Author: PatrickPretty.com
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2 X BIZARRE: (1) SEC Says New York Man Used Proceeds From Unregistered Offering To Pay Restitution In Criminal Case; (2) Feds Say Philly Man Illegally Used Investor’s Funds To Pay For ‘Joy To The World’ Gala And Make Purported ‘Gold’ Purchase In West Africa
EDITOR’S NOTE: If you’ve been wondering whether there was any ceiling to the bizarre nature of securities-fraud cases as the white-collar fraud epidemic continues, it perhaps is best to stop wondering now . . . A New York man has been accused by the SEC of using the proceeds of an unregistered offering for StratoComm…
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BULLETIN: 77-Year-Old Ponzi Enabler And His 40-Year-Old Son Who Helped Confuse Investors In Nevin Shapiro’s $930 Million ‘Grocery’ Ponzi Sentenced To Federal Prison; Roberto And Alejandro Torres Also Hit With $82 Million Restitution Order
BULLETIN: Yesterday a federal judge in Michigan sentenced 75-year-old Ponzi schemer Edward May to 16 years in federal prison for pulling off a $350 million fraud. Today in New Jersey — in a separate case — a 77-year-old Ponzi enabler and his Ponzi-enabling, 40-year-old son were sentenced to combined prison terms of just shy of…
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CLOAK-BUSTING RULING IN SCAM LAND: Court Records Show SEC Served Subpoena On Google Aimed At Unmasking Identity Of Possible Touter In ‘Pump And Dump’ Probe Into Price Of Jammin Java Corp. Stock; ‘John Doe’ Moved To Quash, But Judge Says No
A judge yesterday upheld the SEC’s ability to investigate potential fraud schemes by issuing administrative subpoenas to vendors whose services potentially are being used to help scammers cloak themselves while they harvest illegal profits. The ruling is apt to cause great unease in the corners of the Internet occupied by murky HYIP, autosurf and pump-and-dump…
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BULLETIN: California Woman Pleads Guilty In ‘Christian Rock Concerts’ Ponzi Scheme; Recidivist Swindler Lauren Baumann Used Money From Latest Scam To Pay $10,000-A-Month Mansion Rent, Prosecutors Say
BULLETIN: A California woman has pleaded guilty to wire fraud in a Ponzi scheme in which investors were falsely told their money was being used to fund “Christian rock concerts” and to flip real estate at a profit. Lauren Baumann, 43, of Downey, was a recidivist huckster who failed to disclose she’d been sued for fraud…
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Jury Convicts Florida Woman Who Ran Bizarre Ponzi And Fraud Scheme With Husband; Marian I. Morgan Guilty On All 22 Counts, Including Wire Fraud And Money-Laundering
A 57-year-old Florida woman who ducked out of the United States with her husband after becoming implicated in a $28 million HYIP/prime-bank swindle has been found guilty of wire fraud, money-laundering, conspiracy, interstate/foreign transportation of stolen funds and tax crimes, U.S. Attorney Robert E. O’Neill of the Middle District of Florida announced. The investigation into the…
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BULLETIN: FLORIDA — AGAIN: CFTC Says Civil, Criminal Charges Filed Against Miami Resident Oscar Hernandez In Alleged Commodity-Pool Ponzi Scheme In Which A Customer Was Check-Waving Cheerleader
BULLETIN: Civil and criminal charges were filed in Florida today against Miami resident Oscar Hernandez, amid allegations he was operating a $3 million Ponzi scheme through Midway Trading Company LLC and Conquest Investment Group Inc., the CFTC said. The office of U.S. Attorney Wifredo A. Ferrer of the Southern District Of Florida said Hernandez has…
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BULLETIN: Church Pastor (And Recidivist Felon) Charged In Alleged Mortgage-Fraud Caper; Michael Wilkerson Accused Of Recruiting Congregants To Dupe Bank In $6 Million Scheme
BULLETIN: A church pastor, his wife and two real-estate brokers have been charged in an elaborate mortgage-fraud caper in which congregants allegedly were recruited as “straw purchasers” in a scheme that led to a patch of foreclosures and cost Chase Manhattan Bank $3 million. Pastor Michael Wilkerson presided over New Life Millennium Life Restoration Fellowship…