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Homero Joshua Garza of Brattleboro, Vermont faces federal charges alleging that he operated a Ponzi scheme that bilked thousands of investors. The SEC charged Garza and his two Bitcoin-mining companies, GAW Miners LLC and ZenMiner LLC, with running the scheme. The companies sold $20 million worth of what appeared to be shares in Hashlets, digital [...]
Scott Valente, a 58-year-old stock broker from upstate New York, was sentenced in federal court today to twenty years imprisonment for defrauding over a hundred investors out of over $10 million. He was also ordered to pay $8.2 million in restitution. He had originally spent that money on vacation homes, jewelry for his wife, and [...]
Trendon Shavers, a 33-year-old from McKinney, Texas who operated a Ponzi scheme using the virtual currency bitcoin, pleaded guilty to securities fraud this week. Shavers started a company, called Bitcoin Savings & Trust, in 2011 which he used to acquire bitcoins from potential investors via the web, telling them he would pay investors one percent [...]
FSC Securities will pay a $1.28 million arbitration award to investors who were defrauded by Aubrey Lee Price, who had feigned his death in 2012 to avoid being investigated for his $40 million Ponzi scheme. FSC, a broker-dealer in the AIG Advisor Group, was alleged by 8 investors to have failed to supervise a number [...]
Bryan Anderson, a former broker from Hoover, Alabama, was sentenced yesterday to seven years and three months in federal prison after pleading guilty to operating a Ponzi scheme that defrauded investors out of over $3 million. U.S. District Court Judge Virginia Hopkins also ordered Anderson to pay restitution of $3,068,614 plus interest to his victims. [...]
Frederick Alan Voight of Richmond, Texas, a Houston-area businessman promising to prevent car wrecks caused by drowsy drivers, has been charged by the SEC with operating a $114 million Ponzi scheme. Voight has been accused of defrauding over three hundred investors. He most recently raised $13.8 million on claims that the money would be used [...]
The SEC alleges a venture capital fund manager stole funds from one account to cover lost profits in another account in a Ponzi-like act. The capital fund manager, Gregory Gray, Jr., and his firms, Archipel Capital LLC and BIM Management LP, are charged with stealing money from three investment funds to pay fabricated returns to [...]
On July 2, 2015, the SEC froze a fraudulent venture headed by DFRF Enterprises, its leader, and six promoters. The SEC alleges that DFRF Enterprises operated a Ponzi scheme by promoting and selling membership interests in over 50 Brazilian and African gold mines. The company recruited investors by promising large profits on fully insured funds used [...]
Will Allen, a former National Football League cornerback, was charged with fraud by the SEC for allegedly running a Ponzi scheme that bilked investors out of $31 million. Allen allegedly worked with Susan Daub to create a number of companies, including Boston-based Capital Financial Partners, offering loans to professional athletes. Allen and Daub allegedly told [...]
Over a five year span, former Hoover, Alabama financial broker Bryan Anderson found eighteen people to invest $8.4 million in a number of investments and guaranteed that the investments were completely risk free. Roughly two thirds of those investors watched Anderson at the federal courthouse in downtown Birmingham plead guilty to operating a Ponzi scheme [...]
