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Tag Archives: Scam

Beverly McFarland Appointed IMG Bankruptcy Trustee in Wannakuwatte Case

Posted in Bankruptcy Clawback News, Wannakuwatte Bankruptcy

The Wannakuwatte bankruptcy cases are both now under the supervision of Chapter 11 bankruptcy trustees. As we reported last week, Deepal Wannakuwatte’s personal bankruptcy is being handled by Hank Spacone, a Sacramento CPA with a deep background of administering similar liquidations and reorganizations. Now we can also confirm that Rocklin-based Beverly N. McFarland, a consultant… Continue Reading

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

Wannakuwatte Files for Bankruptcy

Posted in Bankruptcy Clawback News, Legal Representation, Ponzi Profiles, Wannakuwatte Bankruptcy

Prominent Sacramento businessman Deepal Wannakuwatte, already having admitted to engineering a massive Ponzi scheme, has now filed a $134 million Chapter 11 Bankruptcy in US Bankruptcy Court. As part of his plea deal with federal prosecutors, the 63-year-old Wannakuwatte agreed to the filing as well as forfeiture of bank accounts and property, plus anywhere from… Continue Reading

Second Rothstein Partner to Plead Guilty

Posted in Ponzi Profiles

The Scott Rothstein Ponzi case is rather like a cluster bomb of sensationalism and misery, having blanketed a wide radius of South Florida’s business and civic elite with scandal. Now the latest figure to come under federal prosecution is Stuart Rosenfeldt, formerly partner in onetime Fort Lauderdale powerhouse law firm Rothstein, Rosenfeldt and Adler (RRA),… 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

Lawyer Charged in Ponzi Scheme on the Run, Considered “Armed and Dangerous”

Posted in Ponzi Profiles

A Fort Lauderdale, FL, lawyer facing Ponzi scheme-related charges has been declared wanted by the FBI after skipping out on a scheduled hearing in US District Court two weeks ago. 67-year-old Michael Ralph Casey, whose whereabouts are unknown, is said to be “armed and dangerous” by federal authorities seeking him. Casey had been indicted in… 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

Rothstein Super Troopers Charged

Posted in Ponzi Profiles

New light is being shed on some of the alleged official corruption that intertwined with the Scott Rothstein Ponzi case when two high-ranking deputies in the Broward County Sheriff’s office were charged with conspiracy in US District Court last Friday. Federal prosecutors filed criminal informations against Lt. David Benjamin, 48, and Detective Jeff Poole, 47. Benjamin… 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

Feds Want TelexFREE Bankruptcy Moved to Massachusetts

Posted in Bankruptcy Clawback News, Ponzi Profiles

Now that the VoIP multilevel marketing program TelexFREE has been identified as a Ponzi scheme by both federal and Massachusetts state authorities, its bankruptcy protection status in Nevada is under scrutiny. The SEC has filed a motion in that state to have the company’s bankruptcy proceedings moved to the Commonwealth of Massachusetts, where most of… 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

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

TelexFREE Program Alleged to Be $1 Billion Ponzi Scheme

Posted in Ponzi Profiles

A well-known international network marketing business has been labelled a massive Ponzi scheme by civil authorities in Massachusetts just a day after it filed for bankruptcy protection. According to the Massachusetts Secretary of State’s Office, TelexFREE, a Voice over Internet Protocol (VoIP) sales program, is alleged to have raised $90 million in the Commonwealth alone… Continue Reading