Category: Alleged Ponzi Schemes
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RECOMMENDED READING: Jordan Maglich In Forbes On Green-Lighting Of SEC Lawsuit In Alleged Ponzi Scheme Involving Bitcoin — And Why Zeekers Should Pay Attention
A federal judge in Texas has ruled that investments in the alleged Bitcoin Savings and Trust HYIP Ponzi scheme met all three prongs of the Howey Test and constituted an “investment contract” under federal securities laws. The ruling by U.S. Magistrate Judge Amos L. Mazzant of the Eastern District of Texas means that a lawsuit…
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Series Of News Releases From Purported MLM Trainer Plants Seed That Federal Trade Commission Has Given Green Light To Several Opportunities, Including Herbalife
EDITOR’S NOTE: The PP Blog called the Federal Trade Commission to get its take on these news releases, which use the agency’s name and imply that the FTC recently has given several MLM “opportunities” a clean bill of health. The agency did not immediately respond. What would you think if you read a headline on…
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HAWAII REPORTER: Man Indicted In Investment Scheme Allegedly Claimed To Be A ‘United Nations Ambassador’
The Hawaii Reporter and other media outlets are reporting that Curtis Wayne Ross of Honolulu has been indicted on wire-fraud charges in an investment scheme in which he allegedly claimed to be a well-connected multimillionaire and a “United Nations ambassador” with special tax privileges. From the Reporter (italics added): “Ross was neither a UN ambassador…
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Receiver Estimates That $290 Million In Fraudulent Transfers Occurred At Zeek; Clawback Litigation May Begin In Third Quarter; U.S. Domestic And ‘Foreign Winners’ Will Be Pursued; Victims Already Have Filed Claims Seeking $287 Million — With More Expected To Follow Before Sept. 5 Deadline
The court-appointed receiver in the Zeek Rewards Ponzi-scheme case is reporting “significant progress” in securing assets for return to victims and says the estate has gathered approximately $325.1 million since the receivership began in August 2012. As of 5 p.m. on July 29, Zeek victims had filed claims seeking about $287 million. The claims portal…
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First Reports Of Alleged Massive Ponzi Scheme In Greater Cincinnati: ‘Tens If Not Hundreds Of Millions Of Dollars,’ Complaint In Hamilton County Says
If the alleged Profitable Sunrise scheme were not bad enough in the Greater Toledo region of Northwest Ohio, there now are reports of a separate massive scheme in the Greater Cincinnati region of Southwest Ohio. Investors have gone to court to accuse Glen Galemmo of East Walnut Hills of operating an elaborate scam that may…
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URGENT >> BULLETIN >> MOVING: Federal Judge Denies Alleged Zeek Winners’ Motion To Intervene In Case And Dissolve Receivership
URGENT >> BULLETIN >> MOVING: (3RD UPDATE 8:44 P.M. EDT U.S.A.) Senior U.S. District Judge Graham C. Mullen has denied a motion by alleged winners in Zeek Rewards to intervene in the SEC’s Ponzi-scheme case and to dissolve the receivership. In December 2012, alleged Zeek “winners” Trudy Gilmond and Kellie King asked Mullen for permission…
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BULLETIN: SEC: Now, A Bitcoin Ponzi Scheme Operated By Trendon T. Shavers — AKA ‘Pirate’ And ‘pirateat40’
BULLETIN: The SEC has gone to federal court in the Eastern District of Texas, charging Trendon T. Shavers of McKinney in an alleged Bitcoin Ponzi scheme that gathered more than $4.5 million before collapsing in August 2012. Bitcoins are a digital currency that has “no single administrator, or central authority or repository,” the SEC said.…