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Category Archives: Ponzi Profiles

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Rothstein CFO Latest to Be Charged

Posted in Ponzi Profiles

As the clock winds down on possible indictments in Scott Rothstein’s $1.2 billion Ponzi scheme, the super scammer’s “right hand” is the latest to face charges in the case. Irene Shannon (maiden name Stay) is the subject of a criminal information filed in US District Court in Miami. Federal prosecutors say the 50-year-old Shannon, the… Continue Reading

TelexFREE Program Alleged to Be $1 Billion Ponzi Scheme

Posted in Ponzi Profiles

A well-known international network marketing business has been labelled a massive Ponzi scheme by civil authorities in Massachusetts just a day after it filed for bankruptcy protection. According to the Massachusetts Secretary of State’s Office, TelexFREE, a Voice over Internet Protocol (VoIP) sales program, is alleged to have raised $90 million in the Commonwealth alone… Continue Reading

Wolf of Wall Street “Not a Nice Guy”

Posted in Ponzi Profiles

Penny-stock scammer Jordan Belfort may have been immortalized on the silver screen in Martin Scorcese’s Oscar-winning The Wolf of Wall Street, yet his story wasn’t exactly one of redemption or lessons learned. And according to former NYPD detective and private investigator Richard “Bo” Dietl, Belfort remains ever the “scumbag.” Dietl would be one to know… Continue Reading

Wannakuwatte’s Helpers: Who, What & When

Posted in Ponzi Profiles

The civil case against Deepal Wannakuwatte will not stop with a guilty plea in his criminal matter. The pursuit of truth will continue, and the classic questions featuring in any thorough investigation will endure. What happened? The Wannakuwatte Ponzi scheme is at least $125 million and a dozen years in the making. Civil investigations of… Continue Reading

Stanford Brokers Targeted in Multimillion Clawback

Posted in Bankruptcy Clawback News, Ponzi Profiles, Ponzi Video

In the latest dispute over the ruins of Allen Stanford’s $7 billion empire of fraud, 329 former Stanford brokers have been targeted for $215 million. Stanford Receiver Ralph Janvey is looking to undertake clawback action against the onetime sales agents of Stanford Financial Group (SFG), which collapsed in 2009 after its signature certificate of deposit… Continue Reading

Ponzi Roundup: Two Guilty Pleas and International Clawback

Posted in Ponzi Profiles

Tom Petters: Clawback efforts in the aftermath of Minnesota mega-fraudster Thomas Petters’ $3.65 billion Ponzi scheme have escalated to a new level, with the case’s bankruptcy trustee looking to pursue actions to recover funds in several foreign countries. Asserting that “potentially hundreds of millions of dollars” found their way to international investors, Trustee Douglas Kelley’s… Continue Reading

Wannakuwatte Likely to Change Plea on Fraud Charges

Posted in Ponzi Profiles

The following is an update from Hackard Law attorney Jeremy Rutledge, who attended a Status Conference for Deepal Wannakuwatte in US District Court today in Sacramento. Wannakuwatte is accused of running a Ponzi scheme on a scale of anywhere from $125 million to $300 million. He currently faces charges of bank fraud. Today’s Status Conference… Continue Reading

.44 Magnum Scheme Shot Down Over Fraud Charges

Posted in Ponzi Profiles

A Colorado man has been charged with wire fraud and money laundering in an epic clown prime bank scheme. Peddling something called the “.44 Magnum Leveraged Financing Program,” 58-year-old Boulder-area bozo resident Geoffrey Lunn was able to pull off an investment fraud that flushed away $5.77 million from 70 investors, federal authorities say. Prior to… Continue Reading

SEC Says $65 Million “Cloud” Scheme Hot Air

Posted in Ponzi Profiles

The SEC has levelled civil action against a far-flung technology marketing scheme that has burned through $65 million in just one year. World Capital Markets, also known as WCM777, is the subject of the agency’s complaint over allegations that the company funneled at least $28 million of investor funds to bank accounts in Hong Kong…. Continue Reading

