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Tag Archives: Plea Agreement

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

Wannakuwatte: What Might a Plea Agreement Look Like?

Posted in Bankruptcy Clawback News, Legal Representation, Ponzi Profiles

Deepal Wannakuwatte has been accused of masterminding a $150 million-plus Ponzi scheme, and he’s set to change his plea to guilty on May 1st in US District Court in Sacramento. Wannakuwatte’s indictment, however, doesn’t present the full array of charges that could be levelled against him; rather, it is limited to two counts of bank… Continue Reading

Rothstein CFO Latest to Be Charged

Posted in Ponzi Profiles

As the clock winds down on possible indictments in Scott Rothstein’s $1.2 billion Ponzi scheme, the super scammer’s “right hand” is the latest to face charges in the case. Irene Shannon (maiden name Stay) is the subject of a criminal information filed in US District Court in Miami. Federal prosecutors say the 50-year-old Shannon, the… Continue Reading

Ponzi Roundup: Two Guilty Pleas and International Clawback

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Tom Petters: Clawback efforts in the aftermath of Minnesota mega-fraudster Thomas Petters’ $3.65 billion Ponzi scheme have escalated to a new level, with the case’s bankruptcy trustee looking to pursue actions to recover funds in several foreign countries. Asserting that “potentially hundreds of millions of dollars” found their way to international investors, Trustee Douglas Kelley’s… 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

Ponzi Roundup: Disney World Schemer Sentenced

Posted in Ponzi Profiles

Frank Geivelis: Prime bank buffoon Frank Geivelis pleaded guilty this Tuesday to a criminal count of wire fraud in US District Court in Pittsburgh. Geivelis, 34, operated a bogus high-yield investment program (HYIP) that stole $3.9 million from 45 victims. He was indicted in December of last year. From 2012 to 2013, Geivelis and a… Continue Reading

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

Rothstein Partner Indicted on Campaign Corruption Charges

Posted in Ponzi Profiles

With the clock ticking on possible further indictments in the $1.4 billion Scott Rothstein Ponzi case, a major figure in the affair has been charged with conspiracy this morning. Russell Adler, Rothstein’s former co-partner at the now-infamous Fort Lauderdale law firm Rothstein Rosenfeldt Adler (RRA), was presented with a criminal information filed in US District… Continue Reading

$28 Million New Age Scam Fizzled

Posted in Ponzi Profiles

Renowned Vermont storyteller Malcolm “Mac” Parker and his chiropractor Lou Soteriou had a dream. They’d produce a film both so consciousness-expanding that viewers’ minds would be blown into rainbow afros just from watching it. The movie, Birth of Innocence, related to a grand spiritual journey of self-discovery, but like most things in this life, it… 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

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

Ponzi Roundup: No Contest from Restaurant Owner, Pop-Warner Mom Sentenced, Buffalo Man Guilty

Posted in Ponzi Profiles

Doug Kacos: A restaurant owner in Grand Rapids, MI, has pleaded no contest to a count of money laundering in connection with a $9 million Ponzi scheme. 58-year-old Doug Kacos, the proprietor of the New Beginnings diner chain, decided to throw in the towel in Ottowa County Circuit Court over the prosecution’s charges he assisted… Continue Reading

Ponzi Operator Reportedly Posed as Vice Detective

Posted in Ponzi Profiles

After being arrested for impersonating a police officer and sexually assaulting an escort, a Berlin, CT, man has been exposed as a Ponzi schemer this week. 55-year-old Frank Mete may have occupied himself with a rather peculiar set of extracurricular activities, but it’s now been established in US District Court that he was also busy… Continue Reading

Ponzi Pastor Promised Sky-High Returns

Posted in Ponzi Profiles

Joining a seemingly endless parade of con-peddling preachers, Florida pastor Charles Lawrence Kennedy, 71, agreed to plead guilty to wire fraud in relation to a $5 million Ponzi scheme. Kennedy had been indicted in March of last year for promoting a phony high-yield investment program (HYIP) along with Colorado residents Stanley Wayne Anderson and Edwin… Continue Reading

Clown Banking Proved a Bust for Scammers

Posted in Ponzi Profiles

Two prime bank scammers have been sentenced to federal prison time in US District Court after their being found guilty on charges of conspiracy, fraud and money laundering. Canadian citizen Randi Bochinski, 49, and Florida resident Alan Gilner, 78, received respective terms of six and seven years behind bars for operating a series of fraudulent… Continue Reading

Shock as “Getmoni.com” Revealed to be Scam

Posted in Ponzi Profiles

After the stunning revelation that a high-yield program promisingly named “Getmoni.com” was a Ponzi scheme, one of its promoters was sentenced to 6 years in prison. Flint, MI, tax planner John James Missitti was awarded his ticket to Club Fed this week after striking a plea bargain with the US Attorney’s Office in May. Missitti… Continue Reading