Category: Uncategorized
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BREAKING NEWS: Two-Time Convicted Felon With $3 Million Judgment Against Him Emerged From Prison And Targeted Ponzi Scheme At Chinese-Americans In Oklahoma City, CFTC Says
A man imprisoned between 1996 and 2001 after being convicted in Texas of two financial felonies emerged from the penitentiary and targeted Greater Oklahoma City’s ethnic Chinese in a Ponzi scheme, the U.S. Commodity Futures Trading Commission (CFTC) said. Kenneth W. Lee also had a $3 million civil judgment placed against him in the 1990s…
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WRAP-UP: Marine Corps Officer Tells Judge Ponzi Schemer Who Fleeced Seniors, Charities ‘Violated Every Character Trait I Hold Dear’
EDITOR’S NOTE: This column summarizes three Ponzi cases: Joseph Forte, Sean Healy and Tom Petters. Forte has been sentenced; Healy has been convicted, and Petters is waiting to hear his fate from a Minnesota jury. The cases vary widely in size and scope, but demonstrate the terrible consequences of Ponzi schemes on individual investors and…
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BREAKING NEWS: Host Of ‘Follow The Money’ Christian Radio Show Patrick Kiley Accused In Minnesota Of Operating Ponzi Scheme That Gathered $190 Million
Radio talk-show host Patrick “Pat” Kiley is among the defendants accused in an emergency action by the SEC of operating a $190 million Ponzi scheme in Minnesota. A federal judge has granted an asset freeze and appointed a receiver. At least $51 million in Ponzi payments were made, the SEC said. Also charged were Trevor…
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FBI Asks For Help In Unraveling Connecticut Ponzi; Seeks Information On Michael Goldberg
The FBI has asked people who have information on Michael Goldberg, who ran a business in Wethersfield, Conn., known as Acquisitions Unlimited Group (AUG), “to immediately contact the FBI at (203) 777-6311.” Goldberg, 38, was arrested today on charges he had operated a $20 million Ponzi scheme over a period of 12 years from his…
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BULLETIN: Tom Petters’ Ponzi Case Goes To Jury
The fate of Minnesota businessman Tom Petters is in the hands of a jury. Petters was accused last year of operating a $3.65 billion Ponzi scheme. Testimony in the case lasted a little more than three weeks. Federal prosecutors blamed the alleged Ponzi on Petters, saying he presided over a colossal fraud that featured phantom…
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BREAKING NEWS: Feds Say Rothstein Law Firm Had $8 Million In Revenue, But Paid $18 Million In Salaries
UPDATED 1:52 P.M. ET (U.S.A.) The Rothstein Rosenfeldt Adler (RRA) law firm recorded $8 million in receivables during an unspecified year, but paid out $18 million in salaries to its employees, according to an amended forfeiture complaint filed today in the Scott Rothstein Ponzi scheme case. Ponzi proceeds of $10 million were used to close…