Category: Alleged Ponzi Schemes
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Florida Captures ‘Most Wanted’ Insurance Fraudster; Erline Telfort Accused Of Operating Ponizi Scheme To Steal From Finance Company
Florida officials have announced the capture of Erline Telfort, one of the states “Most Wanted” insurance criminals. Telfort, of Broward County, was accused of operating a $500,000 Ponzi scheme and defrauding a finance company. Her arrest was announced by Jeff Atwater, the chief financial officer of Florida. “This arrest is a direct reflection of the…
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‘Bo’ Beckman’s 11-Room Florida Ponzi Palace Has Screened-In, Heated Pool, Spa, ‘Summer Kitchen,’ Game Room, View Of Golf Course And Two Garages, Appraiser’s Report Says
As alleged Ponzi palaces go, Jason ‘Bo’ Alan Beckman’s Florida property is hardly the gaudiest. Even so, the 11-room home in Palm City has features and amenities many Americans only dream about. But one group of Americans — victims of the Trevor Cook Ponzi scheme — are likely only to have only bad dreams about…
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BULLETIN: Steven Byers, Figure In $255 Million WexTrust Ponzi And Fraud Scheme, Sentenced To More Than 13 Years In Federal Prison
BULLETIN: UPDATED 8:48 A.M. EDT (U.S.A.) Steven Byers, the president and chief executive officer of WexTrust Capital LLC, has been sentenced to 160 months in federal prison for his role in an alleged $255 million Ponzi and fraud scheme that cost investors millions of dollars. Byers, 48, of Oakbrook, Ill., was sentenced by Judge Denny…
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BULLETIN: Peter Jerald Frommer, California Ponzi Schemer, Sentenced To 108 Months In Prison; Victims Tell Tales Of Devastation
BULLETIN: Peter Jerald Frommer has been sentenced to nine years in federal prison for a Ponzi scheme that fleeced investors of more than $8 million. The scheme itself gathered $13 million, and Frommer, 35, advertised “guaranteed” returns of up to 15 percent in a period of only six weeks. The scheme was known as “Cap…
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A PONZI QUANDARY: Convicted And Jailed, 61-Year-Old Schemer May Have Enough Life Insurance To Make Victims Whole. Case May Pose Unique Challenges To Court-Appointed Receiver And Victims Of William Huber’s Massive Fraud
EDITOR’S NOTE: The Ponzi world is infamous for serving up long-term, dark skies and odd stories. Here is a new weather report and entry for the Ponzi Strange-O-Meter. By some accounts, the best definition of financial success is written by CPAs on the Last Great Day of a client’s life. When the final beans are…
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FLORIDA — AGAIN: James Clements and Zeina Smidi Of Plantation Ran $30 Million Ponzi Scheme, SEC Says; Firm Claimed ‘Protected Jurisdiction’ Offshore; Defendants Already Face $50 Million Judgment From Class-Action Lawsuit
Two Florida residents have been accused by the SEC of operating a $30 million Ponzi and promissory-notes scheme that purported to trade foreign currency amid claims their domestic company was morphing into an “offshore” firm that would operate in a “protected jurisdiction.” The defendants in the case already face a judgment of $50 million from…
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BULLETIN: OLINT’S David A. Smith Pleads Guilty In $220 Million Ponzi Scheme; International Forex Caper Laundered $128 Million, Feds Say
BULLETIN: David A. Smith, who presided over a $220 million Forex fraud known as OLINT, has pleaded guilty in U.S. District Court for the Middle District of Florida. Smith, 41, is a citizen of Jamaica. He “executed a Ponzi scheme to defraud over 6,000 investors located in the Middle District of Florida and elsewhere out…