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Tag Archives: Fraud

Feds Turn Up Pressure on TelexFREE

Posted in Ponzi Profiles

After the Commonwealth of Massachusetts filed an injunction against the Voice over Internet Protocol (VoIP) marketing program TelexFREE last week, the business is under further scrutiny – this time from the federal government. The SEC has levelled its own complaint and request for an asset freeze against the Boston-based company, which has extensively promoted its sales… Continue Reading

Wannakuwate Case: Are Clawbacks Looming?

Posted in Bankruptcy Clawback News, Legal Representation

The Deepal Wannakuwatte case is entering a new phase.  Leaders in the Northern California bankruptcy community are abuzz with the near certainty that a bankruptcy, likely an involuntary one, will be filed in the Wannakuwatte case. Such a filing will bring the appointment of a trustee coupled with the later appointment of counsel. Whether special… Continue Reading

Financial Elder Abusers Endanger Our Communities, Says Hackard Law

Posted in Legal Representation

Caretakers, caregivers, brokers, investment advisors or any other people that serve elders in our community must be subject to safeguards that protect the community from predictable crimes.  Finding ways to enforce these safeguards is a challenge for family members and for those professions and people who serve our senior citizens. Financial elder abuse in California… 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

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

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

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

Hollywood Scamming Investors, Says Federal Prosecutor

Posted in Ponzi Profiles

Movie studios in Hollywood are running extensive telemarketing schemes to defraud investors of their savings, says an experienced federal prosecutor. Assistant US Attorney in the Central District of California (Los Angeles) Ellyn Lindsay was interviewed by CBS News as part of an investigation into film production companies that raise money using boiler-room tactics, false promises… Continue Reading

Former Deputy Sentenced for Ponzi Scheme

Posted in Ponzi Profiles

A former El Paso County, CO, sheriff’s deputy was sentenced in US District Court to 2.5 years in prison Tuesday for running a Ponzi scheme. David N. Hawkins, 44, had operated a bogus foreign exchange investment program that bilked 73 victims, some of them his colleagues in law enforcement, out of $1.2 million. Hawkins had… 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

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