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In March 2014, Canadian Arlan Galbraith was sentenced to over seven years in prison for a Ponzi scheme involving pigeon breeding. His Pigeon King International firm (which collapsed in 2008) was found to be recruiting investors with the promise of buying back pigeons for various purposes, but in reality for which there was no genuine market.
The scam then becomes an advance-fee fraud or a check fraud. A wide variety of reasons can be offered for the trickster's lack of cash, but rather than just borrow the money from the victim (advance fee fraud), the con-artist normally declares that they have checks which the victim can cash on their behalf and remit the money via a non ...
In the 1920s, Charles Ponzi carried out this scheme and became well known throughout the United States because of the huge amount of money that he took in. [4] His original scheme was purportedly based on the legitimate arbitrage of international reply coupons for postage stamps, but he soon began diverting new investors' money to make payments ...
EVANSVILLE — The former Pigeon Township trustee, whom federal prosecutors accused of bilking $38,000 in township funds as part of an unlawful kickback scheme, will plead guilty to one count of ...
A self-proclaimed Canadian "Crypto King" and an associate who received more than C$40 million ($29.4 million) from investors have been arrested and charged with fraud, police said on Wednesday.
The 1987 film House of Games contains a pigeon drop in the second act. [18] In 1983, Season 10 of The Jeffersons began with a three-episode arc about a pigeon drop scam. [19] The 2015 Better Call Saul episode "Hero" features a scene where Jimmy McGill and his friend, Marco Pasternak, use a pigeon drop to scam a mark out of a wallet. Jimmy ...
Prosecutors allege the 31-year-old stole funds from FTX, a crypto exchange he founded, both for personal use and to cover losses at a separate hedge fund.
Gehrke and King lived lavishly off the scheme, prosecutors allege, citing in court papers luxury cars, a nearly $6 million home and more than $520,000 in gold bars, coins and jewelry. Officials seized more than $52 million from Gehrke's personal and business bank accounts after her arrest, prosecutors say.