SEC sues Mich. man accused of raising millions in fraudulent scheme involved 1,200 investorsSeptember 30th, 2009 SEC sues Mich. man linked to alleged Ponzi schemeDETROIT — Federal regulators are suing a Detroit-area man who is accused of soliciting millions for the leader of a $250 million financial scam.
Feds: $80M ATM Ponzi scheme was 'giant cash machine' for 2 men charged in NYSeptember 21st, 2009 2 men charged in NY with $80M Ponzi ATM schemeNEW YORK — Two men lured victims into an $80 million Ponzi scheme by convincing them they were investing in thousands of automated teller machines that in fact were never purchased, federal authorities said Monday. Vance Moore II, 55, of Raleigh, N.C., and Walter Netschi, 62, of McKinney, Texas, each face a charge of conspiracy to commit wire fraud and nine counts of wire fraud.
Feds: 2 men charged in New York with $80 million ATM Ponzi schemeSeptember 21st, 2009 2 men charged in NY with $80 million Ponzi schemeNEW YORK — Two men are charged in New York with an $80 million Ponzi scheme involving an automated teller machine business, federal authorities said Monday. Vance Moore II, 55, of Raleigh, N.C., was arrested Friday in Garner, N.C., and was scheduled for an initial court appearance Monday in the Eastern District of North Carolina.
Feds seize heroin worth $17 million, indict 21 in Mexico, California drug ringJuly 30th, 2009 Feds seize heroin worth $17 million in CaliforniaSACRAMENTO, Calif. — Authorities say federal drug agents have broken up a narcotics ring responsible for importing heroin valued at $17.5 million into California from Mexico.
Feds charge 41 in Fla. mortgage fraud schemes involving $40 million in 6 different casesJuly 28th, 2009 Feds charge 41 in Fla. mortgage fraud schemesMIAMI — Federal prosecutors say 41 people have been charged in the latest round of South Florida mortgage fraud schemes.
Owner of Ill. cemetery says he had nothing to do with dumping bodies, moneymaking schemeJuly 15th, 2009 Ill. cemetery owner denies involvement in schemeALSIP, Ill. — The owner of a suburban Chicago cemetery that's been closed by authorities amid allegations that workers dug up bodies and resold plots says he had nothing to do with the alleged wrongdoing.
SEC accuses Lancelot Investment of investing more than $2 billion in alleged Ponzi schemeJuly 11th, 2009 Lancelot Investment accused of aiding Ponzi schemeCHICAGO — Lancelot Investment Management and its owner have been accused by the U.S. Securities and Exchange Commission of aiding a multibillion dollar Ponzi scheme.
Ruth Madoff gets passport back from feds, now free to leave countryJuly 8th, 2009 Ruth Madoff gets passport back from feds
NEW YORK — If Ruth Madoff wants to escape public scorn, she is now free to leave the country. A federal judge on Monday ordered the court system to return Madoff's passport.
SEC freezes assets of Dallas company accused of oil and gas-themed Ponzi schemeJuly 7th, 2009 SEC freezes assets of Dallas companyDALLAS — Federal regulators have frozen the assets of a company accused of running a $485 million Ponzi scheme centered on the oil and gas industry. In a statement issued Tuesday, the Securities and Exchange Commission says the scheme was orchestrated by three Dallas businessmen through a company called Provident Royalties LLC.
British hedge fund manager, chief investment officer settle US market-timing caseJune 29th, 2009 UK fund manager settles US market-timing caseWASHINGTON — A London-based hedge fund manager and its chief investment officer have agreed to a nearly $18 million settlement resolving U.S. regulators' allegations that one of its funds defrauded U.S.
Authorities indict 53 people for alleged schemes to cheat Medicare out of $50 millionJune 24th, 2009 53 indicted in alleged $50M Medicare fraud schemeWASHINGTON — Authorities have indicted 53 people for schemes to cheat Medicare out of $50 million. Suspects were arrested in Detroit, Miami, and Denver as part of a wide-ranging effort by the government to crack down on those allegedly defrauding the government-funded health care program for the elderly and disabled.
Feds charge 2 Calif. men of running $85 million Ponzi scheme targeting Korean-AmericansJune 10th, 2009 Feds accuse 2 Calif. men of conducting $85M schemeSAN FRANCISCO — Federal regulators have accused two Northern California men of conducting an $85 million Ponzi scheme that targeted Korean-Americans, pledging to deliver spectacular returns from foreign currency trading.
Feds say Detroit business was created to pay patients, cheat Medicare and peddle painkillersJune 4th, 2009 11 people charged in Detroit painkiller scamDETROIT — A federal indictment in Detroit says the government unwittingly paid more than $480,000 to a phony health-care business that was a front for acquiring and selling powerful painkillers as far away as Alabama. The indictment unsealed Thursday charges 11 people in the alleged scheme.
Feds: Toledo players accused of point shaving visited casinos, ate with Detroit gamblersMay 8th, 2009 Feds: Gambler met, spoke often with Toledo playersTOLEDO, Ohio — Court documents say former Toledo athletes charged in an alleged point-shaving scheme talked and met several times with two suburban Detroit men who bet large amounts on Toledo basketball and football games. A federal indictment in Detroit says Ghazi Manni (GAH'-zee MAN'-ee) of Sterling Heights, Mich., met with players near Toledo's football stadium and a casino in Detroit.
Raju used over 7,000 false invoices to fudge books: SleuthsApril 27th, 2009 NEW DELHI - The financial fraud perpetrated by the founders of Satyam Computer Services was executed through a well-planned accounting system that used as many as 7,561 fraudulent invoices worth Rs.5,117 crore to inflate the company's sales, the Central Bureau of Investigation (CBI) alleged Monday. To perpetrate the fraud, the accused also created an identity and code that not only bypassed all other accounting systems, but also managed to hide the fraudulent invoices from other departments, the premier investigating agency said.
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