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How much would you be willing to pay for a ticket to see Hamilton? What about seeing Adele live in concert? Sports radio talk show host Craig Carton preyed on the popularity and exclusivity of these types of events, parlaying his perceived ability to purchase the tickets into a Ponzi scheme of more than $5 [...]
Aside from movies like Oliver Stone’s Wall Street and Martin Scorsese’s more recent Wolf of Wall Street, one of the few experiences the average layperson will have had with investment fraud is Bernie Madoff, infamous for a Ponzi scheme that defrauded nearly 5,000 victims of over $64 billion in 2008. Nearly a decade later, Madoff’s [...]
Beyond sheer greed and malevolence, the most common catalyst for Ponzi schemes is to cover up other serious losses. This was the situation for Francisco Illarramendi, a former hedge fund manager in Connecticut, who ultimately spent five years raising over $30 million in illicit funds to cover an initial $5 million shortfall. But such is [...]
Adam Blank, an investor in the alleged $81 million Ponzi scheme pertaining to the buying and selling of tickets to popular shows, including Adele concerts and Broadway's Hamilton, sued his broker-dealer, alleging the firm made several false and misleading statements about its due diligence and investigation into the ticket operation. The suit was filed in [...]
Levi David Lindemann, a Minnesota investment advisor, received a six-year prison sentence for stealing from clients and operating a Ponzi scheme, according to the Minnesota Department of Commerce. Lindemann was sentenced to 74 months imprisonment by a U.S. District Court, having pleaded guilty earlier this year to federal mail fraud and money-laundering charges. He was the [...]
Strong Advocacy from Experienced Ponzi Scheme Attorney for Victims Holding stockbrokers and accomplices liable for their outrageous actions In Ponzi schemes, investors give their money to a broker or manager, who controls the Ponzi operation. Investors are not typically aware that their investments depend on the ability of the operator to continually court [...]
Patrick E. Churchville, an investment adviser from Rhode Island, is expected to plead guilty to criminal charges for running a $21 million Ponzi scheme, according to a statement made by the U.S. Attorney's Office. In addition, Churchville used $2.5 million of his clients' cash to buy a house, and he failed to pay over $820,000 [...]
Joseph J. Lampariello, the former president and Chief Operating Officer of Medical Capital Holdings Inc., was sentenced to ten years in federal prison by U.S. District Judge David O. Carter. Additionally, Lampariello was ordered to pay nearly $40 million in restitution to investors. Medical Capital was a private placement that turned into a Ponzi [...]
John Bivona, an unregistered advisor from New Jersey, has been accused of operating a massive Ponzi scheme by the SEC. Bivona allegedly raised over $53 million from investors, whom he told he would put the money in pre-IPO technology companies. Rather, he used the funds to pay his nephew's credit card bills, income taxes, a [...]
Stock in United Development Funding IV has gone into a free fall following a report published on an investor website that alleged the real estate investment trust has operated for years like a Ponzi scheme. Harvest Exchange, an online professional network for investors, published an anonymous post about UDF called "A Texas-Sized Scheme: Exposing the [...]
