Tag: California Ponzi schemes
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Judge Sets Hearing Date On WCM777 Receiver’s Claim That Attorney Linked To Phil Ming Xu Is Refusing To Return Millions And That ‘Xu Uses Nominees To Hold The Proceeds Of Fraud’
EDITOR’S NOTE: See related story from earlier today that outlines where about $2.133 million of the $5 million cited in the story below is being held for safe-keeping. The whereabouts of the balance is creating a mystery, according to court files. U.S. District Judge Christina A. Snyder has scheduled a hearing April 24 in Los…
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A BIG-BOAT PONZI: Man Wanted In Alleged California Ponzi/Securities-Fraud Caper Arrested In Florida; Edward Sellers Fitzgerald Charged With Ripping Off Senior Citizens, Others In Alleged ‘Yachts’ Swindle
A 60-year-old man wanted in Orange County, Calif., on multiple felony charges in an alleged securities swindle involving yachts was arrested last week by police in Delray Beach, Fla. Edward Sellers Fitzgerald was booked into the Palm Beach County Jail to await extradition by California authorities. If convicted of all counts, Fitzgerald faces 58 years…
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FBI: Affinity Fraudster Sued By SEC Launched Follow-Up Scam; Shervin Neman Allegedly Paid Law Firm, Earlier Victims With Money From New Mark — And Then Wrote A Bad Check For $2.35 Million
Shervin Neman, the alleged affinity fraudster sued by the SEC last year in a Ponzi scheme targeted at the Persian-Jewish community, now has been arrested by the FBI in Los Angeles. Neman, 31, also is known as Shervin Davatgarzadeh, the FBI said. The Century City resident was arrested today on a three-count indictment charging him…
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American Accused In Alleged California Ponzi Scheme And Wanted By INTERPOL Convicted In Drug Case In Ireland
A California man wanted by U.S. prosecutors in a Ponzi-scheme case was living in a rented house in Ireland and has been convicted in an Irish drug case, the Independent reported. Scott Edward Cavell, now 29, was described on the FBI website in 2009 as “still a fugitive, believed to be outside the United States.”…
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RECOMMENDED READING: ‘Naras Funds’ Was Ponzi Scheme Tied To 2 Other Fraud Schemes, Prosecutors Say; 50-Count Indictment Returned After 4-Year FBI/IRS Probe
“He marketed his plan as ‘simply the best financial plan ever created.’” — Office of U.S. Attorney Benjamin B. Wagner of the Eastern District of California, Sept. 14, 2012 A California man and his 76-year-old father-in-law ran a $7 million Ponzi scheme called Naras Funds, federal prosecutors said yesterday. The younger man — Lee Loomis,…
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SEC: California Scammer Traded On Agency’s Name To Sanitize $60 Million Fraud And Ponzi Caper; John A. Geringer And GLR Capital Management Charged With Fraud Amid Allegations ‘Fund’ Claimed Handsome Return Before It Even Existed
“Geringer painted the picture of a successful fund weathering America’s financial crisis through a diversified, conservative investment strategy. The reality, however, was the complete opposite. Geringer lost millions of dollars in the market, tied up remaining investor funds in a pair of illiquid private companies, and lied about it in phony account statements.” — Marc…
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UPDATE: John Chiyuan Lee, Scammer Whose Case Shattered Ponzi-Board Myth, Sentenced To California State Prison And Ordered To Make Restitution
In fleeing to Thailand, becoming a fugitive listed by INTERPOL and leaving dozens of U.S. victims in his wake when his Ponzi scheme collapsed, John Chiyuan Lee shattered the Ponzi-forum myth that “offshore equals safe.” “Safe — for a while while INTERPOL is beaming your picture 24/7 and U.S. authorities at the local, state and…