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Michael Eugene Kelly (6 October 1949 – 22 December 2013) was a dual citizen of the U.S. and Mexico [1] who operated a number of fraudulent resort enterprises and the Avanti Motor Corporation. In 2007, with 23 others, he was accused by the FBI and the United States Attorney's Office of operating an enormous Ponzi scheme that defrauded over a ...
In May 2012, Joseph Blimline was sentenced to 20 years in federal prison for operating two oil and gas Ponzi schemes. He operated a Ponzi scheme from 2003 to 2005 in Michigan, netting over $28 million. He then operated a Ponzi scheme in Texas, using a company called Provident Royalties, that lasted from 2006 to 2009 and netted over $400 million ...
A Ponzi scheme (/ ˈ p ɒ n z i /, Italian:) is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. [1]
In 2008, R.P. McCabe and his wife were heading into retirement with a solid financial future that included a $1 million investment in real estate with Right Place Properties and the Red Door Group ...
A former Chapel Hill transportation engineer was arrested Tuesday on 23 charges tied to an investment scam known as a “Ponzi scheme,” according to the U.S. Department of Justice.
A former Morgan Stanley financial advisor has been sentenced to more than seven years in prison after admitting he ran a $7 million Ponzi scheme at the firm for more than a decade.
Steven Hoffenberg, Jeffrey Epstein, Mitchell Brater, and Michael Rosoff Towers Financial Corporation was a debt collection agency based in Manhattan in New York City. [ 1 ] [ 2 ] Between 1988 and 1993, Towers Financial ran a Ponzi scheme that was the largest financial fraud in American history prior to Bernie Madoff 's being uncovered.
The complaint alleged Chais "knew or should have known" he was deep in a Ponzi scheme when his family investments with Madoff averaged 40% and sometimes soared as high as 300%. It also claimed Chais was a primary beneficiary of the scheme for at least 30 years, allowing his family to withdraw more than $1 billion from their accounts since 1995 ...