Category: The Economy
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Receiver In Gold Quest International Ponzi Scheme Case Settles With Charles Capps Ministries For $100,000; Other GQI Money Is Part Of California Homicide Investigation
All that glitters was not gold in the seedy world of Gold Quest International (GQI), according to the receiver in the GQI Ponzi scheme case. Corrupt money was given to a ministry in the form of a gift, and other corrupt money is part of a homicide investigation in Los Angeles, according to court filings.…
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SHOCKING: A Ponzi Scheme Suicide In Canada; A Ponzi Scheme Death Sentence Reported In China
EDITOR’S NOTE: Here is some recommended reading. Be prepared to be shocked. We will provide an introduction to the stories, but only a brief one. Edna Coulic killed herself, worn down by the pressures of trying to get her money back from a Ponzi scheme, her family told the Calgary Herald. The Royal Canadian Mounted…
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SEC Seeks Contempt Order Against Trevor Cook; Minnesota Man Said To Have Bought Two-Person ‘Submarine’ With Ponzi Proceeds
Trevor Cook, the Minnesota man implicated with Christian radio host Pat Kiley in a Ponzi and currency-trading scheme that collected at least $190 million, already has taken the 5th Amendment in a civil case brought by the SEC. The SEC now is seeking a contempt ruling against Cook, amid allegations he violated the asset freeze…
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Purported Andy Bowdoin Christmas Email With Prayerful Message Causes A Stir Among Members; ASD President Has Not Refuted Authenticity Of Greeting
Several PP readers reported Thursday and Friday that they’d received a prayerful email purportedly sent as a Christmas greeting by AdSurfDaily President Andy Bowdoin. We did not receive a single correspondence from a reader who was happy about receiving the email. In one way or another, the readers questioned the prudence of sending such an…
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The ‘Festa Effect?’ Comments, Interactivity Stats Plunge As Cyberstalker Uses YouTube To Pillory PP Blog, Posters
Key statistics about reader interaction with the PatrickPretty.com Blog have plunged dramatically during the past 30 days. Comments posted by readers during the 30-day statistical snapshot have decreased markedly from 10.2 per day to 3.8 per day. Meanwhile, the number of words in comments has fallen more than 1,000 — from an average of 1,462…
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EDITORIAL: Think ‘Offshore’ Means ‘Shelter’ From The SEC Or The FBI Or The IRS? Don’t Tell That To John And Marian Morgan — Or Jeffrey Lane Mowen
You’ve seen the ads or heard the pitches trying to persuade you to put money in “offshore” ventures such as the AdViewGlobal, AdGateWorld and MegaLido autosurfs. You’ve been told they were safe. You’ve been told the people who run them are out of the reach of U.S. securities regulators and law-enforcement agencies. And you’ve been…
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NY ATTORNEY GENERAL: Unlimited Wealth Associates Pulled Off ‘Seemingly Limitless Fraud And Deceit’ In Ponzi And Pyramid Scheme That Operated Nationwide
A company known as Unlimited Wealth Associates operated Ponzi and pyramid schemes that obtained at least $7 million, New York’s top prosecutor said today. “While this company promised unlimited wealth, our investigation found seemingly limitless fraud and deceit as they went after investors’ savings,†said Attorney General Andrew M. Cuomo. Prosecutors “will continue to have…
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Judge Enters Injunction Against Mantria/Speed Of Wealth Figure Donna McKelvy In ‘Green’ Ponzi Scheme Case; Speed Of Wealth Website Goes Missing
A federal judge has issued an order that enjoins Speed of Wealth principal Donna McKelvy from breaking securities laws and disgorges her ill-gotten gains from the alleged Mantria Corp./Speed of Wealth Ponzi scheme. McKelvy, 43, of Parker, Colo., consented to the order without admitting or denying the allegations in a complaint filed by the SEC…
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Raymond Frank Joseph Convicted On All 36 Counts In Michigan Ponzi Scheme; Federal Judge Revokes Bond
Federal prosecutors have scored another dramatic win in a Ponzi scheme case. Raymond Frank Joseph, 55, of Bloomfield Hills, Mich., was convicted of three counts of wire fraud, nine counts of interstate transportation of stolen money or property and 24 counts of conducting monetary transactions in criminally derived property. Judge Gerald E. Rosen immediately revoked…
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PP Blog Marks Milestone In A Year Filled With Ponzi Schemes And Nonfiction That Reads Like Fiction
EDITOR’S NOTE: We were going to publish this post to commemorate our 500th post since December 2008, but breaking news intervened. So, this is now Post No. 501. This is the PP Blog’s 500th post (actually it’s now No. 501) since December 2008, the month we switched to WordPress. It has been a year filled…
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PONZI ADVOCATES’ NIGHTMARE: Victims Line Up To Address Judge Who Will Sentence California Man In ‘Offshore’ Scheme; Jeffrey Gordon Butler Faces Up To 300 Years In Prison
EDITOR’S NOTE: As you’re reading this story, keep in mind that the Ponzi scheme “industry” actually has advocates who advance the theory that all commerce should operate under the principle of caveat emptor (“let the buyer beware”), that the government should not be empowered to “interfere” with “commerce” and that “offshore” options are the best.…