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Tag Archives: Bankruptcy

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

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

IRS Rules for Clawbacks

Posted in Legal Representation, Ponzi Analysis

You could be the victim of a Ponzi scheme? At first you think that it simply can’t be. You know that the promoter showed inventory – financial statements – tax returns. You saw it yourself. Friends invested. It looked legitimate.  Now there’s shock. Racing thoughts. Betrayal. The promoter was a liar? A cheat? A fraud? The… Continue Reading

Indictment in Alleged $110 Million CA Ponzi Scheme

Posted in Ponzi Profiles

Two developers have been arrested by FBI agents over an alleged $110 million real estate Ponzi scheme that enveloped Southern California. Long Beach resident John Packard, 63, and Phoenix resident Michael Stewart, 66, had their January indictment released to the public yesterday by federal prosecutors. The two each face 11 counts of wire fraud, three… 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

Petters Ponzi Feeder Sentenced

Posted in Ponzi Profiles

James Fry, the investment manager who funneled mountains of cash into Thomas Petters’ $3.65 billion Ponzi scheme, received a sentence of 17.5 years in federal prison today in US District Court in Minneapolis. The 59-year-old Fry had been convicted in June on 12 counts of fraud and making false statements to SEC investigators. While he… Continue Reading

Stanford Ponzi Case Hits Supreme Court

Posted in Bankruptcy Clawback News, Legal Representation

Despite the government shutdown, the US Supreme Court is back in session, and its first order of business is connected with the second-largest investment fraud case in American history. Chief Justice John Roberts and his colleagues will be hearing arguments on whether to block further class-action lawsuits by investors in R. Allen Stanford’s Ponzi scheme,… Continue Reading

The Petters Clawback Case: A Reasonable Approach to Settlement

Posted in Bankruptcy Clawback News, Ponzi Video

Article by Hackard Law Associate Jeremy Rutledge As Thomas Petters cools his heels and enjoys the culinary fare of Fort Leavenworth Prison, his $3.6 billion Ponzi scheme continues to haunt victims in ongoing clawback litigation. The United States Bankruptcy Court in Minneapolis has been the arena for a host of adversary claims spawned by the… Continue Reading

TD Bank Hit Again Over Rothstein Ponzi

Posted in Bankruptcy Clawback News, Ponzi Profiles

Though Fort Lauderdale attorney Scott Rothstein’s $1.4 billion Ponzi scheme may have imploded in 2009, its fallout continues to reach the headlines with regularity. In the latest news, Toronto-Dominion Bank (TD Bank) has agreed to hand over another $52 million to the US government for facilitating the white-collar con that rocked South Florida and earned… Continue Reading

“General” Offered Fantasy Millions

Posted in Ponzi Profiles

A businessman in St. George, UT, was indicted on Wednesday over a $10 million investment fraud. Edmund Edward Wilson, 69, faces 32 counts of wire fraud and money laundering in US District Court for allegedly running a bogus real estate finance program. The SEC had previously filed a civil action against Wilson in March of… Continue Reading

If You Lie Down with Dogs, You Get Up with Fleas

Posted in Bankruptcy Clawback News, Legal Representation

This observation, attributed to Benjamin Franklin’s Poor Richard’s Almanac, brings to mind the common experience of Ponzi victims.  I’ve written about my own experience with a Ponzi artist – one who proclaimed that all things were possible (presumably all financial things); when I pointed out that some of what he wanted to make possible was… 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

“Viking Financial” Pillaged Investors, Federal Judge Says

Posted in Ponzi Profiles, Ponzi Video

The US District Court in Massachusetts issued a civil judgment against accused Ponzi schemer Steven Palladino this week, ruling that the defendant had committed securities fraud through his lending company Viking Financial Group. Palladino, 55, and his wife Lori, 52, were previously indicted by the Suffolk County District Attorney’s Office in March on felony charges… Continue Reading

Rothstein Victims to be Fully Reimbursed

Posted in Bankruptcy Clawback News

In a turn of events that could hardly have been foreseen when Scott Rothstein’s monster scam was exposed in late 2009, its victims will be fully reimbursed in accordance with an agreement reached in court last week. Rothstein, the flashy Fort Lauderdale lawyer who flushed $1.4 billion down a golden toilet of bogus “structured settlements,”… Continue Reading

Scheming Politician Pulled Facebook Fraud

Posted in Ponzi Profiles

Odessa, FL, resident and onetime Oregon gubernatorial candidate Craig Berkman pleaded guilty Tuesday to charges of securities fraud and wire fraud in US District Court. The 71-year-old Berkman struck a plea bargain with federal prosecutors after running a $13.2 million Ponzi scheme centered on pre-IPO stocks for major internet companies like Facebook. 120 investors, including… Continue Reading

Ponzi Video: CA Assemblywoman, Husband Sued Over Alleged Scheme

Posted in Ponzi Video

In Dana Point, CA, the self-proclaimed “godfather of trust deeds” has been accused by investors of running a multimillion-dollar Ponzi scheme. Dan Harkey, principal of hard-money lender Point Center Financial,  is alleged by the plaintiffs to have committed an investment fraud of $16 million dollars or more. Upwards of 80 investors may have been affected… Continue Reading