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Tag Archives: securities fraud

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

Hank Spacone Appointed Wannakuwatte Bankruptcy Trustee

Posted in Bankruptcy Clawback News, Wannakuwatte Bankruptcy

In the latest news from the Deepal Wannakuwatte Ponzi bankruptcy, well-known Sacramento CPA Hank M. Spacone has been appointed the Chapter 11 Trustee to oversee the case in US Bankruptcy Court. With an extensive background in the local business community, Spacone has already managed multiple bankruptcies, liquidations and reorganizations totaling in the hundreds of millions…. 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 Bankruptcy Trustee to Be Appointed

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

Following upon convicted Ponzi schemer Deepal Wannakuwatte’s declaration of Chapter 11 Bankruptcy in US Bankruptcy Court in Sacramento, the United States Trustee has requested the appointment of a Bankruptcy Trustee for Wannakuwatte’s case. As we previously reported, Wannakuwatte’s filing lists $134 million in debt, while his assets are calculated to stand at about $15 million…. 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

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

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

Prime Bank Buffoonery Explained

Posted in Ponzi Profiles, Ponzi Video

In an excellent breakdown of the craziness of prime bank schemes, Sarasota Herald-Tribune journalist Michael Pollick tells the story of the Morgans, a husband-and-wife team who managed to pull off a $28 million investment fraud. John Morgan, 55, is sitting out a 10-year prison sentence handed down in 2012 while his wife Marian, 59, is… 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

Whistleblower Key to Prosecuting Bank in Ponzi Lawsuit

Posted in Bankruptcy Clawback News, Legal Representation, Ponzi Profiles

Ponzi Clawbacks has posted extensive coverage of the Scott Rothstein Ponzi case, and not just because of its monstrous $1.2 billion scale. Rothstein himself was sentenced to 50 years in federal prison in 2010, but criminal corruption probes, adversary suits and other civil recovery efforts are ongoing. Indeed, the rulings made in the aftermath of… 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