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Another Huge Ponzi Scheme Shaping Up In Florida

(UPDATED 8:54 P.M. EDT U.S.A. See bottom of story.) Amid a rash of bank failures, an unprecedented number of mortgage foreclosures and a string of major fraud investigations, Florida is bracing for yet another spectacular Ponzi scheme probe. This one involves the alleged sale of fraudulent structured legal settlements by Fort Lauderdale attorney Scott Rothstein…

Nov 4, 2009
‘Key Enabler’: Madoff Accountant Pleads Guilty; Faces 114 Years; Forfeits More Than $3.1 Million, Real Estate

David G. Friehling was one of Bernard Madoff’s “key enablers,” U.S. Attorney Preet Bharara said today after Friehling pleaded guilty to nine criminal charges. Friehling, 49, Madoff’s small-shop accountant, faces up to 114 years in prison, but has agreed to cooperate with the government, Bharara said. “David Friehling was one of the key enablers of…

Nov 3, 2009
Madoff Accountant Expected To Plead Guilty; Charges Demonstrate One Of The Pickles In Which ASD Finds Itself

UPDATED 2:03 P.M. EDT (U.S.A.) Prosecutors have advised a federal judge that the government expects David G. Friehling to plead guilty to charges next week. Friehling was the small-shop accountant for Bernard L. Madoff Investment Securities. The mere fact that Bernard Madoff’s multibillion firm used a small shop that employed a single accountant — Friehling…

Oct 30, 2009
‘PRINTER’ PONZI: FBI Says Man Ran $28 Million Scheme Based On Bogus Sales Of High-Speed Commercial Printers

UPDATED 8:28 P.M. EDT (U.S.A.) Minneapolis/St. Paul has Tom Petters, accused of operating a $3.65 billion Ponzi scheme by deceiving investors into thinking they were financing his company’s purchase of electronics that later would be sold to Wal-Mart and other huge retailers. And now Chicago has Matthew Scott, whom investigators described as a sort of…

Oct 29, 2009
ASDMBA Website Offline; Registration Lapsed Yesterday

UPDATED 9:23 P.M. EDT (U.S.A.) The ASDMBA website appears to be back online. Our earlier story is below . . . The website of the ASD Members Business Association — asdmba.com — is offline. ASDMBA’s domain registration appears to have expired yesterday, and the site now resolves to a GoDaddy.com page that displays ads. Bob…

Oct 29, 2009
BREAKING NEWS: Water Toy Does Not Survive: Federal Judge Approves Liquidation Plan That Demolishes Parent Company Of Noobing Autosurf; Jet Ski, Car, Computers, Furniture — Even A Wastebasket Ordered Sold

A federal judge has given the go-ahead to a court-appointed receiver to sell the assets of Affiliate Strategies Inc. (ASI), the parent company of the Noobing autosurf. U.S. District Judge Julie A. Robinson of the District of Kansas approved the plan submitted by receiver Larry Cook. The plan authorizes Cook to sell the assets in…

Oct 28, 2009
BREAKING NEWS: Montana Forges Partial Settlement In Case That Alleged Ponzi Schemer Took $100,000 From Investment Client, Paid Earlier Client $50,000, Paid Lawyer $25,000 And Pocketed $25,000; Major State Investigation Remains Open

UPDATED 9:28 P.M. EDT (U.S.A.) Donald Chouinard urged clients in Montana and Idaho to invest in what they thought was a “day-trading program,” authorities said. In one case, he allegedly persuaded a client to borrow a large sum to enter the program. The case is remarkable in the sense that one of its specific allegations…

Oct 28, 2009
BREAKING NEWS: California Man Expected To Enter Guilty Plea In Ponzi And Affinity-Fraud Scam; Kenneth Kenitzer May Face Up To 30 Years In Prison; Case Features Charge That A Vigilante Tried To Shake Down Business To Get Refunds For Investors

UPDATED 6:51 P.M. EDT (U.S.A.) Kenneth Kenitzer of Pleasanton has become the most recent senior citizen to face significant jail time for his actions in a Ponzi and affinity fraud scheme. The California Ponzi fleeced investors and churchgoers out of at least $40 million, authorities said. Kenitzer, 66, is expected to plead guilty “in the…

Oct 28, 2009
Will Donald Trump Regret Linkage Of Name To MLM?

EDITOR’S NOTE: This story was prompted by a post we saw on Scam.com. The “lede” is deliberately buried in this article in favor of some background information. During the 1990s, I was sitting at home one evening just minding my own business. Back in those days I routinely had staggered newspaper deadlines beginning at 7…

Oct 28, 2009
OCT. 28 PONZI NEWS AND NOTES: Tom Petters Trial To Open; Employee Of Sir Allen Stanford Purportedly Criticized, Ostracized, Fired For Being Too Honest

NEWS: In the world of high finance, Tom Petters was Bernard Madoff before Bernard Madoff was Bernard Madoff — at least with respect to shocking headlines about Ponzi schemes. Jury selection is under way in Minnesota in the Petters case. The allegations that Petters presided over a $3.65 billion Ponzi were unfathomable in September 2008.…

Oct 28, 2009
BREAKING NEWS: Bank Of America Named In New Lawsuit Amid Allegations It Aided And Abetted Alleged ‘Beau Diamond’ Ponzi Scheme In Florida; Lawyer Who Sued ASD President Andy Bowdoin For Racketeering Is Co-Counsel For Plaintiffs

UPDATED 2:07 P.M. EDT (U.S.A.) Courthouse News Service is reporting that Bank of America has been named a defendant in a federal lawsuit filed in Florida that alleges it aided and abetted the Beau Diamond Ponzi scheme that fleeced investors out of millions of dollars. Bank of America also is named a defendant in a…

Oct 27, 2009