Ponzi scheme

Just hours after news broke of a racketeering indictment by Colorado prosecutors against a Denver-area man in an alleged Ponzi scheme, Michigan prosecutors announced the racketeering indictment of a Greater Detroit woman in what was described as a real-estate Ponzi scheme. In the past two days, prosecutors from different agencies in different regions of the […]

It’s called “misprision of felony” under Section 4 of the U.S. Code, and here’s how it reads: “Whoever, having knowledge of the actual commission of a felony cognizable by a court of the United States, conceals and does not as soon as possible make known the same to some judge or other person in civil […]

UPDATED 3:17 P.M. ET (U.S.A.) The Federal Trade Commission has asked a federal judge to find attorney Jeffrey S. Benice in contempt of court for failing to turn over $238,300 to a victims’ compensation pool as required. Benice represented Charles Castro in the Network Services Depot Ponzi scheme involving the sale of Internet kiosks. The […]

Federal prosecutors and agents today began the process of seizing assets from Florida attorney Scott Rothstein, amid allegations he had been operating a Ponzi scheme involving hundreds of millions of dollars since 2005. The early probe is shaping up in largely the same way as the early probe into AdSurfDaily, a Florida business accused last […]

There has been nonstop news about Florida Ponzi schemes in the past 48 hours. Several indictments have been announced, the latest involving Sean Healy of Weston. Healy, 38, was charged in a 55-count indictment unsealed in Pennsylvania with multiple counts of wire fraud, mail fraud, money laundering and obstruction of justice. Prosecutors said Healy “spent […]

The U.S. Secret Service is conducting yet-another investigation into the practices of an Internet-based business amid Ponzi allegations. Agents have seized computers and business records from Regenesis Marketing Corp., which operates online as Regenesis 2×2 at this website. A felon on federal probation was an integral part of the company, according to court records. Meanwhile, […]

It was before Bernard Madoff and before Sir Allen Stanford. President Obama was candidate Obama. Sarah Palin, the little-known governor of Alaska, would not become part of the public consciousness for nearly another month. Few people had heard of the so-called “Arby’s Indians.” Fewer yet could instantly place Uruguay or Panama on a map or […]

Convicted Ponzi operator Bernard Madoff was sentenced to 150 years in prison today for destroying lives so he could live in the lap of luxury. Victims cheered the sentence, which prosecutors had recommended as a maximum. Madoff’s attorney argued for 12 years. U.S. District Judge Denny Chin said Madoff deserved the maximum, describing Madoff’s Ponzi […]

When the Securities and Exchange Commission charged R. Allen Stanford Feb. 17 with operating a multibillion-dollar fraud scheme through his bank in Antigua, the news created banking pandemonium on the tiny Caribbean island and also in Panama. In the days that followed, a surf known as BizAdSplash referenced the banking situation in Panama without referencing […]

He ran a slow-motion Ponzi scheme in Massachusetts that lasted 20 years. Now Bradford Bleidt is in federal prison, doing 11 years for money-laundering and mail fraud. The scheme fell apart earlier this decade when Bleidt couldn’t pay a $1.5 million redemption requested by a Greek Orthodox church. His final take was estimated at $32.6 […]