Ponzi Scheme

Throughout the year, the Frankowski Firm has investigated a number of Ponzi schemes. Thousands of investors have lost millions of dollars by unwittingly putting their money into Ponzi schemes all across the country. This second installment of our Year In Review summarizes many of the Ponzi schemes that have been uncovered over the past year. Philippe Bourciquot was charged this year for his role in an alleged $3.1 million Ponzi scheme aimed at Haitian-Americans. Bourciquot made radio appearances to solicit investments by promising guaranteed monthly returns of eight percent, defrauding three hundred investors in the process. Stephen Caputi had his sentence reduced. He had originally pleaded guilty for his part in the Scott Rothstein Ponzi scheme, admitting to posing as a TD Bank official on three different occasions to defraud investors. His five year sentence was reduced to 40 months and three years probation; his restitution was reduced from $29.1 million to $6.77 million. Robert Cassandro received fifteen months to [...]

Throughout the year, the Frankowski Firm has investigated a number of Ponzi schemes. Thousands of investors have lost millions of dollars by unwittingly putting their money into Ponzi schemes all across the country. This Year In Review summarizes many of the Ponzi schemes that have been uncovered over the past year. Monterey, California financial talk show how, Barbra Alexander, was sentenced this year to nine years in prison for her involvement in an $8 million scheme that conned 49 investors out of an estimated $6.3 million. Alexander and Michael Swanson ran APS Funding, which represented that it would provide 12% returns on short-term loans for real estate purchasers. Jon Anderton was found guilty of contributing to a Ponzi scheme that conned three Hawaiian investors out of $1.2 million dollars. Bar-K Inc. was accused a representing that it would loan investors' funds to home buyers and developers and then pay dividends to investors from the loan proceeds while actually operating a [...]

Lynn A. Simon, an investment advisor from Evansville, Indiana, pleaded guilty yesterday to charges arising from allegations last year that he conned over $1 million out of investors in the area. The charges included three counts of securities fraud, class B felonies, and one charge of unlawful sale of a security, which is a class C felony. Simon reached an agreement with the Indiana Secretary of State's Office that would send him to prison for two years and eight years of work release. Judge David Kiely will have to decide whether or not to uphold the agreement. Simon was a registered investment advisor and the sole owner of Financial Security Planning, which operated as a satellite office of CFD Securities of Kokomo, Indiana. Simon also owned The Insurance Shoppe. Local, state, and federal law enforcement agents started their investigation of Simon in April 2013 after he went missing and the Indiana Secretary of State's Office starting getting complaints about him. [...]