Search Results for: ponzi scheme
SEC Charges Former Stockbroker With Conducting Ponzi Scheme
July 2nd, 2015
The Securities and Exchange Commission today charged a former stockbroker in Pennsylvania with conducting a Ponzi scheme and stealing investor money to purchase a condominium in Florida and afford his own vacations and other luxuries. The SEC alleges that ...
Possible $500,000 Bitcoin Cloud Mining Ponzi Scheme Uncovered
June 8th, 2015
Roughly nine months ago, Bitcoin Foundation Chief Scientist Gavin Andresen made a rather interesting comment on Reddit in which he claimed, “I suspect many will turn out to be Ponzi schemes.” There have been a few cloud mining scams uncovered ...
Alleged Ponzi scheme operator faces court
May 26th, 2015
Following an ASIC investigation, an Adelaide man has faced court accused of deception totalling $12 million. Former mortgage broker Michael Samra faced Adelaide Magistrates Court on 22 May 2015 charged with 12 counts of deception. ASIC alleges Mr Samra ...
World Bank: Bitcoin is not a “Ponzi Scheme”
November 19th, 2014
Ponzi scheme: A fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator. Many of the ...
Texas man charged in first-ever bitcoin Ponzi scheme
November 7th, 2014
In the first federal securities case involving a Ponzi-scheme using the digital currency, a Texas man was charged Thursday in New York with defrauding investors of millions of dollars worth of bitcoin. Trendon Shavers, 32, was arrested at his ...
CFTC Charges Ohio Executive Management Advisors L.L.C., with Fraud and $8.3 Million Ponzi Scheme
September 24th, 2014
The U.S. Commodity Futures Trading Commission (CFTC) has filed a federal civil enforcement action in the U.S. District Court for the Southern District of Ohio against Defendants John R. Bullar, who resides in Cincinnati, Ohio, and Executive Management Advisors ...
Despite Exposure of Madoff Fraud, New Ponzi Schemes Emerge
July 11th, 2014
When the money was rolling in from investors, Scott W. Rothstein, a lawyer in Fort Lauderdale, Fla., bought his wife, Kimberly, more than $1 million in jewelry, including an opulent 12-carat yellow diamond ring. He lived in a multimillion-dollar ...
FINRA Expels Success Trade Securities and Bars CEO Fuad Ahmed for Ponzi Scheme
June 26th, 2014
The Financial Industry Regulatory Authority (FINRA) has announced that a FINRA hearing panel has expelled Washington, D.C.-based Success Trade Securities, Inc. from membership and barred its CEO and President, Fuad Ahmed, for the fraudulent sale of promissory notes and ...
SEC Charges Chicago-Based Investment Fund Manager With Stealing Investor Money and Conducting Ponzi Scheme
May 30th, 2014
The U.S. Securities and Exchange Commission has announced fraud charges and an asset freeze against a Chicago-based investment fund manager accused of stealing money he raised from investors to pay personal and business expenses. The SEC alleges that Neal ...
SEC shuts down a $345 million Ponzi-like scheme
September 24th, 2018
The Securities and Exchange Commission (SEC) announced it has obtained a court order halting an ongoing Ponzi-like scheme that raised more than $345 million from over 230 investors across the U.S. The SEC also obtained an emergency asset freeze and ...
