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Georgia, Utah Men Sentenced In Ponzi Scheme Case

The Frankowski Firm is investigating a two-man Ponzi scheme that victimized Utah investors. Martin A. Pool of Atlanta, Georgia and Armand R. Franquelin of Liberty, Utah pleaded guilty in May to fraud and money laundering charges. The two admitted that they had persuaded investors to convert traditional Individual Retirement Accounts into self-directed accounts and invest in a real estate project in Vernal, Utah by the name of Haven Estates with promised returns between eight and twenty percent. They further admitted that they had used investor funds for personal expenses and to make payments to old investors from new investor cash, a defining characteristic of what is commonly referred to as a Ponzi scheme. Pool and Franquelin, operating as the Elva Group, told investors their funds would be used to develop Haven Estates and promised to secure their loans with first lien position on property at Haven Estates. No investors ever received any collateral or any interest in real property in [...]

By |October 13th, 2014|Press Releases & News|
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Irish Businessman Receives Seven Years For $11M Ponzi Scheme

Breifne O'Brien, an Irish businessman and socialite, was sentenced this week by a court in Ireland to seven years imprisonment for operating a $10.8 million Ponzi scheme. The scheme consisted of O'Brien selling fake property investments before Ireland's real estate collapse in 2008. O'Brien pleaded guilty to 14 counts of fraud and theft with regard to the Ponzi scheme, as well as sham shipping and insurance schemes. He was alleged to have masterminded an operation in which he told investors that their money would be placed in a bank account from which he would draw money to pay for investment properties. He was then supposed to flip the properties and split any profits with his investors. The money, however, was not kept in a bank account and, instead, was used to pay back other victims of the scheme as well as O'Brien's personal expenses, including an extension of his house, a new car for his wide, and a Barbados apartment [...]

By |October 9th, 2014|Press Releases & News|
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Three Hedge Fund Managers Sentenced In Ponzi Scheme Case

Three hedge fund managers have been sentenced in a Ponzi scheme case that conned investors out of $40 million. Jeffrey Toft of Sioux Falls, South Dakota received 66 months in prison. Chad Sloat of Kansas City, Missouri received 70 months. And Michael Murphy of Deep Haven, Minnesota received 48 months. All three of their sentences will be followed by two years of supervised release. The judge further ordered that the defendants pay restitution to their victims. Toft will pay $2,172,666, Sloat will pay $3,747,130, and Murphy will pay $2,552,824.30. Sloat will additionally pay $93,727 to the IRS. Jonathan Davey of Newark, New Jersey, a fourth defendant, is currently awaiting sentencing. Judge Conrad stated during sentencing that the defendants exhibited callous greed causing devastating financial ruin to hundred of elderly and vulnerable victims. Conrad also noted that the lengthy sentences were reasonable provided the predatory nature of the scheme. According to court documents, the trio of defendants operated hedge funds as [...]

By |October 6th, 2014|Press Releases & News|
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Indiana Man Receives 22 Year Sentence For North Carolina Ponzi Scheme

Thomas Kimmel, who federal prosecutors have accused of operating a Washington, North Carolina Ponzi scheme aimed at rural church goers, was sentenced in federal court this week to 264 months in prison. After serving that sentence he will serve three years of supervised release. Further, he has been ordered to pay over $16.5 million in restitution. Kimmel's sentencing follows his June trial, at the conclusion of which he was found guilty of conspiracy, mail fraud, and money laundering. According to federal prosecutors, Kimmel solicited roughly $20 million, mostly from rural church-goers, for a company named Sure Line Acceptance Corporation. Kimmel advertised the company through financial conferences that he provided for local churches. He is believed to have been teaching parishioners how to use biblical principles to climb out of debt. During the conferences, Kimmel would promote what he described as risk-free investments to church members, telling them that their investments were backed by cars and purchase agreements. The investments were [...]

By |October 3rd, 2014|Press Releases & News|
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