Ponzi

BULLETIN: Nevin K. Shapiro, the founder and president of Capitol Investments USA Inc., surrendered to authorities this morning after being charged both criminally and civilly in an alleged $900 million Ponzi and fraud scheme in south Florida and elsewhere, the SEC said. Shapiro, 41, is a prominent Miami Beach businessman and philanthropist in the wholesale […]

A California man who tried to adopt the identity of a deceased classmate from his school days to flee the United States while his Ponzi scheme was unraveling has been sentenced to 159 months in federal prison. The FBI and the State Department already were aware that John Anthony Miller’s scheme was falling apart when […]

UPDATED 5:24 P.M. ET (U.S.A.) Is the “joe” who posted here before being blocked for showcasing an utter lack of restraint the same “joe” who pitched four HYIPs on the Pro-AdSurfDaily Surf’s Up forum two days ago? We don’t know. We do know, however, that both “joes” have pushed Ponzi programs and displayed an astonishing […]

EDITOR’S NOTE: The story below references a column by Renee McGaw in the Denver Business Journal. Make sure you read the column. The link is at the bottom of this story. The column reminded us of what occurred in the opening hours of the prosecution against the assets of Florida-based AdSurfDaily Inc., accused in August […]

Shawn R. Merriman has pleaded guilty to mail fraud in a Ponzi scheme case that swindled dozens of investors in Colorado,  Minnesota and Utah. The scheme involved more than $20 million, prosecutors said. Merriman, 46, of Aurora, Colo., faces up to 20 years in prison and a fine of up to $250,000. The SEC said […]

In a day of notable irony, the Obama administration announced the creation of an Interagency Financial Fraud Task Force led by the Department of Justice. Critical support functions will be provided by the Treasury Department, the Department of Housing and Urban Development and the Securities and Exchange Commission. One of the first cases the new […]

The probe into the business affairs of Fort Lauderdale attorney Scott Rothstein may involve more than $1 billion directed to a Ponzi and fraud scheme, the FBI said today. Earlier estimates had placed the total at up to $500 million, and the FBI has made a public appeal for potential victims to provide information. Separately, […]

UPDATED 6:51 P.M. EDT (U.S.A.) Kenneth Kenitzer of Pleasanton has become the most recent senior citizen to face significant jail time for his actions in a Ponzi and affinity fraud scheme. The California Ponzi fleeced investors and churchgoers out of at least $40 million, authorities said. Kenitzer, 66, is expected to plead guilty “in the […]

Dear Readers, Two days ago we received a note from a woman who identified herself as a member of AdViewGlobal (AVG). The note was intended for publication, but we declined to publish it. The woman described herself as angry about developments at the surf. We would have published the note, except for one thing: The […]

On Monday, prosecutors filed papers to begin the process of finalizing the default of more than $14 million seized from Bank of America accounts controlled by Golden Panda Ad Builder President Clarence Busby and his daughter, Dawn Stowers. A court clerk today entered a default notice for a total sum of $14,045,598.07.  The notice clears […]