Tag: U.S. Attorney Benjamin B. Wagner
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California Scammers Who Wiped Out Investors In 4,000 Percent ‘International Bank Trades’ Swindle Get Extra Prison Time For Filing False Liens Against Federal Prosecutor, FBI Agents
Ronald Wesley Groves and Donald Charles Mann swindled $4.8 million from 642 investors in a bizarre “international bank trades” caper that promised a payout of 4,000 percent. Now, they’ve been sentenced to an extra year in federal prison for filing false liens against a federal prosecutor and two FBI agents involved in the fraud probe,…
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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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MOST UN-‘WISE’: 2 Ponzi Schemers Ride Their Wordplay To Prison Sentences Totaling More Than 33 Years; Judge Declares Crime ‘Evil’
“Defendant Trebor Company (Robert spelled backward) is a sole proprietorship owned by [Robert C. Brown Jr.] and is the name he has used for his ‘investment group.’” — U.S. Securities and Exchange Commission, in civil complaint against Trebor and Brown, July 23, 2008 “Evidence at trial established that much of the investor money was funneled…
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BULLETIN: Man Whose Invesment License Was Revoked 6 Years Ago Arrested In California; Janamjot Singh Sodhi Suspected Of Hatching Swindle That Gathered At Least $2.4 Million, Feds Say
BULLETIN: A California man whose license to deal in investments was revoked in 2005 and was the subject of a desist-and-refrain order four years later has been arrested on charges be was operating a fraud scheme, federal prosecutors said. Janamjot Singh Sodhi, also known as Jimmy Singh, was arrested yesterday and will make a court…
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SEC: Another Florida Ponzi Scheme; Financial Fraud Task Force: Guilty Plea By Attorney In California Mortgage-Fraud Case, Plus New Indictments
In a fast-moving news day on the fraud front, the SEC has accused two men and their Florida company of orchestrating a real-estate “promissory note” Ponzi scheme. Separately, the Financial Fraud Enforcement Task Force announced the guilty plea of a California attorney in a real-estate swindle, plus the indictments of seven other people in separate…