Preet Bharara

EDITORIAL: Ponzi schemers, Wall Street fraudsters and corrupt politicians must be taking comfort in the reported abrupt firing by the Trump administration of Preet Bharara, the U.S. Attorney for the Southern District of New York. There is no question that President Trump had the power to ask Bharara and dozens of other U.S. Attorneys who […]

Billing records in the TelexFree bankruptcy case show that advisers to court-appointed Trustee Stephen B. Darr held an hour-long teleconference with McGuireWoods, counsel to Zeek Rewards’ receiver Kenneth D. Bell. This appears to mark the first time that Zeek’s name has surfaced in TelexFree-related court matters. The two cross-border MLM/network-marketing fraud schemes allegedly gathered a […]

Before Liberty Reserve and its alleged co-conspirators were indicted in May, the company was involved in several horror-filled propositions. These included laundering $6 billion as part of schemes involving “credit card fraud, identity theft, investment fraud, computer hacking, child pornography, and narcotics trafficking,” federal prosecutors said. Now, Liberty Reserve figure Vladimir Kats, also known as […]

Arthur G. Nadel, the Florida fund manager and Ponzi schemer who briefly went on the lam in the weeks after Bernard Madoff’s even-greater caper imploded, has died. Nadel was 80, according to the Federal Bureau of Prisons. Nadel, sentenced in 2010 to 14 years in an elaborate fraud that operated between 1999 and 2009, died at […]

In Manhattan yesterday, U.S. Attorney Preet Bharara accused the online company Full Tilt Poker of operating a massive Ponzi scheme on a global scale. The prosecution of Full Tilt began in April. The case includes multiple online poker companies as defendants.  As the investigation evolved, the Full Tilt Ponzi scheme was detected, prosecutors said. It […]

URGENT >> BULLETIN >> MOVING: Federal prosecutors in New York say that Full Tilt Poker was a “global Ponzi scheme” that raked in “hundreds of millions of dollars” — while defrauding players and lining the pockets of insiders who used offshore bank accounts. Snippet from an amended complaint filed in the Southern District of New […]

David Eduardo Helmut Murcia Guzman (David Murcia), the MLM huckster whose pyramid scheme targeted the poor in Latin America and laundered money for a Colombian narcotics operation, has been sentenced to nine years in a U.S. federal prison. Murcia, 30, also faces a 30-year prison sentence in Colombia after his release from a U.S. jail. […]

BULLETIN: Raj Rajaratnam has been found guilty of all 14 counts of conspiracy and securities fraud filed against him in the Galleon Group insider-trading case. The verdict came on the 12th day of jury deliberations. It deals a devastating blow to Rajaratnam, but is a major win for prosecutors. The case was brought by the […]

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 […]

EDITOR’S NOTE: Lower in this story, the names of AdSurfDaily President Andy Bowdoin and other individuals appear. They are NOT the individuals referenced in the government communiqué described below. UPDATED 12:50 P.M. ET (U.S.A.) The name of a person known to have used at least two names and to have AdSurfDaily ties appears in a […]

BULLETIN: Attorney Jonathan Star Bristol has been arrested by federal agents and is scheduled to make an appearance in Manhattan federal court this afternoon to face criminal charges of money-laundering amid allegations he helped convicted fraudster Kenneth Ira Starr siphon money from clients though an escrow fund. “Today’s indictment should serve as a reminder to […]