Monday, May 17, 2021

ponzi scheme

Actor Zachary Horwitz arrested for running a $690 million Ponzi scheme

A Los Angeles actor was the mastermind of a $690 million Ponzi scheme that bilked investors who thought their money would finance distribution rights for movies that would run on HBO and Netflix, according to authorities. Zachary Joseph Horwitz, who...

New York-based investment advisory firm executive pleads guilty in $100 million Ponzi scheme

The managing partner of a New York City investment advisory firm pleaded guilty Thursday for his role in defrauding clients and investors out of more than $100 million. David Hu, 63, of West Orange, New Jersey, managing partner and the...

Victims of Bernie Madoff Ponzi scheme to get another $488 million payout

Bernie Madoff victims will get another $488 million in recovered funds, the Department of Justice announced Thursday. The cash will go to nearly 37,000 victims across the globe, according to a release from the U.S. Attorney’s Office in the Southern...

Pennsylvania attorney gets 6 years in prison for role in $2.7m Ponzi scheme

An Allentown, Pennsylvania, attorney was sentenced today to 78 months in prison followed by three years of supervised release for his role in a $2.7 million investment fraud scheme that victimized his law clients. Todd H. Lahr, 60, of Nazareth,...

PR firm MWW sues marketing guru in $10m fraud case

An alleged Ponzi-scheming public relations exec apparently ensnared actors Megan Fox and Mindy Kaling in his web of deceit, claims a Manhattan firm which says it was duped out of $2.5 million in the con. Hotshot marketing guru Andrew Garson,...

Swiss court orders Societe Generale to return $150m of Allen Stanford Ponzi cash

Societe Generale SA was reprimanded by a Swiss court and ordered to give up $150 million deposited by convicted fraudster Allen Stanford that it had fought for nearly a decade to keep. The court ruled that Societe Generale failed to...

Sarasota lawyer sentenced to 10 years in prison for role in $72M fraud scheme

A Sarasota man was sentenced to 10 years in federal prison for playing a key role with a local investment firm that prosecutors say operated a large-scale Ponzi scheme. Joseph S. Anile II also was ordered to pay $3.2 million, the amount...

Ponzi scheme ringleader arrested after trying to escape using underwater sea-scooter

The alleged ringleader of a Ponzi scheme that solicited $35 million for crypto mining and other investments has been arrested after attempting to flee FBI agents using a “sea scooter.” Matthew Piercey, the accused operator of two fraudulent firms that...

Real estate investment founder charged for using family to run Ponzi scheme

Four family members and a friend allegedly tricked investors out of $4.7 million using a Ponzi-like scam in an attempt to save the lead defendant's foundering investment firm, prosecutors have charged. Chander Singh, founder of SC Capitol Investors LLC, is accused...

Fake pastors charged in $28 million Ponzi scheme

Three Maryland men presenting themselves as pastors targeted church members and other investors in a Ponzi scheme that defrauded victims out of more than $28 million, according to a federal indictment unsealed Friday. Instead of providing customers with high rates...

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Former Rockbridge County jail superintendent gets 51 months in prison for corruption

The former superintendent of the Rockbridge County Regional Jail has been sentenced to 51 months in federal prison for...