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Tag Archives: Fraud

An Invitation from the American Ponzi Association

Posted in Ponzi Profiles

Here at Ponzi Clawbacks, we came into possession of an official document of the American Ponzi Association (APA). We can’t vouch for its veracity, since the substance of any Ponzi schemer’s pitch is patent nonsense. Annual Meeting of the American Ponzi Association Dear Esteemed Fellow Ponzi Schemer, You are cordially invited to attend our annual… Continue Reading

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

Avarice

Posted in Ponzi Analysis

While some Ponzi schemes are in fact the result of terrible business judgment or other factors, many nonetheless result from overpowering greed, a vice classically known as avarice. Avarice rears its ugly head in investment fraud cases as a distinguishing characteristic – hence the mansions, luxury cars, fancy vacations, private jets and blowouts in Las… Continue Reading

Dead Resort Functioned on Ponzi Cash

Posted in Ponzi Profiles

The second figure in a $96 million Long Island-based Ponzi scheme has pleaded guilty to conspiracy to commit securities fraud. 42-year-old Adam Judd Manson, a real estate manager from Old Westbury, NY, has admitted to participating in a hedge-fund scam that raised $118 million from some 40 victims. His brother-in-law and co-conspirator in the scheme,… Continue Reading

Ponzi Roundup: Accused Schemers Splurged on Tanning

Posted in Ponzi Profiles

Scott Rothstein: The never-ending Rothstein Ponzi saga continues unabated; in the latest news, two former Broward County Sheriff’s deputies have made a plea deal with federal prosecutors. Detective Jeff Poole, 47, and Lieutenant David Benjamin, 48, acted as Rothstein’s personal enforcers during the height of his power – when the master schemer had virtual carte… Continue Reading

Wannakuwatte Guilty; Endangered Community with $150 Million Ponzi

Posted in Legal Representation, Ponzi Profiles

Today in US District Court, Deepal Wannakuwatte, a well-known Sacramento businessman and former owner of the Sacramento Capitals tennis team, pleaded guilty in connection to masterminding a $150 million Ponzi scheme that defrauded dozens of investors. He admitted responsibility to a count of wire fraud presented by FBI agents in a February criminal complaint, making… Continue Reading

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, Wannakuwatte Bankruptcy

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