According to the SEC’s complaint filed in U.S. District Court for the Northern District of Illinois, Spitzer conducted his fraudulent ponzi scheme, which involved 400 investors, from at least 2004 to the present. He only invested approximately $30 million of the more than $105 million he raised from investors. Of that amount, Spitzer used approximately [...]
A gang of unknown thieves has stolen nearly $10 million in micro-charges made to more than a million credit and debit cards in an elaborate years-long scam, according to a lawsuit filed by the Federal Trade Commission in March. Have any of these company names appeared on your bank card statement? The FTC says they [...]
Like many others, they attended a seminar presided over by investment guru Lawrence Leland “Lee Loomis” at a Holiday Inn and then went to a 2 day event at the Gold Country Casino in Oroville to learn more. The high school teacher and social worker were surrounded by professionals much like themselves, who responded to [...]
The Securities and Exchange Commission (SEC) says a Palm Beach Gardens investment advisory firm and 2 of its executives settled charges of running a $28 million Ponzi scheme. The SEC alleges that Trade-LLC, and its managing members, Philip W. Milton and William Center, convinced three private investment clubs, with more than 800 members nationwide, to [...]
2 IBM executives based in “Research Triangle Park” are among the defendants named in a federal lawsuit brought by a small Philadelphia-area technology company that claims IBM orchestrated a Ponzi scheme that defrauded the company of more than $12 million. The suit is seeking more than $100 million from IBM (NYSE: IBM). King of Prussia, [...]
Lee Bentley Farkas, the former chairman of a private mortgage lending company, Taylor, Bean & Whitaker (TBW), was arrested last night in Ocala, Fla., and charged in a 16-count indictment for his alleged role in a more than $1.9 billion fraud scheme that contributed to the failures of Colonial Bank, one of the 50 largest [...]
The Securities and Exchange Commission announced today that it has filed an emergency civil enforcement action to halt a fraudulent bridge loan scheme orchestrated by New York-based Chimay Capital Management, Inc. (Chimay Capital) and its chairman, Guy Albert de Chimay. The Commission’s action also seeks emergency relief, including a freeze of the defendants’ assets and [...]
A South Florida man accused of running a $40 million Ponzi scheme has turned himself in to face 6 counts of securities fraud. Federal prosecutors said 35 people (many of them from the Hispanic community) handed over millions of dollars to Luis Felipe Perez, believing the money was going to his jewelry business or providing [...]
On June 10, 2010, the Securities and Exchange Commission filed an injunctive action in U.S. District Court for the Western District of Washington, charging 6 individuals and four companies with securities fraud. The complaint alleges that Milowe Allen Brost, Gary Allen Sorenson, Larry Lee Adair, Ward K. Capstick, Bradley Dean Regier, Martin M. Werner, Syndicated [...]
Hawaiian Airlines warned consumers on Thursday about fraudulent vouchers being sold on Craigslist and 808 Classifieds that were purchased using stolen credit cards. “We want to alert consumers to this scam because we’ve become aware of someone selling travel vouchers and using other people’s credit card information to book tickets on Hawaiian and other carriers [...]
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