Ponzi Scheme – Utah : E&R Holdings, Wise Financial Holdings, Momentum Leasing … The Securities and Exchange Commission announced the filing of a complaint in federal district court against Raymond P. Morris (Morris), James L. Haley (Haley), Jay J. Lindford (Lindford), attorney Luc D. Nguyen (Nguyen), E&R Holdings, LLC (E&R Holdings), Wise Financial Holdings, LLC [...]
Ponzi Scheme – Carr Miller Capital LLC New Jersey The New Jersey Office of the Attorney General and the Bureau of Securities has filed a lawsuit against Carr Miller Capital LLC and its three principals. The firm’s principal place of business is listed on JFK Parkway in Short Hills and has operations out of South [...]
Ponzi Scheme – Fla. man $110 million Ponzi scheme The U.S. Attorney’s Office in Washington, D.C. has indicted a Florida man in a $110 million Internet Ponzi scheme. Federal authorities arrested Thomas A. Bowdoin Jr., the founder of AdSurf Daily, Inc., on charges of wire fraud, securities fraud and unlawful sale of unregistered securities. Bowdoin, [...]
Fraud Report – Nicholas Cosmo the owner of a Long Island investment firm ( Agape World Inc. Agape Merchant Advance ) accused of Ponzi Scheme that frauded people out of more than $100 million with Bank of American (BofA) is expected to appear in court Tuesday. FBI spokesman Jim Margolin says Nicholas Cosmo surrendered at [...]
Fraud Report – Clelia Flores, formerly of El Segundo, promised 25% returns every 45 days to victims who invested in her ponzi scheme company, Maximum Return Investments, and several other companies under her control. Clelia Flores was sentenced to 5 years in federal prison after she pleaded guilty to operating a $10.3-million Ponzi scheme. She [...]
The SEC’s complaint filed in the U.S. District Court for the District of Minnesota alleges that Prévost, Harrold, and their firms Palm Beach Capital Management LP and Palm Beach Capital Management LLC invested more than $1 billion in hedge fund assets with Petters while pocketing more than $58 million in fees in their ponzi scheme. [...]
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 [...]
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 [...]
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, [...]
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 [...]
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