Posts Tagged ‘Ponzi Scheme
Celeb Financial Advisor Charged with Fraud
Kenneth Starr, a New York investment adviser with a long list of celebrity clients (not to be confused with the Ken Starr who prosecuted Clinton), was was arrested by U.S. agents on Thursday on charges of running an alleged investment fraud– more specifically a Ponzi scheme– of as much as $30 million. According to Reuters, [...]
“Chinese Warren Buffett” Gets ROR for $150k
On April 20, after having been incarcerated beginning in mid-January on charges of running a multi-million dollar Ponzi scheme, Weizhen Tang won his freedom (temporarily) by posting $150,000 bail. According to the Toronto Sun, Tang said, “I want a chance to prove my innocence— that’s why I came back from China.”
Petters Gets 50 Years for $3.65B Fraud
The implosion of Minnesota businessman Tom Petters’ corporate empire which defrauded investors of $3.65 billion involving not just hedge funds, but at least 10 pastors, three missionaries, dozens of retirees and a half-dozen nursing home residents, according to federal court filings cited in the New York Times. Prosecutors are arguing that the Ponzi scheme is [...]
Bipartisan Bill Proposes Tax Breaks for Ponzi Victims
A bipartisan bill introduced in the U.S. Senate by Senators Charles E. Schumer, Democrat of New York, and Jon Kyl, Republican of Arizona on March 22 proposes to extend tax breaks to the tens of thousands of Ponzi scheme victims. In contrast to previous proposed legislation which focused exclusively on those who made direct investments [...]
Ivy Closes Amidst Madoff Probe
Ivy Asset Management is being closed amid news that the Bank of New York Mellon is probing the hedge fund’s relationship with Ponzi schemer Bernie Madoff. Ivy clients, including several upstate New York pension funds, reportedly lost more than $100 million in Madoff’s scam. According to FINalternatives, the Bank is encouraging Ivy clients to move [...]
Ponzi Schemes of the Week
Because I was getting tired of writing individual stories on these morons, I thought I’d consolidate all of the scandals into one big article giving you the skinny on all the greed that is fit to print… er, blog? We’re all familiar with the concept made famous by Charles Ponzi in the 1920s… use funds [...]
Beverly Hills Investment Manager Sentenced For Fraud
Michael E. McCready, a Beverly Hills investment advisor and licensed securities broker of McCready & Associates, was sentenced Monday to a nine year prison term for swindling twenty-five investors (mostly friends of his from the entertainment industry) out of $10 million. According to the lawsuit filed in 2009, McCready operated a Ponzi scheme from 2004 [...]
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