Category: The Economy
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Michigan Man Who Claimed Investment Returns Of 131 Percent Guilty In Ponzi Scheme Case; Mark Richard Hamlin’s Day-Trading Scheme Comparable To ASD’s Dangerous ’80/20′ Reinvestment Program
As Ponzi schemes go, it was far from the largest. But the case of Mark Richard Hamlin demonstrated that even smaller operators use Ponzi schemes to fuel personal spending that consumes an extraordinary percentage of investors’ funds. Hamlin’s day-trading scheme in Michigan gathered about $2 million from at least 90 investors between 2005 and 2008,…
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A PONZI WORLD FIRST? Regulators Have Evidence Accused Minnesota Schemer Trevor Cook Bought A ‘Submarine’ To Shuttle To Private Island
You’ve heard about the Ponzi mansions. You’ve heard about the luxury automobiles — Scott Rothstein’s $1.6 million Bugatti and the $350,000 Rolls-Royces he and suspects in other Ponzi schemes enjoyed. Now comes word that Trevor Cook, implicated in Minnesota with radio talk-show host Pat Kiley in an alleged Ponzi scheme involving at least $194 million,…
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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…