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Tag Archives: affinity fraud

Vincent Singh, Sister Made Bollywood Rom-Com

Posted in Bankruptcy Clawback News, Ponzi Profiles

The sister of Northern California resident Vincent Thakur Singh, recently convicted in Sacramento for operating a $20 million investment scam, has turned out to be worthy competition for her sibling in matters of fraud. Sushila Devi Mosese of Auckland, New Zealand, pleaded guilty in that nation’s court system to embezzling $4.5 million from her employer…. Continue Reading

Feds Want TelexFREE Bankruptcy Moved to Massachusetts

Posted in Bankruptcy Clawback News, Ponzi Profiles

Now that the VoIP multilevel marketing program TelexFREE has been identified as a Ponzi scheme by both federal and Massachusetts state authorities, its bankruptcy protection status in Nevada is under scrutiny. The SEC has filed a motion in that state to have the company’s bankruptcy proceedings moved to the Commonwealth of Massachusetts, where most of… 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

Elderly Investors Exploited in Ponzi Scheme

Posted in Ponzi Profiles

An Elk Grove resident has been convicted of running an $11 million Ponzi scheme that exploited some 80 victims, a number of them senior citizens. Christopher Jackson, 46, was found guilty yesterday on charges of wire fraud in US District Court in Sacramento. Jackson is the last of a set co-conspirators to be convicted in… Continue Reading

Guilty Plea in $4 Million School Scam

Posted in Ponzi Profiles

A Jacksonville, FL, man has pleaded guilty to cheating teachers and school administrators in what turned out to be $4 million Ponzi scheme. Licensed insurance salesman Anderson Scott Hall, 49, admitted his responsibility to two counts of mail fraud, one count of wire fraud and one of money laundering today in US District Court. Hall… Continue Reading

Ponzi Pastor Promised Sky-High Returns

Posted in Ponzi Profiles

Joining a seemingly endless parade of con-peddling preachers, Florida pastor Charles Lawrence Kennedy, 71, agreed to plead guilty to wire fraud in relation to a $5 million Ponzi scheme. Kennedy had been indicted in March of last year for promoting a phony high-yield investment program (HYIP) along with Colorado residents Stanley Wayne Anderson and Edwin… Continue Reading

Prime Bank Schemer Guaranteed “Pots of Money”

Posted in Ponzi Profiles

Two Lansing, MI, men have been charged by state authorities with money laundering in the aftermath of a $9 million Ponzi scheme. 58-year-old Doug Kacos, owner of the New Beginnings restaurant chain, and 53-year-old Thomas Doctor are accused of converting investor funds to cash, which was then transferred to the mastermind of the scheme, one… Continue Reading

Sacramento Residents Continually Targeted by Investment Fraud

Posted in Legal Representation, Ponzi Video

The Sacramento area is unfortunately no stranger to investment fraud, as the news headlines regularly attest. Scammers use a variety of techniques and ruses to steal other people’s money under the guise of business ventures, oftentimes preying upon affinity groups like ethnic communities and churches. The Greater Sacramento Area includes seven California counties: Sacramento, Yolo,… Continue Reading

Ponzi Roundup: Nobel Nominee Sentenced, More Petters Fallout, No Bail for Football Star

Posted in Ponzi Profiles

Isreal Owen Hawkins: The man who nominated himself to the Nobel Peace Prize for running a large-scale oil and gold scam ended up being rewarded with federal prison time instead. Enterprising preacher-man Isreal Owen Hawkins, 58, was sentenced to 30 years of incarceration in US District Court in St. Louis. Indicted in 2010 and convicted… Continue Reading

Monster Ponzi Scheme Targeted Japanese Investors, Charges SEC

Posted in Ponzi Profiles

The SEC has leveled civil action against a Las Vegas, NV, man for what it says was a giant Ponzi scheme that exploited investors in Japan. Edwin Fujinaga, 66, is accused of engineering an $800 million investment fraud through the supposed purchase and profitable turnover of medical accounts receivable. Federal regulators allege that Fujinaga defrauded… Continue Reading

Behind the Ponzi: A Dictionary of Useful Terms

Posted in Ponzi Analysis, Ponzi Profiles

Algorithm: A super-fancy mathematical formula applied by a trading robot to generate fantastic profits without any risk. Asset Management: Taking the money entrusted by investors and blowing it on the construction of your dream mansion, a yacht and a Rolls Royce. Bona Fides: Word-of-mouth confirmation. “Bill told me he’s a trillionaire and wants me to… Continue Reading

Wedding Singer Performed Ponzi Act – SEC

Posted in Ponzi Profiles

A Tulsa, OK, investment advisor was accused by the SEC last week of perpetrating a sizable fraud against his clients. 40-year-old Larry J. Dearman, also well-known in his community as a wedding singer, is said to have starred in a $4.7 million Ponzi scheme that ensnared some 30 victims who entrusted him with their funds…. Continue Reading

Accused Ponzi Schemer Invested in Reality Show

Posted in Ponzi Profiles

The SEC has filed a federal civil action against an Indiana resident for what the agency says was a $6 million Ponzi scheme. Authorities allege that John K. Marcum of Noblesville, IN, plundered retirees’ savings in order to perpetrate an investment fraud that left at least 40 victims in its wake. The 49-year-old Marcum had… Continue Reading

Marine Vet Pulled Hedge Fund Scam, Says SEC

Posted in Ponzi Profiles

A former Marine is the subject of an SEC complaint for allegedly scamming fellow veterans through his hedge fund business. 26-year-old Clayton Cohn, a Chicago resident and one-time infantry machine gunner who served two tours in Iraq, is accused by the regulatory agency of perpetrating a $1.8 million fraud against 24 investors that included current… Continue Reading

3,000% Returns on Bitcoin Probably Scam – SEC

Posted in Ponzi Profiles

After just under a year’s investigation, the SEC has filed its first enforcement action related to Bitcoin, an online virtual currency launched in 2009. The agency has charged 30-year-old Trendon Shavers of McKinney, TX, with running a $4.5 million Ponzi scheme that defrauded at least 66 investors. Shavers ran the alleged scam when an individual Bitcoin (BTC)… Continue Reading

Peruvian Real Estate was $30 Million Ponzi

Posted in Ponzi Profiles

A Seattle, WA, man pleaded guilty last week to running a large-scale real estate investment fraud. Jose L. Nino de Guzman Jr., 30, admitted responsibility to charges of wire fraud and money laundering in what the US Attorney’s Office has termed a “classic Ponzi scheme.” He raised $30 million from 200 investors, including family, friends,… Continue Reading