Vincent Singh Pleads Guilty in $20 Million Ponzi Scheme

Posted in Bankruptcy Clawback News, Ponzi Profiles

An Elk Grove, CA, man has admitted he engineered a $20 million Ponzi scheme that devastated the local ethnic Indian-Fijian community in Northern California. Vincent Thakur Singh, 45, pleaded guilty in US District Court last Thursday to single counts of wire fraud and making false statements in a bankruptcy. A wire fraud charge carries a… Continue Reading

Ponzi Roundup: Disney World Schemer Sentenced

Posted in Ponzi Profiles

Frank Geivelis: Prime bank buffoon Frank Geivelis pleaded guilty this Tuesday to a criminal count of wire fraud in US District Court in Pittsburgh. Geivelis, 34, operated a bogus high-yield investment program (HYIP) that stole $3.9 million from 45 victims. He was indicted in December of last year. From 2012 to 2013, Geivelis and a… Continue Reading

Wannakuwatte Arraignment Tomorrow

Posted in Ponzi Profiles

Deepal Wannakuwatte, the Sacramento businessman indicted for allegedly running a $125 million-plus Ponzi scheme through his companies IMG and RelyAid, will be arraigned tomorrow in US District Court. An attorney from Hackard Law will be present at the proceedings. Wannakuwatte’s arraignment is set for 2 PM on the Magistrate calendar. Here is the address for… Continue Reading

Infomercial King Gets Decade in Prison

Posted in Ponzi Profiles

Kevin Trudeau, the slippery pitchman par excellence you’ve probably spotted on your television screen during late-night bouts of insomnia, won’t have a chance to star in any more infomercials for quite some time. It’s not that the 50-year-old Trudeau is hanging up his hat voluntarily. In a sentence delivered yesterday by Judge Ronald Guzman in… Continue Reading

Wanna Know More About Wannakuwatte?

Posted in Ponzi Profiles

Accused Ponzi schemer Deepal Wannakuwatte has been formally indicted on three counts of bank fraud. The 63-year-old Wannakuwatte, once the owner of the Sacramento Capitals tennis team, was presented with the charges yesterday in US District Court in Sacramento. He is alleged to have defrauded multiple investors of at least $125 million through his medical… Continue Reading

Justin Bieber Scam Nets 11 Years in Prison

Posted in Ponzi Profiles

For some utterly mysterious reason, modern civilization is expected to care about the everyday comings and goings of a young man – and this is what passes for a man today – named Justin Bieber. A singing sensation to tween and teenage girls (“beliebers”), Bieber is an insidiously inescapable phenomenon. Anyone following the news is… Continue Reading

Rothstein Partner Indicted on Campaign Corruption Charges

Posted in Ponzi Profiles

With the clock ticking on possible further indictments in the $1.4 billion Scott Rothstein Ponzi case, a major figure in the affair has been charged with conspiracy this morning. Russell Adler, Rothstein’s former co-partner at the now-infamous Fort Lauderdale law firm Rothstein Rosenfeldt Adler (RRA), was presented with a criminal information filed in US District… Continue Reading

Puppeteer’s Ponzi Makes for Massive Clawback

Posted in Bankruptcy Clawback News, Ponzi Profiles, Uncategorized

The court-appointed receiver in the $600 million Zeek Rewards Ponzi case has launched the first round of clawback lawsuits against the principal figures in the scheme as well as net winners. Receiver Kenneth D. Bell filed two complaints in US District Court in Charlotte, NC, last Thursday for the purpose of recovering proceeds from Zeek’s… Continue Reading

Guilty Plea in “Janitor” Ponzi Scheme

Posted in Ponzi Profiles

A Long Island woman has decided to admit responsibility for carrying out a $6.9 million Ponzi scheme. Within the framework of a plea deal with federal prosecutors, 39-year-old Laurie Schneider, a resident of Oceanside, pleaded guilty to one count of wire fraud in US District Court on Friday. In the course of her scheme, Schneider… Continue Reading

Ponzi Indictment for “Financial Rock Star”

Posted in Ponzi Profiles

A Cleveland, OH, hedge fund manager has come under indictment for allegedly pulling off a $2 million Ponzi scheme. 34-year-old Anthony Davian, having once billed himself as a “financial rock star,” now faces multiple charges of fraud and money laundering in US District Court. Federal prosecutors say Davian was able to convince at least 20… Continue Reading