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Tag Archives: Ponzi

$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

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

If You Lie Down with Dogs, You Get Up with Fleas

Posted in Bankruptcy Clawback News, Legal Representation

This observation, attributed to Benjamin Franklin’s Poor Richard’s Almanac, brings to mind the common experience of Ponzi victims.  I’ve written about my own experience with a Ponzi artist – one who proclaimed that all things were possible (presumably all financial things); when I pointed out that some of what he wanted to make possible was… Continue Reading

Marine Vet Pulled Hedge Fund Scam, Says SEC

Posted in Ponzi Profiles

A former Marine is the subject of an SEC complaint for allegedly scamming fellow veterans through his hedge fund business. 26-year-old Clayton Cohn, a Chicago resident and one-time infantry machine gunner who served two tours in Iraq, is accused by the regulatory agency of perpetrating a $1.8 million fraud against 24 investors that included current… Continue Reading

Accused Scammers Propped Up Dead Resort Project

Posted in Ponzi Profiles

Two Long Island men have been indicted on charges of conspiracy, wire fraud and securities fraud in what federal prosecutors say was a $96 million Ponzi scheme. Brian Raymond Callahan, 43, and his brother-in-law Adam Manson, 41, are alleged to have operated a complex investment scam that ensnared at least 40 victims. The pair will… Continue Reading

3,000% Returns on Bitcoin Probably Scam – SEC

Posted in Ponzi Profiles

After just under a year’s investigation, the SEC has filed its first enforcement action related to Bitcoin, an online virtual currency launched in 2009. The agency has charged 30-year-old Trendon Shavers of McKinney, TX, with running a $4.5 million Ponzi scheme that defrauded at least 66 investors. Shavers ran the alleged scam when an individual Bitcoin (BTC)… Continue Reading

Peruvian Real Estate was $30 Million Ponzi

Posted in Ponzi Profiles

A Seattle, WA, man pleaded guilty last week to running a large-scale real estate investment fraud. Jose L. Nino de Guzman Jr., 30, admitted responsibility to charges of wire fraud and money laundering in what the US Attorney’s Office has termed a “classic Ponzi scheme.” He raised $30 million from 200 investors, including family, friends,… Continue Reading

“Viking Financial” Pillaged Investors, Federal Judge Says

Posted in Ponzi Profiles, Ponzi Video

The US District Court in Massachusetts issued a civil judgment against accused Ponzi schemer Steven Palladino this week, ruling that the defendant had committed securities fraud through his lending company Viking Financial Group. Palladino, 55, and his wife Lori, 52, were previously indicted by the Suffolk County District Attorney’s Office in March on felony charges… Continue Reading

Rothstein Victims to be Fully Reimbursed

Posted in Bankruptcy Clawback News

In a turn of events that could hardly have been foreseen when Scott Rothstein’s monster scam was exposed in late 2009, its victims will be fully reimbursed in accordance with an agreement reached in court last week. Rothstein, the flashy Fort Lauderdale lawyer who flushed $1.4 billion down a golden toilet of bogus “structured settlements,”… Continue Reading

Preachers on Party Bus Peddled Smoking Hot Returns

Posted in Ponzi Profiles

This week victims of the ‘3 Hebrew Boys’ scam learned they are set to receive $2.5 million more in recovered funds. Court-appointed receiver Beattie Ashmore, working out of Greenville, SC, announced that this latest round of recompense would probably be the last, barring any discovery of other money stashed away by the fraudsters. Last year… Continue Reading

Ponzi Roundup: Two Sentences and Another Delay for Kim Rothstein

Posted in Ponzi Profiles

With a high volume of relevant stories from cases we’ve previously covered, Ponzi Clawbacks is delivering a news roundup today. This feature will likely be periodic during the resolution of multiple cases from Ponzi Profiles. Julius Blackwelder: Stratford, CT, resident Julius Blackwelder was sentenced to 46 months in prison for perpetrating a $400,000 investment fraud…. Continue Reading