Category: Uncategorized
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SEC: Utah Ponzi Schemer With ‘Loans’ Program Ripped Off Church Associates, Family Members, Friends, Seniors — And Some Of The Money Went To ‘Multilevel Marketing And Web-Based Advertising Business Opportunities’; Separately, Newspaper Reports Allegations Of Cash Handoffs To Investors In Parking Lots
In the latest affinity-fraud scheme detected in Utah, an Orem man conducted a $4 million offering fraud and Ponzi scheme aimed at church associates, family members and friends, including senior citizens and the “recent widow of a church associate” whom he volunteered to help with finances after she lost her husband, the SEC said. Some…
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RECOMMENDED READING: Jordan Maglich In Forbes On Green-Lighting Of SEC Lawsuit In Alleged Ponzi Scheme Involving Bitcoin — And Why Zeekers Should Pay Attention
A federal judge in Texas has ruled that investments in the alleged Bitcoin Savings and Trust HYIP Ponzi scheme met all three prongs of the Howey Test and constituted an “investment contract” under federal securities laws. The ruling by U.S. Magistrate Judge Amos L. Mazzant of the Eastern District of Texas means that a lawsuit…
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Series Of News Releases From Purported MLM Trainer Plants Seed That Federal Trade Commission Has Given Green Light To Several Opportunities, Including Herbalife
EDITOR’S NOTE: The PP Blog called the Federal Trade Commission to get its take on these news releases, which use the agency’s name and imply that the FTC recently has given several MLM “opportunities” a clean bill of health. The agency did not immediately respond. What would you think if you read a headline on…
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HAWAII REPORTER: Man Indicted In Investment Scheme Allegedly Claimed To Be A ‘United Nations Ambassador’
The Hawaii Reporter and other media outlets are reporting that Curtis Wayne Ross of Honolulu has been indicted on wire-fraud charges in an investment scheme in which he allegedly claimed to be a well-connected multimillionaire and a “United Nations ambassador” with special tax privileges. From the Reporter (italics added): “Ross was neither a UN ambassador…
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United States Issues Travel Alert; State Department Cites Potential For Terrorist Attacks Carried Out By al-Qa’ida And Affiliated Organizations In Middle East And North Africa; Some Embassies Will Be Closed On Sunday
From the U.S. Department of State, dated Aug. 2, 2013: “The Department of State alerts U.S. citizens to the continued potential for terrorist attacks, particularly in the Middle East and North Africa, and possibly occurring in or emanating from the Arabian Peninsula. Current information suggests that al-Qa’ida and affiliated organizations continue to plan terrorist attacks…
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FEDS: Florida Scammer Who Swindled Investment Clients And Tried To Arrange Murders Of Witness And Business Partners Sentenced To 30 Years In Federal Prison
A 60-year-old Florida man who swindled retirees and ran a “sham investment firm” known as Yorkshire Financial Services with his now-deceased brother has been sentenced to 30 years in federal prison. Paul S. Kruse of Jacksonville plotted at least three murders after the scam was exposed, including the murder of a personal assistant who’d observed…
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BULLETIN: James Timothy Turner, Purported ‘President’ Of Purported ‘Republic for the united States of America’ (RuSA), Sentenced To 18 Years In Federal Prison
James Timothy “Tim” Turner, a purported “sovereign citizen” and the purported “President” of a shadow government known as the “Republic for the united States of America” (RuSA), has been sentenced to 18 years in federal prison in a bizarre tax scam in which he was convicted of conspiring to defraud the IRS and teaching others…
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Receiver Estimates That $290 Million In Fraudulent Transfers Occurred At Zeek; Clawback Litigation May Begin In Third Quarter; U.S. Domestic And ‘Foreign Winners’ Will Be Pursued; Victims Already Have Filed Claims Seeking $287 Million — With More Expected To Follow Before Sept. 5 Deadline
The court-appointed receiver in the Zeek Rewards Ponzi-scheme case is reporting “significant progress” in securing assets for return to victims and says the estate has gathered approximately $325.1 million since the receivership began in August 2012. As of 5 p.m. on July 29, Zeek victims had filed claims seeking about $287 million. The claims portal…
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Gary Calhoun, MPB Today MLM Operator, Jailed In Florida
UPDATED 5:52 P.M. EDT (JULY 31, U.S.A.) Gary Calhoun, the operator of the MPB Today MLM program who was charged in December with racketeering under Florida state law, is listed as a prisoner at the Escambia County Jail. Today was Calhoun’s sentencing date. The length of his sentence was not immediately clear. [July 31 UPDATE:…