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Ponzi Schemes

This archive displays posts tagged as relevant to Ponzi and pyramid schemes. You may also be interested in the following pages:

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August 9, 2019

In a default judgment, Kevin Andre Perry and Lucrative Pips Corporation of Atlanta, Georgia were ordered to pay a civil penalty of $2 million and restitution of almost $700,000 with respect to their fraudulent marketing of a foreign exchange pool.  Defendants told prospective pool participants that their funds were “guaranteed” against trading losses and that their accounts would grow in value by 200% to 350% in less than 60 days.  Defendants then failed to return funds when customers tried to later withdraw them.  CFTC

May 23, 2019

Following his November 2018 conviction, Edwin Fujinaga was sentenced to 50 years in prison for his role in leading a $1.5 billion Ponzi scheme.  Fujinaga was also ordered to pay restitution of over $1 billion and forfeit more than $813 million.  Fujinaga solicited more than $1 billion in investments from residents of Japan, misrepresenting how the funds would be used.  USAO NV

May 3, 2019

The CFTC has filed a civil enforcement action against two men and their company, Berkley Capital Management, LLC (BCM), which operates two binary options trading pools, BBOT 1, LP and Berkley II, LP.  In order to open pool accounts with the North American Derivatives Exchange (NADEX), defendants Arie Bos of the Netherlands and William Caniff of the U.S. submitted false statements to conceal Caniff’s criminal background, then misappropriated at least $2.3 million from more than $4.8 million that was fraudulently solicited from the pools’ 62 participants.  CFTC

The Latest on Cryptocurrency, Offshore Tax Avoidance and Money-Laundering, and Whistleblowing: A Report from OffshoreAlert Miami 2019

Posted  05/3/19
Hanging Hundred Dollar Bills on Clothes Line
“A diverse collection of the hunters and the hunted.” That’s how the Wall Street Journal described the OffshoreAlert Conference in 2009. The 2019 conference was no different, bringing together those who work in the offshore industry, the government enforcers who try to stop the unscrupulous among them, and the asset recovery professionals who pursue lost funds. Alongside them were whistleblowers and their...

April 30, 2019

Brynee Baylor, a former D.C. attorney, was convicted for her role in a $2 million investment fraud scheme. Baylor and her co-conspirators recruited investors into a phony trading program which promised large profits in a short amount of time with little to no risk. Baylor faces five years in prison for the conspiracy count, 20 years for the securities fraud count, and 10 years in prison for each of the first-degree fraud counts. Sentencing has not yet been scheduled.   DOJ

April 9, 2019

Antonio Carlos de Godoy Buzaneli of Florida was sentenced to 20 years in prison for his role in a scheme that raised approximately $150 million from investors for his company Providence Holdings International, Inc., which Buzaneli represented would invest in the factoring of accounts receivable in Brazil. In fact, much of the investors’ funds were used to make Ponzi-style payments to other investors, and to make commission payments to Providence’s nationwide network of brokers. USAO Minn

April 2, 2019

After being charged in 2017, Thomas Lanzana, Blackbox Pulse, LLC, Nikolay Masanko, and White Cloud Mountain, LLC have been ordered to pay more than $2.7 million in restitution and civil penalties in connection with their marketing of a foreign exchange trading scheme through which they fraudulently solicited and accepted funds from customers for the purported purpose of trading forex in a commodity pool.  In fact, defendants misappropriated customers' funds, fabricated account statements, and misrepresented trades and balances.  CFTC

March 21, 2019

A hedge fund manager in Boston was sentenced to 14 years in prison for running a multi-million dollar Ponzi scheme from 2009 to 2017. Raymond Montoya, who ran RMA Strategic Opportunity Fund, LLC, was accused of misrepresenting the fund's rate of returns to induce millions of dollars in investments from unsuspecting victims across three states, including family, friends, and acquaintances. Montoya only invested a portion of the money – the rest was diverted to other bank accounts and used to pay personal expenses. USAO MA

February 21, 2019

Precious metals dealer Hannes Tulving, Jr. and The Tulving Company, Inc., have been ordered to pay a civil monetary penalty of $15.7 million, having been charged with fraudulent solicitation and misappropriation in 2015.  Between 2013 and 201, defendants fraudulently held themselves out as a reputable dealer in gold, silver, platinum, and palladium bullion and coins, soliciting more than $150 million in funds from 381 people.  Tulving then misappropriated funds for unauthorized uses and failed to purchase or deliver the metals to customers.  In 2016, Tulving was sentenced to 30 months in prison.  CFTC

January 28, 2019

The Woodbridge Group of Companies LLC and its former owner Robert H. Shapiro have been ordered to pay $1 billion in penalties and disgorgement for operating a ponzi scheme targeting retail investors, including many retirees, through 281 related companies.  Shapiro was ordered to pay a $100 million civil penalty and disgorge $18.5 million in ill-gotten gains; the companies were ordered to disgorge $892 million.  SEC
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