Category: Uncategorized
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BULLETIN: Trevor Cook To Be Given Lie-Detector Test; Sentencing In $190 Million Ponzi Case May Be Delayed
BULLETIN: The FBI will administer a lie-detector test to Ponzi schemer Trevor Cook. Meanwhile, his July 26 sentencing date may be delayed, a source told the PP Blog. The date upon which the test will be administered was not immediately clear. The source, however, suggested that Cook could be subjected to the polygraph as early…
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EDITORIAL: MLM’s Great Race To The Bottom? While FTC, SEC, CFTC Warn About Affinity Fraud, Data Network Affiliates Says Its Mortgage-Reduction Program Is A ‘Church Fundraisers DREAM Come True’
Apparently tithing, bake sales, quilting bees, church-sponsored dinners, flea markets and car washes by Christian teens to raise money for projects have gone the way of the dinosaur. Building on an earlier claim that churches have a “MORAL OBLIGATION” to pitch its purported mortgage-reduction program, Data Network Affiliates (DNA) now says the program is a…
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WANTED: Feds Ask For Assist In Locating Accused Pyramid Schemer Jason P. Unangst; Missing Indictee Listed As ‘Fugitive’ After Hatching Plot To Sell Mobile Homes To Hurricane Victims
A Pittsburgh-area man indicted in June 2009 is now listed as a fugitive in a pyramid-scheme and money-laundering case, federal prosecutors said. Jason P. Unangst, 34, formerly lived in the Pittsburgh suburbs of McCandless Township and Wexford. His last verifiable address was listed as Virginia Beach, Va., prosecutors said. He was indicted on charges of…
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UPDATE: Delaware AG Beau Biden Says Credit USA Pyramid Scheme Cost Two State Residents More Than $100,000; Victims Asked To Contact Prosecutors
The alleged Credit USA Inc. multilevel-marketing (MLM) pyramid scheme cost two Delaware residents more than $100,000, Attorney General Beau Biden said. Biden has asked other potential victims to contact his Investor Protection Unit at 302-577-8424. A state indictment announced two days ago charged Terrel Alexander, 41, Nicole Alexander, 41, and William Love III, 39, with…
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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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DEVELOPING STORY: Douglas Ballard, Banker Accused Of Lending Money For Guy Mitchell’s Alleged ‘Private Island In The Bahamas,’ Pleads Guilty; Case Part Of $1 Billion Failure Of Integrity Bank
A Georgia banker accused of lending a now-accused Florida real-estate fraudster money to buy a “private island” in the Caribbean has pleaded guilty to conspiracy to commit bank fraud and to receive bribes, and to a single count of tax evasion, federal prosecutors said. Douglas Ballard, 40, of Atlanta, formerly was the executive vice president…
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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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DATA NETWORK AFFILIATES: Churches Have ‘MORAL OBLIGATION’ To Pitch Members On Firm’s ‘Mortgage Reduction’ Program; Purported Data And Cell-Phone Firm Venturing Into Foreclosure-Rescue And ‘Resort’ Businesses
A multilevel-marketing (MLM) company that positioned itself as a firm that collected data that could be used by law enforcement and the AMBER Alert program to rescue abducted children — and later declared itself the world champion of cell-phone pricing — may be entering the foreclosure-rescue and real-estate businesses, members said. News about the purported…