Search Results for: ponzi
Investment adviser to plead guilty to running a $21 million Ponzi scheme
July 7th, 2016
A Rhode Island investment adviser has agreed to plead guilty to criminal charges for orchestrating a $21 million Ponzi scheme, according to a statement from the U.S. Attorney’s Office. Aside from that scheme, Patrick E. Churchville, 47, also used ...
CFTC announced that individual and his companies ordered to pay nearly $17.5 Million for operating a Ponzi Scheme
July 6th, 2016
Garcia Sentenced to 78 Months in Prison and a Forfeiture of over $3 Million in a Parallel Criminal Case Federal Court Orders Nearly $17.5 Million in Sanctions against Naples, Florida Resident Dorian Garcia and his Companies for Solicitation Fraud, ...
UK: Three sentenced to 20 years for defrauding investors over £80m in Ponzi scheme
May 25th, 2016
Three men convicted of defrauding investors out of almost £80m ($116.4m, €104m) in a London-based Ponzi scheme to fund their lavish lifestyles have been sentenced to nearly 20 years in prison. Forty-year-old Jolan Marc Saunders, Michael Dean Strubel, 54 ...
New York attorney receives 5 years’ imprisonment for Ponzi scheme
May 20th, 2016
‘I don’t want anyone here to think that lawyers are like this. It’s just me.’ A former Skaddens attorney was sentenced to five years in prison yesterday after operating a Ponzi scheme which defrauded around 30 of his friends ...
City of London Police seized £30 million suspected to have been generated in FX markets and Ponzi schemes
April 26th, 2016
A South Wales man has been arrested by the City of London Police in possession of bankers’ drafts worth £30 million in what is believed to be the biggest ever money seizure made by UK law enforcement. The funds ...
MMM Global Closes Republic of Bitcoin, an Alleged Ponzi Scheme
April 13th, 2016
MMM Global has announced that it is closing its Republic of Bitcoin, a website promising up to 100% returns on donations. The company, called a “Ponzi” scheme by many, stated in a blog that the Republic of Bitcoin was an experiment ...
FCA: A sentence of 10 years imprisonment imposed on individual for a “giant Ponzi scheme”
November 25th, 2015
The Court of Appeal has upheld a sentence of 10 years imprisonment imposed on Phillip Harold Boakes following his conviction on 6 March 2015 on charges prosecuted by the Financial Conduct Authority (FCA). Mr Boakes was appealing his ...
China Has a $1.2 Trillion Ponzi Finance Problem
November 20th, 2015
Some 45% of new debt will be used to pay interest: Hua Chuang `Ponzi’ finance was seen by Hyman Minsky as unsustainable Chinese borrowers are taking on record amounts of debt to repay interest on their existing obligations, raising ...
Over $31 Million in penalties for Fraud and Ponzi Scheme Operator
October 21st, 2015
In a Related Criminal Action, John R. Bullar was sentenced to 8 Years 4 Months in Prison and Ordered to Pay over $6 Million in Criminal Restitution The U.S. Commodity Futures Trading Commission (CFTC) today announced that Judge Michael ...
Texas Man Admits to Bitcoin Ponzi Scheme
September 22nd, 2015
Trendon Shavers pleads guilty to a charge of securities fraud A Texas man admitted Monday to running a bitcoin Ponzi scheme, which at one time controlled about 7% of digital currency in circulation, in what authorities described as the ...
