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Ponzi Schemes

This archive displays posts tagged as relevant to Ponzi and pyramid schemes. You may also be interested in the following pages:

Page 9 of 17

The Latest on Cryptocurrency, Offshore Tax Avoidance and Money-Laundering, and Whistleblowing: A Report from OffshoreAlert Miami 2019

Posted  05/3/19
“A diverse collection of the hunters and the hunted.” That’s how the Wall Street Journal described the OffshoreAlert Conference in 2009. The 2019 conference was no different, bringing together those who work in the offshore industry, the government enforcers who try to stop the unscrupulous among them, and the asset recovery professionals who pursue lost funds. Alongside them were whistleblowers and their...
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April 30, 2019

Posted  04/30/19
Brynee Baylor, a former D.C. attorney, was convicted for her role in a $2 million investment fraud scheme. Baylor and her co-conspirators recruited investors into a phony trading program which promised large profits in a short amount of time with little to no risk. Baylor faces five years in prison for the conspiracy count, 20 years for the securities fraud count, and 10 years in prison for each of the first-degree...
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April 9, 2019

Posted  04/9/19
Antonio Carlos de Godoy Buzaneli of Florida was sentenced to 20 years in prison for his role in a scheme that raised approximately $150 million from investors for his company Providence Holdings International, Inc., which Buzaneli represented would invest in the factoring of accounts receivable in Brazil. In fact, much of the investors’ funds were used to make Ponzi-style payments to other investors, and to make...
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April 2, 2019

Posted  04/2/19
After being charged in 2017, Thomas Lanzana, Blackbox Pulse, LLC, Nikolay Masanko, and White Cloud Mountain, LLC have been ordered to pay more than $2.7 million in restitution and civil penalties in connection with their marketing of a foreign exchange trading scheme through which they fraudulently solicited and accepted funds from customers for the purported purpose of trading forex in a commodity pool.  In fact,...
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March 21, 2019

Posted  03/21/19
A hedge fund manager in Boston was sentenced to 14 years in prison for running a multi-million dollar Ponzi scheme from 2009 to 2017. Raymond Montoya, who ran RMA Strategic Opportunity Fund, LLC, was accused of misrepresenting the fund's rate of returns to induce millions of dollars in investments from unsuspecting victims across three states, including family, friends, and acquaintances. Montoya only invested a...
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February 21, 2019

Posted  02/21/19
Precious metals dealer Hannes Tulving, Jr. and The Tulving Company, Inc., have been ordered to pay a civil monetary penalty of $15.7 million, having been charged with fraudulent solicitation and misappropriation in 2015.  Between 2013 and 201, defendants fraudulently held themselves out as a reputable dealer in gold, silver, platinum, and palladium bullion and coins, soliciting more than $150 million in funds from...
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January 28, 2019

Posted  01/28/19
The Woodbridge Group of Companies LLC and its former owner Robert H. Shapiro have been ordered to pay $1 billion in penalties and disgorgement for operating a ponzi scheme targeting retail investors, including many retirees, through 281 related companies.  Shapiro was ordered to pay a $100 million civil penalty and disgorge $18.5 million in ill-gotten gains; the companies were ordered to disgorge $892 million.  SEC
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December 10, 2018

Steven Pagartanis pled guilty to conspiring to commit mail and wire fraud for orchestrating a Ponzi scheme that ran for 18 years. Pagartanis solicited elderly victims by guaranteeing a fixed return of 4.5 to 8 percent annually in real estate-related investments. Pagartanis directed his victims to make checks payable to an entity he secretly controlled and then utilized a network of bank accounts to launder the stolen funds, which he used to pay for exorbitant personal expenses and to cover purported “interest” payments. Pagartanis’ scheme resulted in actual losses of over $9 million and many of his victims lost substantial portions of their life savings. A civil case against Pagartanis has also been filed by the SEC. DOJ

Tagged in: Financial and Investment Fraud, Misrepresentations, Ponzi Schemes,

November 28, 2018

Posted  11/28/18
Edwin Fujinaga, the former president and CEO of MRI International, Inc., which purported to be a medical collections and investment company, was convicted after a five-week trial for his role in a $1.5 billion ponzi scheme. Fujinaga solicited investments from over 10,000 Japanese residents, promising investors that their funds would be used to purchase medical debt. In fact, less than two percent of investor funds...
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November 16, 2018

Posted  11/16/18
The CFTC and State of Utah have charged Rust Rare Coin, Inc. (RRC) and owner Gaylen Dean Rust for their roles in a precious metals Ponzi scheme. According to the DOJ press release, beginning in 2008 until only just recently, Rust fraudulently obtained over $170 million for RRC by lying to at least 200 investors in at least 17 states to get them to invest money in a silver pool. Investors were told the company's silver...
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