Tagged with "Ponzi Scheme"

In connection with an alleged $6.3 million Ponzi scheme, Phillip Roy Wasserman and Kenneth Murry Rossman (collectively, “Defendants”) have been charged by federal prosecutors with mail fraud, wire fraud, and conspiracy to commit wire and mail fraud.  Defendants are alleged to have targeted elderly individuals and convinced those individuals to liquidate traditional investments in order to invest in “FastLife,” an insurance venture by Wasserman. Wasserman and Rossman are alleged to have made fraudulent misrepresentations and to have concealed material information when soliciting investments in FastLife.  

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Final judgement has been entered in the federal case brought by the U.S. Securities and Exchange Commission (“SEC”) against Neil Burkholz and Frank Bianco for an alleged Ponzi scheme they ran.  The SEC had already obtained a temporary restraining order and preliminary injunction against Burkholz and Bianco.

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In a class action lawsuit filed against Wells Fargo for its role in an alleged Ponzi scheme, a judge ruled that Plaintiffs had alleged sufficient facts to support two of their claims.  Plaintiff’s claims that Wells Fargo aided and abetted fraud and also aided and abetted a breach of fiduciary duty will be allowed to proceed.  A third claim alleging negligence by Wells Fargo was dismissed.

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Per the terms of a proposed consent judgment filed in New York Federal Court, International Investment Group LLC (“IIG”) has agreed to pay $35.2 million to resolve a case brought by the U.S. Securities and Exchange Commission (“SEC”).  In the Complaint filed by the SEC, IIG was alleged to have run a Ponzi scheme going back to 2007.  The agreed upon penalty consists of $30.9 million in disgorgement and $4.3 million in prejudgment interest.

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The SEC charged three individuals who, during their course of their employment, falsified and withheld documents that were requested by staff of the SEC during an ongoing investigation.

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Jeffrey and Paulette Carpoff are being accused by the Securities and Exchange Commission (SEC) of running a nearly one billion dollar Ponzi scheme.

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An Illinois federal jury recently convicted a father on 24 criminal counts and his son on 13 criminal counts. The defendants allegedly convinced family members and two church congregations to invest in what was a $1.3 million Ponzi scheme involving apartments in distress.

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A father and son were convicted by an Illinois federal court jury in December 2019 on counts of fraud and money laundering. The two were found to have persuaded family members and two church congregations to invest in distressed apartments, though it was discovered to instead be a $1.3 million Ponzi scheme.

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The U.S. Securities and Exchange Commission ("SEC") has barred former Securities America broker and certified public accountant for his role in a Ponzi scheme that defrauded investors of about $1 billion.

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Cameron R. Jezierski is the last of three alleged perpetrators to be sentenced in a criminal case parallel to a 2018 SEC complaint regarding a $345 million Ponzi scheme that defrauded over 230 investors across the country.

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