Tag: SEC
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Hedge-Fund Manager With ‘Great Tan’ And Porsche ‘Getaway Car’ Sentenced To Decade In Prison For Ponzi Scheme; Judge Scolds Bradley L. Ruderman At Sentencing
After Bernard Madoff’s Ponzi scheme was exposed in December 2008, Beverly Hills hedge-fund manager Bradley L. Ruderman wrote a letter to clients assuring them them their money was safe and deploring Madoff’s “chicanery,” federal prosecutors in the Central District of California said. “[S]uch disgraceful practices will never happen under my watch,†Ruderman declared in the…
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New Jersey Woman Who Fleeced Unificationist Congregation In $15 Million Ponzi Scheme Gets 70 Months In Prison
A New Jersey woman who told members of the Unification Church that they could turn $3,000 into $6,000 in a year by investing in her real-estate business has been sentenced to 70 months in federal prison. Marcia Sladich, 51, of Clifton, pleaded guilty to mail fraud in July, admitting to U.S. District Judge Katharine S.…
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SEC Goes After $42 Million In Alleged Ill-Gotten Gains From Arthur Nadel Ponzi; Neil And Christopher Moody Accused Of A Reckless Lack Of Due Diligence And Misleading Investors
UPDATED 5:12 P.M. ET (U.S.A. JAN. 12) So, you want to mislead your clients about your role in your business, rely on the assertions of your business colleague and not perform thorough due diligence and double-check his claims that your investors are making enormous profits? Want to say later — after a Ponzi scheme collapses —…
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Iranian-Americans Targeted In Beverly Hills Investment- And Affinty-Fraud Scheme, SEC Says; Debentures Program Allegedly Pitched On Persian-Language Radio Show
UPDATED 7:03 P.M. ET (U.S.A. JAN. 12) A Beverly Hills radio host pitched his fraud scheme in Persian and targeted Iranian-Americans in Greater Los Angeles, the SEC said today. Client funds were used to build a mansion for John Farahi, 52, and and his wife, Gissou Rastegar Farahi, 50, the agency said. Client funds also…
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Toronto Police Department Seeks Assistance In Locating Alleged Ponzi Suspect Weizhen Tang; Says He Purported To Be The ‘Chinese Warren Buffet’
Police in Canada are looking for Weizhen Tang, 51, to arrest him in an international investment-fraud case. The Toronto Police Department says investigators believe Tang duped more than 100 investors in a $30 million Ponzi scheme. A warrant has been issued for Tang’s arrest. Investigators say fraud victims exist “across Canada,” and in the United…
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Massachusetts Man, 76, Becomes Latest Senior Citizen Implicated In Ponzi Scheme; Richard Elkinson Accused Of $29 Million Fraud; Investigators Find Millions Of Dollars In Las Vegas Casino Transactions
A Massachusetts man has been arrested in Mississippi and charged with orchestrating a $29 million Ponzi scheme by tricking people into believing they were investing in a company that provided uniforms for the Winter Olympics, the Pan American games and the government. Ironically, Richard Elkinson told investors he provided prison uniforms — and also uniforms…