-fund manager Bradley L. Ruderman wrote a letter to clients assuring them them their money was safe and deploring Madoff’s “chicanery,” federal prosecutors in the Central District of California said. “[S]uch disgraceful practices will never happen under my watch,†Ruderman declared in the…