Category: Uncategorized
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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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STATEMENT: PP Blog Reports Unusual Incident To Federal Law-Enforcement Agency
On April 6, an unusual communication was directed at the PP Blog. The Blog reported the incident to a federal law-enforcement agency and provided information about the communication to the agency. The Blog is declining to describe the incident, except to say it was menacing in nature.
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TEXAS-SIZED MYSTERY: Day-Care Operator Accused Of Routing ‘At Least’ $60 Million Through Unlicensed Money-Transmitting Business
A Greater Dallas woman who ran a day-care center has been accused by federal prosecutors in Texas of operating an unlicensed money-transmitting business through which “at least” $60 million flowed between October 2004 and January 2008. The case against Christina Sang Bates is the second major case involving money-transmitting businesses to make the news in…
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STATEMENT: PP Blog Comes Under Attack Again
Today at approximately 5:18 a.m., the PP Blog came under attack from a swarm of international IPs. The attack appears to have disrupted operations for approximately two hours and 19 minutes. Functionality was restored at approximately 7:38 a.m., although signatures of the attack continued to appear. The attack appears actually to have begun prior to…