Tag: affinity fraud
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PROSECUTORS: California Man Hatched Ponzi Scheme And ‘Trust’ Scams — And Ripped Off His Elderly Mother’s Social Security Benefits After She Went Missing
A California man has pleaded guilty to hatching a real-estate Ponzi scheme, transferring a property acquired in the scheme to two “trust” accounts and cherry-picking his 82-year-old mother’s Social Security benefits after she went missing in January 2009. William Warren Baker, 59, of Laguna Nigel, now faces up to 10 years in state prison, prosecutors…
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CFTC: Michigan Man Sucked Church Members Into Forex Ponzi Scheme; Jeffery L. Groendyke Sued For Fraud
A Michigan man has been sued for fraud and misappropriation in yet-another alleged Forex Ponzi scheme, the CFTC said. Jeffery L. Groendyke of the Grand Rapids-area community of Middleville, Mich., gathered at least $953,305 since May 2010 and ripped off at least 54 customers through his at-home business known as JG Forex Fund (JGF), the…
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FLORIDA — AGAIN: State, Local Authorities Say Marguerite Martial Jean Ripped Off Hundreds Of Haitian-Americans In Affinity-Fraud And Ponzi Caper That Targeted Churchgoers
Marguerite Martial Jean has been arrested in Florida on felony charges of operating a $3.4 million Ponzi scheme that targeted Haitian-Americans and churchgoers in the Sunshine State. Florida has been plagued by Ponzi schemes and other forms of financial fraud. The announcement of Jean’s arrest was made by Miami-Dade County State Attorney Katherine Fernandez Rundle.…
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OH, FLORIDA! Spectacular New Allegations Raised In George Theodule Ponzi Scheme; Bank Sued For $68 Million Amid Accusation It Funneled Investors’ Cash To Fraudster Through ‘Drive-Thru’ Window
The Miami Herald broke the story last night (see link at bottom of post) that Wells Fargo, which merged with Wachovia Bank in December 2008 and assumed its liabilities, has been sued for $68 million by the court-appointed receiver in the George Theodule Ponzi scheme in Florida. Theodule largely targeted the Haitian-American community in his…
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BULLETIN: Now, An Investment-Fraud Scheme Targeted At Indian-Americans And Members Of The Hindu Faith; SEC Says Amit V. Patel Of Minnesota Poses ‘Danger To The Investing Public’
BULLETIN: The SEC has obtained an asset freeze against a Minnesota man in an alleged investment- and affinity-fraud scheme targeted at Indian-Americans and followers of the Hindu faith. Amit V. Patel of Shoreview raised “at least $2.5 million from at least five individuals that he met in the Indian-American community and Hindu temples in Minnesota,”…
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‘In God We Trust’ Scammer Who Fleeced Investors Sentenced To 15 Years In Prison; Byron Keith Brown Traded On God’s Name And U.S. Motto To Steal Millions From Clients Of Unlicensed Investment Business
An affinity fraudster and financial scammer has received a 15-year prison sentence in the “In God We Trust” caper, an online Ponzi scheme that traded on religion and patriotic sentiments while gathering more than $17 million. Byron Keith Brown, 34, of Vienna, Va., also was ordered by U.S. District Judge William M. Nickerson of the…
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BULLETIN: National Investment-Fraud Sweep Dubbed ‘Operation Broken Trust’ Nets 532 Defendants; AG Holder Says Capers Caused More Than $10 Billion In Losses; ‘Undercover Operations’ Part of Task Force Arsenal
U.S. Attorney General Eric Holder and members of President Obama’s Financial Fraud Enforcement Task Force said this morning that a nationwide sweep known as “Operation Broken Trust” has netted 343 criminal defendants and 189 civil defendants. Among the targets of the sweep were purveyors of Ponzi schemes, affinity fraud, prime bank/high-yield investment scams, foreign exchange…