Category: Alleged Ponzi Schemes
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STUNNING: Nearly 1 BILLION Zeek Transactions Over 18 Months, Receiver Says; ‘Sheer Quantity Of Data’ And ‘Inadequate And Incomplete’ Records Necessitate Delay In Filing Of Liquidation Plan
EDITOR’S NOTE: It’s this simple: Ponzi = Pain — and even “ordinary” Ponzi schemes often result in extraordinary paper chases. The Zeek case may be setting a new standard for the extraordinary. The receiver in the Zeek Rewards Ponzi scheme case informed a federal judge today that “the Receivership Team is still in the process…
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BULLETIN: Securities Fraudster/Ponzi Schemer Sentenced To 40 Years
BULLETIN: Jasen M. Snelling — who last month was sentenced to nearly 11 years in prison in a federal Ponzi-scheme case brought in Ohio — now has been sentenced in Indiana state court to 40 years. The state case was brought after an investigation by the office of Indiana Secretary of State Connie Lawson. Snelling…
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BULLETIN: British Ponzi Schemer Sentenced To 13 Years In Prison; Judge Cites Nicholas David Andrew Levene’s ‘Rank Dishonesty,’ Prosecutors Say
BULLETIN: Nicholas David Andrew Levene, the 48-year-old London stockbroker and Ponzi schemer, has been sentenced to 13 years in prison, the Serious Fraud Office announced. His Honor Judge Beddoe ordered the sentence after Levene was convicted in September of 12 counts of fraud, one count of false accounting and one count of obtaining a money…
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UPDATE: Judge Grants Zeek Receiver’s Request To Treat Preliminary Liquidation Plan As Ponzi Case’s First Status Report
Senior U.S. District Judge Graham C. Mullen has granted the request of the receiver in the Zeek Rewards Ponzi scheme case to treat the preliminary liquidation plan filed Oct. 8 as the first status report in the case. Receiver Kenneth B. Bell said earlier this week in court filings that the request, if granted, would…
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76-Year-Old Texas Scammer Who Ran Ponzi Scheme While Awaiting Trial In Earlier Fraud Case Sentenced To 10 Years In Federal Prison
First, Robert Hague-Rogers, 76, of Frisco, Texas, stole funds from pension plans, prosecutors said. Hague-Rogers operated Dallas-based HR Financial Services and HR Sales and Marketing, both of which were in the insurance business, prosecutors said. In February 2011, he was indicted on charges of directing “money transfers and cash withdrawals from and between himself and…
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SEC Issues Investor Alert: ‘Be On The Lookout For Investment Scams Related To Hurricane Sandy,’ Agency Says
Hurricane Sandy pounded New Jersey, New York and other parts of the eastern United States this week. The New York Daily News, via the Associated Press, reported today that the storm’s death toll has reached 74 in the United States. Reuters is reporting the death toll in “North America” has reached “at least 82.” The…
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BULLETIN: First Round Consisting Of 1,200 Subpoenas Will Go Out This Week To Zeek ‘Affiliates Who Profited Most,’ Receiver Says; More Subpoenas Will Follow; Winners Also Will Receive ‘Letter Offering To Negotiate Voluntary Surrender Of Profits’
UPDATED: 7:08 P.M. EDT (U.S.A.) The court-appointed receiver in the Zeek Rewards Ponzi scheme case has announced that about 1,200 subpoenas will go out this week to “affiliates who profited most from ZeekRewards.” It’s “victims’ money, really,” receiver Kenneth D. Bell said in a letter posted on the receivership website. “The subpoenas ask for financial…