The SEC is accusing Old Westbury, NY resident Brian Raymond Callahan of orchestrating a massive Ponzi scheme. Callahan, regulators say, managed to raise $90 million from 45 investors on the premise he was sending their principal to New York hedge funds such as those belonging to Morgan Stanley. Using five offshore funds, he pooled investor… Continue Reading
Tag Archives: FINRA
Ponzi Schemer Went Underground at Disney World
Posted in Ponzi ProfilesJeffrey Kelly of Dublin, OH, has made a plea agreement with federal prosecutors after being accused of operating a $1.5 million Ponzi scheme that left 15 victims in its wake. The 45-year-old Kelly had been indicted last December in US District Court on 17 counts of mail fraud, wire fraud and interstate transport of fraudulently… Continue Reading
Pretend Hedge-Fund Star Left $4,000 Tip at Hollywood Nightclub “Specifically for Business”
Posted in Ponzi ProfilesGeorge Sepero of Glen Rock, NJ, has pleaded guilty to multiple charges of fraud in connection with a $3.5 million Ponzi scheme. The 40-year-old Sepero ran a web of phony hedge funds and foreign currency trading accounts in collusion with fellow New Jersey residents Carmelo Provenzano, 29, and Daniel Dragan, 41. Both Provenzano and Dragan… Continue Reading
Fort Lauderdale Broker George Elia’s “International Consultants & Investment Group Limited Corp.” was alleged Ponzi Scheme
Posted in Ponzi ProfilesGeorge Elia, an investment broker in Fort Lauderdale, FL, has been indicted for wire fraud by a federal grand jury as part of a larger investigation into an $11 million Ponzi scheme. Elia is suspected to have operated the fraud since 2005, when he began to pitch extravagant returns of 20% per year on stock… Continue Reading