Category: Alleged Ponzi Schemes
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MLM Firm Credit USA Inc. Hammered By State Attorneys General Amid Pyramid Scheme, Securities Allegations; Terrel Alexander, Nicole Alexander, William Love III Indicted
UPDATED 3:07 P.M. EDT (U.S.A.) State prosecutors in Delaware and New Jersey have lowered the boom on an alleged multilevel-marketing (MLM) pyramid scheme known as Credit USA Inc. Credit USA purportedly sold credit-repair and “identity protection” services, and operated the company to enrich three criminal defendants unjustly, prosecutors said. Criminal indictments were handed up in…
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Irving Stitsky Sentenced To 85 Years In Real-Estate Ponzi Case; Judge Agrees With Prosecution, Calls Stitsky ‘Inveterate Con Man’
A federal judge has thrown the book at recidivist securities fraudster Irving Stitsky, agreeing with prosecutors that he is an “inveterate con-man” and sentencing him to 85 years in federal prison. Separately, a New York state appeals court — acting unanimously — reinstated portions of a civil lawsuit dismissed by a judge in 2008 that…
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Now, A $145 Million Fraud Scheme in Utah; SEC Charges Travis Wright Amid ‘Sandwich In A Can’ Allegations
A Utah man whose assets — including a taxidermy of a full-body African lion — was put on the action block amid Ponzi allegations earlier this year was selling unregistered securities and running a $145 million offering fraud, the SEC said today. Charged in the case was Travis L. Wright. The SEC said the scheme…
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Receiver For Alleged Wayne McLeod Ponzi Scheme That Bilked Government Workers Opens Website; Michael I. Goldberg Asks For Help From Victims
Saying he is interested in receiving input from victims, the court-appointed receiver in the alleged K. Wayne McLeod/Federal Employee Benefits Group Ponzi scheme has opened a website titled after the name of one of the companies named a defendant in the case by the SEC. Also named a defendant in the SEC case was another…
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SEC Charges Man Described As ‘Recidivist’ And ‘Felon’ In Alleged Philadelphia Ponzi And Fraud Scheme; Separately, CBS-3 Reports Feds Raid Offices Of Robert Stinson Jr., Life’s Good Inc.
UPDATED 9:06 P.M. EDT (U.S.A.) A man who filed for bankruptcy twice, has an unpaid federal judgment for running a fraud scheme in the 1990s and managed to rack up convictions for crimes such as grand larceny, wire fraud, mail fraud and bank fraud during his purported business career has been charged by the SEC…