Tagged with "Ponzi Scheme"

Judgment Entered Against Florida Men who Conducted a Ponzi Scheme

Posted on May 13th, 2020 at 5:00 PM
Judgment Entered Against Florida Men who Conducted a Ponzi Scheme

Final judgement has been entered in the federal case brought by the U.S. Securities and Exchange Commission (“SEC”) against Neil Burkholz and Frank Bianco for an alleged Ponzi scheme they ran.  The SEC had already obtained a temporary restraining order and preliminary injunction against Burkholz and Bianco.

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Class Action Lawsuit against Wells Fargo Will Proceed

Posted on April 23rd, 2020 at 4:54 PM
Class Action Lawsuit against Wells Fargo Will Proceed

In a class action lawsuit filed against Wells Fargo for its role in an alleged Ponzi scheme, a judge ruled that Plaintiffs had alleged sufficient facts to support two of their claims.  Plaintiff’s claims that Wells Fargo aided and abetted fraud and also aided and abetted a breach of fiduciary duty will be allowed to proceed.  A third claim alleging negligence by Wells Fargo was dismissed.

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Firm Agrees to Pay $35 Million for Ponzi Scheme

Posted on April 2nd, 2020 at 1:49 PM
Firm Agrees to Pay $35 Million for Ponzi Scheme

Per the terms of a proposed consent judgment filed in New York Federal Court, International Investment Group LLC (“IIG”) has agreed to pay $35.2 million to resolve a case brought by the U.S. Securities and Exchange Commission (“SEC”).  In the Complaint filed by the SEC, IIG was alleged to have run a Ponzi scheme going back to 2007.  The agreed upon penalty consists of $30.9 million in disgorgement and $4.3 million in prejudgment interest.

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Three Individuals Charged With Falsifying Records in Connection with Investment Adviser Ponzi Scheme

Posted on March 17th, 2020 at 1:29 PM
Three Individuals Charged With Falsifying Records in Connection with Investment Adviser Ponzi Scheme

The SEC charged three individuals who, during their course of their employment, falsified and withheld documents that were requested by staff of the SEC during an ongoing investigation.

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SEC Charges Two More for Alleged Involvement in California Ponzi Scheme

Posted on January 24th, 2020 at 4:47 PM

Jeffrey and Paulette Carpoff are being accused by the Securities and Exchange Commission (SEC) of running a nearly one billion dollar Ponzi scheme.

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Illinois Jury Convicts Father and Son In $1.3 Million Investment Scheme

Posted on January 9th, 2020 at 2:51 PM
Illinois Jury Convicts Father and Son In $1.3 Million Investment Scheme

An Illinois federal jury recently convicted a father on 24 criminal counts and his son on 13 criminal counts. The defendants allegedly convinced family members and two church congregations to invest in what was a $1.3 million Ponzi scheme involving apartments in distress.

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SEC Bars Ex Securities America Rep For $1 Billion Ponzi Scheme

Posted on December 11th, 2019 at 5:06 PM
SEC Bars Ex Securities America Rep For $1 Billion Ponzi Scheme

The U.S. Securities and Exchange Commission ("SEC") has barred former Securities America broker and certified public accountant for his role in a Ponzi scheme that defrauded investors of about $1 billion.

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Final Defendant in Ponzi-Like Fraud Case Sentenced to 2 Years in Prison

Posted on December 6th, 2019 at 11:34 AM
Final Defendant in Ponzi-Like Fraud Case Sentenced to 2 Years in Prison

Cameron R. Jezierski is the last of three alleged perpetrators to be sentenced in a criminal case parallel to a 2018 SEC complaint regarding a $345 million Ponzi scheme that defrauded over 230 investors across the country.

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SEC Files Action to Stop $6 Million Ponzi Scheme Targeting Seniors in Florida

Posted on November 20th, 2019 at 2:03 PM
SEC Files Action to Stop $6 Million Ponzi Scheme Targeting Seniors in Florida

The Securities and Exchange Commission ("SEC") has filed an emergency action and obtained a temporary restraining order and asset freeze against two Florida men and the two companies they control in connection with an alleged $6 million Ponzi scheme that has defrauded at least 55 investors, many of whom are senior citizens.

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Maximum Prison Sentence Given to Perpetrator of $1.3B Ponzi Scheme

Posted on October 17th, 2019 at 5:23 PM
Maximum Prison Sentence Given to Perpetrator of $1.3B Ponzi Scheme

Robert H. Shapiro, former CEO of Woodbridge Group, will serve 25 years in prison for perpetrating a $1.3 billion Ponzi scheme, causing the loss of roughly $470 million for over 8,000 investors.

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