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PONZI NEWS/NOTES: Judge Says Matthew Pizzolato ‘Swindled The Salt Of The Earth’; Feds Allege New Scheme In New York; Henri Zogaib Arrested Again In Florida

EDITOR’S NOTE: The briefs below summarize recent developments in Ponzi cases or actions in new Ponzi cases. Sentenced: Matthew B. Pizzolato, 26, Tickfaw, La. Ripped off senior citizens in Ponzi scheme. In sentencing Pizzolato to 30 years in federal prison, U. S. District Judge Lance M. Africk said Pizzolato â€œstole from hard working Americansâ€ and…

Jul 23, 2010
LockInYourFreeSpot.com A ‘New DNA URL,’ Company Says: Will Members Transfer Their Prospect Lists To MLM Firm?

Data Network Affiliates (DNA) is asking members to drive traffic to yet-another URL: LockInYourFreeSpot.com. LockInYourFreeSpot.com is at least the third URL DNA has featured this year in bids to recruit members into a multilevel-marketing (MLM) program that purportedly offers everything from license-plate data to cell-phone service and juices. Why DNA, which says it is launching…

Jul 23, 2010
‘Sports Arbitrage’ Betting Program Was Investment Scam, Feds Say; Yul Na Indicted For Wire Fraud, Money-Laundering; Faces Up To 890 Years In Prison

A man has been indicted in Las Vegas for stealing nearly $1 million from investors by telling them they were participating in a “sports arbitrage” betting program and could not lose, federal prosecutors said. An arrest warrant has been issued for Yul Na. He was charged in a criminal indictment with 30 counts of wire…

Jul 22, 2010
Idaho Sues 4 Men Amid Allegations Of ‘Upline’ And ‘Downline’ Fraud From Scheme Within A Scheme; State Seeks Return Of More Than $2.1 Million, Alleging Sale Of Unregistered Securities

EDITOR’S NOTE: The story below outlines civil allegations filed in Idaho against Brock Bruegeman, Brian Birch, Brandon Johnson and Sonny Jensen in which the state alleges they operated a pyramid scheme tied to what federal prosecutors have alleged was an upstream, $100 million Ponzi scheme operated in Utah by Rick Koerber. Koerber, who has denied…

Jul 22, 2010
BULLETIN: Beau Diamond Found Guilty On All 18 Counts In Florida-Based Forex Scheme; Office Of U.S. Attorney A. Brian Albritton Is Tackling A Number Of HYIP Schemes

BULLETIN: Beau Diamond, the Florida man accused of fleecing investors out of millions of dollars in a Forex Ponzi scheme, has been found guilty of all 18 counts against him. Diamond, 32, was the operator of Diamond Ventures LLC of Sarasota. He was arrested by the Pinellas County Sheriffâ€™s Office in September 2009, after a…

Jul 21, 2010
BULLETIN: Another ‘False Liens’ Case Alleged; Feds Charge Thanh Viet Jeremy Cao With Targeting Federal Judges, SEC, IRS, Secret Service And Prosecutors In Paperwork Scheme

BULLETIN: Yet-another bizarre paperwork attack on U.S. law enforcement has occurred. A California man has been charged with filing “false liens” in Nevada against federal officials and employees of the SEC, the Secret Service, the IRS, four federal judges and staff members of the U.S. Attorneyâ€™s Office for the Southern District of California, federal prosecutors…

Jul 21, 2010
MYTH-SHATTERING CASE: Local Prosecutors Extradite Ronald Paul Shade From Thailand To Face Real-Estate Ponzi Charges; Shade Also Accused Of ‘Financial Elder Abuse’

EDITOR’S NOTE: The PP Blog has covered a number of stories in which U.S. residents living overseas were extradited to the United States to face Ponzi charges. The case against Ronald Paul Shade is another one — and it’s one that demonstrates that an extradition can occur even if a defendant is not charged with…

Jul 21, 2010
SCAMMER’S GAMBLE BACKFIRES: Fraudster Who Chilled Customer With Lawsuit Threat Pleads Guilty To Mail Fraud; Philip Pestrichello Faces Up To 20 Years In Prison After Plea In ‘Work-At-Home’ Caper

UPDATED 4:51 P.M. EDT (U.S.A.) A convicted felon who emerged from prison and almost immediately launched a $1 million fraud scheme known as PPSN threatened to prosecute and sue a consumer who had filed an online complaint, federal prosecutors said. Although the threat caused the consumer to withdraw the complaint against Philip Pestrichello, Pestrichello’s bid…

Jul 19, 2010
CNN Covers Trevor Cook Ponzi: Strippers, Hookers, ‘Ladies Of The Evening’ And ‘Booze Runs’; ‘We Never Have Any Risk,’ Acknowledged Schemer Says

He wore a suit by day, persuading prospects he was buying commodities at a lower price and selling them at a higher price so quickly that there was no exposure to loss. Many of Trevor Cook’s investors identify themselves as Christians. His $190 million Ponzi scheme was centered in Minneapolis/St. Paul, a U.S. heartland region…

Jul 18, 2010
REMEMBER PRAEBIUS? Penny-Stock Firm ASD Claimed Would Pump $200 Million Into Its Coffers Was Flogged By California Man In ‘Fraudulent Touting’ Scheme During Month ASD Announced ‘Joint Advertising Venture,’ Records Show

A California man and his company have been accused by the SEC of running a “Fraudulent Touting” scheme that pumped the penny stock of Praebius Communications, a company the alleged AdSurfDaily Ponzi scheme once claimed would generate $200 million for its coffers through a joint “advertising” venture. Charged by the SEC with fraud were Songkram…

Jul 16, 2010
GO FINRA! Regulator Tackles Online HYIPs; Issues Warning On ‘Social Media-Linked Ponzi Schemes’; References P2P, Genius Funds, ‘Con Artists’ And ‘Bizarre Substratum’ Of Internet

EDITOR’S NOTE: It has become increasingly clear that regulators and the law-enforcement community are rallying around a common theme that web-based promoters are using discussion forums and social-networking sites in bids to sanitize HYIP Ponzi schemes by positioning them as attractive investment opportunities and even a thrilling form of gambling that pays commissions. Today the…

Jul 15, 2010

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