Tag: Bernard Madoff
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BULLETIN: Club Asteria Says Revenue Has Plunged ‘Dramatically’; Firm Blames Member Lies For Crisis, Compares Situation To Run On The Bank
BULLETIN: UPDATED 6:44 A.M. EDT (U.S.A.) Club Asteria, a Virginia-based company that claims to elevate people out of poverty globally by involving them in an MLM-like income and recruitment scheme, has acknowledged a revenue plunge and described it as dramatic. In an audio recording posted online, the firm blamed its current state on lies from…
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As Promos On Ponzi Forums Continue And Members Claim IRS Recognition, Club Asteria Acknowledges That Its Members Used PayPal ‘To Cheat Fellow Members’; Says Fraudsters Were Turned Over To Unidentified ‘Authorities’; Existing Members Of Virginia-Based Firm Told To Use Offshore Processors
In June 2010, the U.S. Department of Justice used its Blog to warn about the emerging threat of “mass marketing fraud,” specifically citing the criminal allegations of a $70 million Ponzi fraud against Nicholas Smirnow of Pathway To Prosperity (P2P). P2P was promoted on the TalkGold and MoneyMakerGroup Ponzi forums. A little over a month…
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BULLETIN: Steven Byers, Figure In $255 Million WexTrust Ponzi And Fraud Scheme, Sentenced To More Than 13 Years In Federal Prison
BULLETIN: UPDATED 8:48 A.M. EDT (U.S.A.) Steven Byers, the president and chief executive officer of WexTrust Capital LLC, has been sentenced to 160 months in federal prison for his role in an alleged $255 million Ponzi and fraud scheme that cost investors millions of dollars. Byers, 48, of Oakbrook, Ill., was sentenced by Judge Denny…
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DISTURBING: Out On Bail After Ponzi Arrest, Is Andy Bowdoin Giving Marching Orders? Email Attributed To Former ASD Executive Gary Talbert Advises Members To Tell Claims Processor They Were Purchasing ‘Advertising’
UPDATED 9:28 A.M. ET (U.S.A.) On Dec. 1, a federal magistrate judge set bail of $350,000 for AdSurfDaily President Andy Bowdoin and ordered him not to commit a federal, state or local crime after his arrest by the U.S. Secret Service on charges of wire fraud, securities fraud and selling unregistered securities. Bowdoin, 76, was…
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LETTER TO READERS: Reflections On 1,000 PP Blog Posts, The Lionization Of Fools And An Unprecedented Crime Wave That Threatens National Security And Is Filling Stadiums With Victims
Dear Readers, This is actually Post No. 1,007 since the PP Blog switched to the WordPress platform two years ago this month. We’d hoped to commemorate our 1,000th WordPress post in the actual 1,000th post, but missed the chance because of Breaking News concerning the Financial Fraud Enforcement Task Force’s Operation Broken Trust. Several hours…
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BULLETIN: Madoff’s Son Found Dead In New York On Second Anniversay Of Father’s Arrest, New York Times Reports
BULLETIN UPDATED 11:51 A.M. ET (U.S.A.): Mark Madoff, the older of Ponzi swindler Bernard Madoff’s two sons, has been found dead in New York on the second anniversary of his father’s arrest, the New York Times is reporting. The death was the apparent result of a suicide by hanging, the newspaper reported. Mark Madoff’s body…
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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 “stole from hard working Americans†and…
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RECEIVER: Trevor Cook’s Story ‘Does Not Make Sense’; Ponzi Losses Expected To Top $139 Million; America’s Sad, Stunning Ponzi Tale Continues
Some of the investors in the Trevor Cook/Pat Kiley Ponzi scheme are none too pleased with Cook’s plea deal, which may place a ceiling of 25 years on any prison sentence he receives while tens of millions of dollars remain missing. One investor has told the PP Blog that a group of investors is seeking…