Category: Alleged Ponzi Schemes
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FANTASY POST: President Cuts Short Vacation To Address Nation On ‘Grave Threat To National Economic Security’; Government Targeted With ‘Taunt’ From Purported MLM Operators Amid Sea Of Incongruity; ‘We Have The Power,’ Unnamed ‘Group’ Says
EDITOR’S NOTE: This is a fantasy post. The “story” below is not real. The PP Blog occasionally presents fantasy posts, parody and satire as a means of advancing the discussion about issues in the world of online crime and marketing schemes. BAR HARBOR, Maine (PPBlog) — President Obama abruptly cut short his family vacation here…
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Peter C. Son Sentenced To 15 Years In Forex Ponzi Scheme That Targeted Korean-Americans; Courtroom Spectator Heckled Scammer, Declaring He Deserved Death For Crime
A California man accused of bilking Korean-Americans in an $80 million Forex Ponzi scheme was sentenced yesterday to 15 years in federal prison. Prior to the sentencing of Peter C. Son of Danville, a courtroom spectator yelled in Korean that “You’ve got to kill that bastard!” according to the San Francisco Chronicle. In June 2009,…
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Paul Greenwood To Forfeit $331 Million; Pleads Guilty In Massive Fraud Scheme That Put Public Pension Funds At Risk While He Collected Teddy Bears
Perhaps he’ll be remembered best for his collection of Steiff teddy bears paid for by investors, but there now are other reasons to remember Paul Greenwood. Greenwood has pleaded guilty to swindling institutional investors, universities and pension funds in a Ponzi-like scheme. He is believed to be cooperating with prosecutors in the ongoing probe of…
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BULLETIN: Receiver Says Trevor Cook’s Wife Received $103,000 Payout By Wire Day After SEC Came To Minneapolis For ‘Surprise’ Investigation
Gina Cook, the wife of acknowledged Ponzi schemer Trevor Cook, received a wire transfer of $103,437 on June 23, 2009, one day after six attorneys and accountants from the SEC began a “surprise” investigation at the scheme’s Minneapolis headquarters and served Trevor Cook with a subpoena, according to the court-appointed receiver in the case. Receiver…
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INetGlobal Loses Court Appeal; Judge Says Magistrate Judge’s Ruling On Treatment Of Witnesses Was Correct
INetGlobal, a Minneapolis-based autosurf firm under investigation by the U.S. Secret Service and the IRS, has lost an appeal. On May 28, U.S. Magistrate Judge Franklin Noel issued an order that permitted investigators to make contact with witnesses in the case under certain conditions. Paul Engh, an attorney who said he represented INetGlobal employees, filed…
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PONZI NEWS/NOTES: Judge Says Matthew Pizzolato ‘Swindled The Salt Of The Earth’; Feds Allege New Scheme In New York; Henri Zogaib Arrested Again In Florida
EDITOR’S NOTE: The briefs below summarize recent developments in Ponzi cases or actions in new Ponzi cases. Sentenced: Matthew B. Pizzolato, 26, Tickfaw, La. Ripped off senior citizens in Ponzi scheme. In sentencing Pizzolato to 30 years in federal prison, U. S. District Judge Lance M. Africk said Pizzolato “stole from hard working Americans†and…
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‘Sports Arbitrage’ Betting Program Was Investment Scam, Feds Say; Yul Na Indicted For Wire Fraud, Money-Laundering; Faces Up To 890 Years In Prison
A man has been indicted in Las Vegas for stealing nearly $1 million from investors by telling them they were participating in a “sports arbitrage” betting program and could not lose, federal prosecutors said. An arrest warrant has been issued for Yul Na. He was charged in a criminal indictment with 30 counts of wire…
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Idaho Sues 4 Men Amid Allegations Of ‘Upline’ And ‘Downline’ Fraud From Scheme Within A Scheme; State Seeks Return Of More Than $2.1 Million, Alleging Sale Of Unregistered Securities
EDITOR’S NOTE: The story below outlines civil allegations filed in Idaho against Brock Bruegeman, Brian Birch, Brandon Johnson and Sonny Jensen in which the state alleges they operated a pyramid scheme tied to what federal prosecutors have alleged was an upstream, $100 million Ponzi scheme operated in Utah by Rick Koerber. Koerber, who has denied…