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Accountant For Ponzi Scheme Suspect Who Shot Himself In Church Lot Indicted In Tennessee; Mark S. Riddle Charged With Defrauding Investors

EDITOR’S NOTE: The story of the Robert McLean Ponzi scheme is, indeed, a sad one. Litigation that has accompanied the Ponzi provides yet-another example of how fraud schemes can affect the lives of even innocent parties — charities on the receiving end of donations from Ponzi schemers and investors who receive payouts that can be…

Apr 9, 2010
Prosecutors Release Update To AdSurfDaily Victims, Say Restitution Program Could Be Delayed ‘A Year Or Longer’ Because Of Bowdoin’s Appeals

Fresh from their third win in the AdSurfDaily civil-forfeiture litigation, federal prosecutors now say a restitution program for victims of the autosurf Ponzi scheme could be delayed “a year or longer” depending on appeals filed by ASD President Andy Bowdoin. In an update to ASD members on the government’s website for victims, prosecutors did not…

Apr 8, 2010
BULLETIN: Tom Petters, Minnesota Ponzi Scheme Figure, Sentenced To 50 Years In Federal Prison

BULLETIN: (UPDATED 12:21 P.M. EDT (U.S.A.) Tom Petters, whom federal prosecutors said presided over a $3.65 billion Ponzi scheme, has been sentenced to 50 years in prison. The fraud was one of the largest in U.S. history — though still significantly smaller than the Bernard Madoff scheme, estimated to have involved $65 billion. Prosecutors had…

Apr 8, 2010
RECEIVER: Cook/Kiley Ponzi ‘Incredible Tragedy’; Some Investors ‘Destitute’; Management So Screwed Up That Historic Van Dusen Mansion Was Not Insured; Assets ‘Sent All Over The World’

EDITOR’S NOTE: As is the case with other Ponzi schemes, the alleged Trevor Cook/Pat Kiley scheme in Minnesota is proving to be an incredible paper chase that is consuming hundreds of hours of manpower as attorneys, investigators and support staff work to reverse-engineer what authorities say was an epic, international fraud. Want to be a…

Apr 7, 2010
Government Scores Clean Sweep In ASD Forfeiture Litigation, But That May Not Be The Biggest News: Is A Separate Legal Drama Playing Out In Background?

UPDATED 11:57 A.M. EDT (U.S.A.) Federal prosecutors have won the second forfeiture case against assets tied to Florida-based AdSurfDaily, meaning the government now holds title to 100 percent of the money and assets seized in the autosurf Ponzi scheme, wire fraud and money-laundering investigation. U.S. District Judge Rosemary Collyer issued a final order of forfeiture…

Apr 6, 2010
REPORT: AdSurfDaily Mainstay ‘Professor’ Patrick Moriarty Sentenced To Year In Federal Prison In Tax Case; Claimed To Be Tax ‘Specialist’ Also Skilled In ‘Karma Restoration’

“Professor” Patrick Moriarty, a mainstay in the AdSurfDaily Ponzi scheme story, has been sentenced to a year in federal prison for filing a false tax return, according to KMOX.com. Details about the sentencing were not immediately available. Moriarty, 62, pleaded guilty in January to filing a false return for the year 2003. Prosecutors said he…

Apr 4, 2010
PROSECUTION: Renner Has No Standing To Contest Corporate Seizures In INetGlobal Case; ‘Major’ Fraud And Money-Laundering Probe Under Way; IRS Involved; No Media ‘Leak’ Occurred

Steve Renner has no standing to contest the seizure of “the vast majority”Â of the money and assets in the INetGlobal autosurf Ponzi case because the seized property was owned by corporations, not Renner, federal prosecutors said. Only $151,100 of the $26 million seized in the case came from accounts in Renner’s name, prosecutors said,…

Apr 3, 2010
Ponzi Suspect Michael Greenberg Commits Suicide, Police Say; Florida Man Stood Accused Of Bilking Parents, Investors, Banks In New Scheme That Emerged After Prison Release

Michael Greenberg, charged last week in a Ponzi scheme that allegedly bilked members of his family, investors, banks, a law firm and the U.S. Small Business Administration, has committed suicide. Greenberg hanged himself inside his home, police in Clearwater, Fla., told the Tampa Tribune. His body was found Wednesday. News of the suicide broke in…

Apr 2, 2010
NEWS/UPDATES: Feds Charge Donald Young In Massive Ponzi In Pennsylvania; Matthew Pizzolato Pleads Guilty In Louisiana; Jeffrey Mowen Loses Cars In Utah; ‘Today’ Show Interviews Daughter Who Turned In Mom For Ponzi

A grand jury has returned an indictment against a suburban Philadelphia man, accusing him of operating a Ponzi scheme that gathered at least $95 million and fleeced investors of more than $25 million. Charged criminally with mail fraud and money-laundering was Donald Anthony Young, who also has been sued by the SEC. Meanwhile, Matthew Pizzolato…

Apr 2, 2010
SEC: ‘Sham Operation’ Run By Convicted Felon In U.K. Took $10.2 Million From Investors; U.S. Investment Adviser Charged With Fraud

Want international, real-life intrigue? It’s in there. Want venues from the United States to the United Kingdom and Switzerland? They’re in there. Want allegations that a mysterious criminal in Britain used two identities and operated a sham investment company? Today’s your lucky day. They’re in there, too. Now, a former investment adviser from Arizona has…

Apr 2, 2010
SHOCKING FRAUD AND PRIVACY ALLEGATIONS: FTC, Florida Say Alcoholism Cure Corp. Used .Org Domains, Threatened To Disclose Members’ Drinking Problems If They Canceled Program

The FTC and Florida Attorney General Bill McCollum have charged a Florida company that “touted a phony cure for alcoholism” with false advertising claims, false efficacy claims, false privacy claims, false claims about professional qualifications, unauthorized billing and deceptive trade practices. Among the allegations in a civil lawsuit against Alcoholism Cure Corp. were that it…

Apr 1, 2010