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Tag Archives: Complaint

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

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

Huckster Psychology 101

Posted in Ponzi Analysis

How is it that time and again Ponzi schemers are able to fool so many of us, whether we’re actual investors or just the bystanders who took their fraudulent business as legitimate? First of all, recall the everyday wisdom that hindsight is 20/20. Only in retrospective does it seem like everyone should have known that… Continue Reading

Medical Glove Company’s $125 Million Secrets Unfolding, Says Hackard Law

Posted in Legal Representation

SACRAMENTO, Calif., Feb. 24, 2014 — /PRNewswire/ — Many investors in Deepal Wannakuwatte’s enterprises considered him to be a friend, both loyal and charming. Charges in a Sacramento federal criminal complaint, if proven, would expose him as a liar, a cheat and a fraud. “My phone started ringing early Saturday morning,” says Michael Hackard of… Continue Reading

Alleged IMG Ponzi Scheme Carries Potentially Devastating Consequences for Sacramentans, Says Hackard Law

Posted in Ponzi Profiles

In addition to being a land of opportunity, America is also a land overwhelmed by Ponzi schemes that have wreaked $50 billion worth of devastation on American investors over the last six years. Sacramento investors, small and large, have not escaped the devastation. Now ominous signs point to an enormous Ponzi scheme that threatens the… Continue Reading

Guilty Plea in Star Trek Scam

Posted in Ponzi Profiles

An Illinois resident decided to plead guilty to a count of wire fraud in US District Court today after pulling a $25 million investment scam. Howard Leventhal, 56, admitted responsibility for the scheme before a federal judge in Brooklyn, but his trail of fraud stretched from the Midwest and Canada all the way to Florida…. Continue Reading

Special Investment Formula Was Ponzi Scheme

Posted in Ponzi Profiles

A Cincinnati, OH, hedge-fund manager has struck a plea bargain with federal prosecutors after being charged with running a $100 million-plus Ponzi scheme. Glen Galemmo, the focus of local media attention beginning with the shuttering of his business this summer, has agreed to admit guilt on counts of wire fraud and money laundering in US… Continue Reading

Infomercial Kingpin Off to Jail

Posted in Ponzi Video

Kevin Trudeau, the prolific infomercial pitchman for all manner of “cures” and keys to happiness, has been ordered to jail until he reveals what could be multiple millions in assets hidden overseas in an ongoing Federal Trade Commission case in Chicago. Trudeau, 50, has already been found in contempt by US District Court Judge Robert… 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

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

Lawyer in Ponzi Diamond Caper Gets 3 Years

Posted in Ponzi Profiles

Another page was turned in Scott Rothstein’s never-ending Ponzi story when lawyer Scott Saidel was sentenced to 3 years in federal prison. The verdict was issued in Fort Lauderdale yesterday by US District Judge Robin Rosenbaum after the 46-year-old Saidel had pleaded guilty to money laundering, obstruction and witness tampering. Saidel was the attorney for… 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

UConn Basketball Star Pulled Ponzi Scheme

Posted in Ponzi Profiles

Given America’s abiding admiration for the intellectual prowess and ironclad ethical integrity of basketball players, the country was shocked to learn that one its hoopster heroes had been convicted yesterday for running an investment scam. C. Tate George, 45, was found guilty in US District Court on four counts of wire fraud after pulling off a $2 million Ponzi… 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

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

Model Gets 7 Years for $7 Million Scam

Posted in Ponzi Profiles

Tina Louise Mangiardi, a former model and ostensible contracting entrepreneur in Orlando, FL, was sentenced Monday to 7 years in federal prison for running a Ponzi scheme. The 50-year-old Mangiardi managed to steal up to $7 million from at least 40 investors, a circumstance that ultimately brought her to strike a plea bargain with the… Continue Reading

Man Pulled Scam to Fund Judgeship Bid

Posted in Ponzi Profiles

An Atlanta-area lawyer pleaded guilty last week in US District Court to a charge of wire fraud after operating a $1.35 million scam. In a case of creative campaign financing, 35-year-old Michael Rothenberg was apparently so eager to land a seat on DeKalb County’s Superior Court that he concocted a bogus investment program in order… Continue Reading

Rags-to-Riches “Investment Wunderkind” Admits Fraud

Posted in Ponzi Profiles

Once billing himself as the country’s youngest-ever African-American hedge fund manager, 29-year-old Fredrick Douglas Scott must now face the music of federal prison time after reaching a plea agreement with the US Attorney’s Office. Last week Scott admitted that he scammed several investors out of $1 million through a bogus bridge-loan program. He had originally… Continue Reading