|Comments Off on Chicago ‘Mini-Madoff’ Gets Nearly 6 Years In $1.7M Fraud

A 26-year-old Chicago man was sentenced Wednesday in Illinois federal court to nearly six years behind bars after copping to conning investors out of more than $1.7 million in what federal prosecutors have called a “mini-Bernie Madoff scam.”

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|Comments Off on CFTC Wins Asset Freeze In $13M Churchgoer Ponzi Suit

An Arizona federal judge issued an asset freeze Thursday against a man accused by the U.S. Commodity Futures Trading Commission of tricking Mormon church members into investing in a $13 million trading scheme that funded his personal expenses and Ponzi scheme payments.

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|Comments Off on NY Forex Trader Imprisoned For $1.5M Fraud Sued By CFTC

A Long Island man imprisoned for running a foreign exchange scheme was accused on Monday by the U.S. Commodity Futures Trading Commission of taking $1.5 million from investors, hiding his losses and spending what remained on phony returns payments and personal expenses.

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|Comments Off on Fallen Financier Gets 3 Years For $23M Commodities Fraud

A Manhattan federal judge on Tuesday sentenced fraudster Haena Park, who left dozens of friends and family members in financial dire straits after a six-year campaign of lies, to three years in prison, citing the defendant’s remorse, health issues and her pregnancy for showing leniency.

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|Comments Off on Feds Bust Another Ticket Resale Ponzi, Say CEO Took $70M

Federal prosecutors accused a Long Island, New York, man on Wednesday of defrauding investors in a ticket resale business out of at least $70 million, echoing charges filed four months ago against two other men in an unrelated but similar scheme.

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|Comments Off on Hedge Fund Manager Cops Guity Plea for Multi-Million Dollar Ponzi Scheme

Recently a Virginia hedge fund manager pled guilty to a $9 million Ponzi scheme. The case dealt with over 50 clients who invested in the investment manager’s hedge fund where he bragged of earning returns regularly beating the S & P 500. In reality, he both spent his clients’ monies on his living expenses and used the monies to cover losses he generated in trading activities. In typical Ponzi scheme fashion, he used new investor funds to pay off older investors who decided to cash out.

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|Comments Off on PNC Bank Asks 6th Circ. To Back $70M Ponzi Suit Dismissal

PNC Bank NA has urged the Sixth Circuit to uphold the dismissal of a proposed class action brought by investors in an Ohio couple’s alleged $70 million Ponzi scheme, arguing the lower court was correct to toss the suit because the investors never claimed the bank did anything more to participate in the scheme than provide the couple with normal banking services.

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|Comments Off on Firm, CEO To Pay $4M In Ponzi-Like Life Settlement Scheme

An investment company and its CEO agreed Thursday to pay more than $4 million to settle a New Jersey federal suit alleging they took in new money to pay off earlier investors in a Ponzi-like scheme and cut the owner an outsize take of the capital raised, the U.S. Securities and Exchange Commission announced.

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|Comments Off on Ex-Cay Clubs CFO Seeks Leniency In $300M Ponzi Sentence

A Florida real estate executive convicted for bank fraud in an alleged $300 million Ponzi scheme repeated his opposition to prosecutors’ recommendation of a 93-year prison sentence and millions in restitution and fines on Monday, saying he has no prior arrests and has a low likelihood of recidivism.

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|Comments Off on Securities Broker GTS Agrees To Injunction In $13M Suit

Global Transition Solutions Inc. agreed to an injunction Thursday to settle U.S. Securities and Exchange Commission claims that the transition management brokerage bilked customers out of $13 million by coordinating with routing brokers to impose markups on the transactions and splitting the proceeds.

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