Judge considers revoking bail for NY businessman accused of orchestrating $413M Ponzi schemeOctober 8th, 2009 Judge reconsiders bail for NY man accused of fraudCENTRAL ISLIP, N.Y. — A federal judge is considering a request by prosecutors to revoke bail for a New York businessman accused of orchestrating a $413 million Ponzi scheme.
Prosecutors say they're working to untangle multistate, Ponzi-like adoption scamSeptember 30th, 2009 Couples allege Ponzi-like adoption scam by NY manMINEOLA, N.Y. — An attorney who claimed his own experience as an adopted child motivated him to help people seeking to start families is suspected of running a Ponzi-like scheme that ripped off couples from New York to Texas, promising children that didn't exist.
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.
Vietnam puts 16 people on trial for selling babies for foreign adoptionSeptember 22nd, 2009 HANOI, Vietnam — A court in northern Vietnam has put 16 people on trial for allegedly selling more than 250 babies for foreign adoption, a court official said Tuesday. The head of two social welfare centers in Nam Dinh province as well as several doctors and nurses at village clinics went on trial Tuesday, said Dang Viet Hung, the chief judge at the court hearing the case.
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.
NYC man charged in Ponzi scheme that diverted millions to bad real estate deals, porn companySeptember 8th, 2009 NYC man charged in Ponzi scheme with porn linkNEW YORK — A small-time money manager who did business out of a shabby storefront in Brooklyn was charged Tuesday with running a $40 million Ponzi scheme that secretly diverted client money to unauthorized ventures, including a mail-order pornography business. Federal prosecutors and the Securities Exchange Commission said Philip Barry, 52, ran the scam without detection for 31 years until the economic downturn bankrupted him last summer.
NY prosecutors signal plea deal with Bernard Madoff's longtime accountant in sightJuly 15th, 2009 NY prosecutors near deal with Madoff accountantNEW YORK — Federal prosecutors in Manhattan have signaled they may be near a plea deal with Bernard's Madoff longtime accountant. The prosecutors notified the court on Wednesday they intend to file a document that would allow David Friehling (FREE'-ling) to plead guilty in the case instead of being indicted.
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.
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.
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.
Western NY businessman pleads guilty in Ponzi scheme that bilked millions from CatholicsJune 8th, 2009 NY businessman pleads guilty in Ponzi schemeBUFFALO, N.Y. — A western NY businessman is facing up to a 25-year prison sentence and a $50 million fine after admitting he orchestrated a multimillion dollar Ponzi scheme that targeted Catholics.
Maryland prosecutors charge 5 with $70M mortgage Ponzi scheme, feds signal aggressivenessApril 27th, 2009 5 charged in $70M mortgage Ponzi schemeWASHINGTON — Five people were charged with fraud Monday in what prosecutors say was a mortgage scheme that defrauded over 1,000 people of more than $70 million. Maryland prosecutors say it was all a complicated Ponzi scheme run by a company called Metro Dream Homes.
NY investment adviser indicted on charges of masterminding $413 million Ponzi schemeApril 24th, 2009 NY adviser indicted in $413 million Ponzi schemeCENTRAL ISLIP, N.Y. — An investment firm owner masterminded a $413 million Ponzi scheme that fleeced more than 6,000 people, a federal indictment charged.
New York ponzi scheme accused Madoff could spend 150 years in prisonMarch 12th, 2009 NEW YORK - Bernard L. Madoff, the man accused of defrauding people of billions of dollars while operating a vast Ponzi scheme that began at least 20 years ago, is to plead guilty to the charge on Thursday, and if he does so, he could spend at least 150 years in prison.
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