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Tag Archives: Sentencing

Ponzi Roundup: Two Guilty Pleas and International Clawback

Posted in Ponzi Profiles

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

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

Justin Bieber Scam Nets 11 Years in Prison

Posted in Ponzi Profiles

For some utterly mysterious reason, modern civilization is expected to care about the everyday comings and goings of a young man – and this is what passes for a man today – named Justin Bieber. A singing sensation to tween and teenage girls (“beliebers”), Bieber is an insidiously inescapable phenomenon. Anyone following the news is… 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

Guilty Plea in “Janitor” Ponzi Scheme

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A Long Island woman has decided to admit responsibility for carrying out a $6.9 million Ponzi scheme. Within the framework of a plea deal with federal prosecutors, 39-year-old Laurie Schneider, a resident of Oceanside, pleaded guilty to one count of wire fraud in US District Court on Friday. In the course of her scheme, Schneider… Continue Reading

Man Admits Golf Course Scam

Posted in Ponzi Profiles

A businessman in Reno, NV, has pleaded guilty to scamming investors through what was supposedly the purchase of a golf course. Tahoe-area resident Scott Summerhays, 55, admitted responsibility to 24 federal criminal counts, including wire fraud, money laundering and identity theft, in US District Court last week. Originally indicted in 2012, Summerhays had convinced 11… Continue Reading

Former Deputy Sentenced for Ponzi Scheme

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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

Spy Preacher Gets Off Easy in Ponzi Case

Posted in Ponzi Profiles

Southern California’s most sensational spy preacher and Ponzi schemer was granted a light sentence yesterday in US District Court in Orange County. Dr. Moses Onciu, 57, was facing an extended stint in prison after being found guilty on charges of conspiracy and wire fraud in October of last year. A travelling minister who intimates he… Continue Reading

Ponzi Roundup: 10-Year Sentence, Pearlman Speaks Out, and Another Conviction

Posted in Ponzi Profiles

Steven Palladino: West Roxbury, MA, resident Steven Palladino, his wife and son all pleaded guilty to operating a $10 million Ponzi scheme that defrauded at least 42 people out of their savings. Shortly thereafter the 56-year-old Palladino and fellow family members were sentenced to the cheers of victims. As the architect of the scam, Palladino… Continue Reading

$28 Million New Age Scam Fizzled

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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

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

“Fly High Investments” Crashed Hard

Posted in Ponzi Profiles

A Miami, FL, man is facing up to 20 years in prison after admitting he engineered an investment fraud scheme. Daniel Paez, 27, managed to raise half a million dollars from at least 17 investors in multiple states, but it turned out he was running a scam. After coming under indictment in US District Court… Continue Reading

“Fed” Money Slingers off to Prison

Posted in Ponzi Profiles

With the Federal Reserve in the habit of issuing a monthly $85 billion to our nation’s beloved banks through bond purchases, it’s understandable if Joe Citizen might have a difficult time differentiating which dog-and-pony shows carry the stamp of legitimacy in our economy and which are officially fraudulent. Thankfully, the FBI and US Attorney’s Office… Continue Reading

“First Lady” of Florida Sentenced to 1.5 Years

Posted in Ponzi Profiles

Kim Rothstein, wife of mega-Ponzi mastermind Scott Rothstein, was sentenced Tuesday to 1.5 years in federal prison for hiding $1 million worth of gold and jewelry after her husband’s billion-dollar-plus scheme collapsed in 2009, an event that sent shockwaves through Florida’s business and political establishment. Rothstein’s better half pleaded guilty before US District Court Judge… 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