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On 24 February 2006, the SEC entered into a stipulation with 12DailyPro and its parent company LifeClicks LLC for a permanent injunction. [2] On 28 February, a Los Angeles judge ordered all company assets and records to be turned over to Thomas F. Lennon, an appointed receiver, for investigation, who published his first interim report on 1 September 2006 (see below).
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 ...
Charles Ponzi was born in Lugo, Emilia-Romagna, Kingdom of Italy on March 3, 1882.He told The New York Times he had come from a family in Parma.Ponzi's ancestors had been well-to-do, and his mother continued to use the title "donna", but the family had subsequently fallen upon difficult times and had little money. [3]
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 South Florida woman is being sentenced to 20 years for leading a $190.7M Ponzi scheme — victims were ‘blindsided’ and ‘devastated.’ Here’s how it worked and how to spot similar scams.
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]
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.
After the demise of 12DailyPro, many other autosurfs collapsed as well; this is widely assumed to be because they invested member funds into 12DailyPro, causing a domino effect. Subsequently, autosurfs have become less popular and are more widely believed to be Ponzi schemes.