Ponzi Schemes
This archive displays posts tagged as relevant to Ponzi and pyramid schemes. You may also be interested in the following pages:
December 18, 2014
Posted 01/22/16
Houston investment manager Robert Andres was sentenced to 56 months in prison and to pay more than $3.2M in restitution for orchestrating a $72M investment fraud scheme resulting in approximately $40M in losses to investors. According to his guilty plea, between October 2005 and 2011, Andres recruited investors for Winsome Investment Trust, where he served as the sole manager, attorney and trustee, by misrepresenting...
August 25, 2014
Posted 01/22/16
Former Hanover Corporation CFO Robert Haley and former Hanover salesman Daryl Bornstein were sentenced to serve 60 months and 70 months in prison, respectively, and ordered to pay $14.5 million in restitution for their roles in an $18 million Ponzi scheme. Hanover’s former CEO was previously sentenced to 14 years in prison and ordered to pay $14.7 million in restitution in this case. DOJ
August 15, 2014
Posted 01/22/16
Former Hanover Corporation CEO Terry Kretz was sentenced to 14 years in prison and ordered to pay $14.8M in restitution for orchestrating an $18 million Ponzi scheme. According to court documents, Kretz offered clients the opportunity to invest in Hanover through promissory notes bearing high interest rates, however, more than half of the money invested in Hanover went to repay earlier investors, to pay Hanover’s...
Top-10 DOJ Prison Sentences For Fraud In 2015
Posted 01/6/16
By the C|C Whistleblower Lawyer Team
Here is our look-back at the top-10 prison sentences secured by the Department of Justice for healthcare, financial and other types of fraud in 2015.
10. CHRISTOPHER CIAMPA -- The U.S. Army soldier stationed in Afghanistan was sentenced to 10 years for submitting fake Transportation Movement Requests (TMRs) for thousands of gallons of fuel that were neither...
July 31, 2015
Posted 07/31/15
Keith F. Simmons and his company, Black Diamond Capital Solutions, LLC, and Deanna Salazar and her companies, Life Plus Group, LLC and Black Diamond Holdings, LLC, have been hit with a $76 million penalty for running a foreign currency exchange (forex) Ponzi scheme. CFTC
April 1, 2015
Posted 04/1/15
The New Jersey Bureau of Securities has ordered Charles J. Boyer III and James A. Wilson to pay $1 million for allegedly operating a Ponzi scheme under which they transferred approximately $177,000 of investor funds into their own personal accounts rather than investing the funds as represented to investors. NJ