Former Bitcoin Exchange Operator Arrested: SEC Charges Him With Fraud

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Former Bitcoin Exchange Operator Arrested: SEC Charges Him With Fraud

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Former Bitcoin Exchange Operator Arrested: SEC Charges Him With Fraud

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The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 62 cents per share. This article needs additional citations for verification. This is a list of Ponzi schemes, fraudulent investment operations that pay out returns to investors from money paid in by subsequent investors, rather than from any actual profit earned. Jacob Young, William Abrams, and Nancy Clem ran what author Wendy Gambler argues, in her book “The Notorious Mrs.

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Clem: Murder and Money in the Gilded Age,” was the first ever Ponzi scheme. In Munich, Germany, Adele Spitzeder founded the “Spitzedersche Privatbank” in 1869, promising an interest rate of 10 percent per month. By the time the scheme collapsed in 1872 it had become the largest case of fraud in 19th century Bavaria. American fraudster Sarah Howe opened a savings bank called Ladies’ Deposit Company in 1878 meant to target unmarried women. She claimed that the bank worked in conjunction with a Quaker charity that wanted to help less privileged women. She promised high interest rates of eight percent per month.

There was in fact no such charity. Before Charles Ponzi, in 1899 William “520 Percent” Miller opened for business as the “Franklin Syndicate” in Brooklyn, New York. Ponzi schemes such as customers re-investing the interest they made. 1 million and was sentenced to jail for 10 years. Charles Ponzi became noted in 1920, in Boston, for his supposed arbitrage scheme, which ultimately proved to be merely a masquerade for paying off early investors with the deposits of later investors. The Ponzi Scheme is named after him.

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He claimed he would double investors’ money in 90 days through a bizarre plan to buy and resell international postal-reply coupons. The scheme soon collapsed in the 1930s, and Kreuger shot himself. In the 1980s, Jean Pierre Van Rossem ran a stock market investment company called “Moneytron” in Belgium. Van Rossem claimed that he had developed a statistical model to predict the behavior of the stock markets and beat the capitalist system. In 1988, she was sentenced to 10 years in prison. In January 1984, Adriaan Nieuwoudt started the so-called “Kubus” scheme with an apparent beauty product in South Africa.

Subscribers to the scheme bought a supposedly biological substance called an “activator”, that was used to grow cultures in milk. After growing for a week or two, the cultures were harvested and dried, and sold back to the scheme. 1600 investors in Diamond Mortgage Company and A. 50 million in what the Michigan Court of Appeals described as “the largest reported ‘Ponzi’ scheme in the history of the state”. It led to the passage in 1987 of the Mortgage Brokers, Lenders, and Servicers Act. In the 1980s in San Diego, California, J. Company, a purported currency and commodity trading and investing operation named after its founder, J.

Between 1978 and 1983, Ron Rewald ran an investment firm in Hawaii. Rewald claimed that he had been operating the firm as a front for the U. МММ was a Russian company that perpetrated one of the world’s largest Ponzi schemes of all time. In Romania, between 1991 and 1994, the Caritas scheme run by the “Caritas” company of Cluj-Napoca, owned by Ioan Stoica promised eight times the money invested in six months. From 1992 to 1998, a number of teak plantation Ponzi schemes were floated in India, prominent being Anubhav Plantations. This scam was led by Damara Bertges and Hans Günther Spachtholz.

In the Swiss canton of Uri and Glarus, it was estimated that about one adult in ten invested into the EKC. Bennett Funding Group, its chief financial officer, Patrick R. Bennett, and other companies Bennett controlled, in connection with a massive Ponzi scheme. Payne and other church elders promised the church members double their money back, citing Biblical scripture. In 1996, Sidney Schwartz and his son, Stuart F. Schwartz, pleaded guilty to charges of running a multimillion-dollar Ponzi scheme that targeted members of a Long Island, New York, country club at which the senior Schwartz was a member of the board of governors. In 1997, South African businessman Kenny Kunene was convicted of running a Ponzi scheme with over 2,000 investors and sentenced to six years in prison.


In Delhi, India, Hoffland Finance collapsed amid a major scandal in 1998. Hoffland, a category II merchant banker, had been suspended by SEBI, which directed it to refrain from undertaking any new portfolio management assignments. The outfits, called “cooperatives”, appeared to be implicitly backed by the government and became wildly popular in the population at large, who felt safe since the co-ops were openly advertising in radio and TV ads using Haitian pop stars as spokespeople. The Brothers was a large investment operation in Costa Rica, from the late 1980s until 2002, eventually exposed as a Ponzi scheme. The fund was operated by brothers Luis Enrique and Osvaldo Villalobos. About 6,300 individuals ultimately were involved.

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1 billion scheme by Mutual Benefits Company in Florida, run by Peter Lombardi, affecting 28,000 investors. Mutual claimed it used the money to pay viatical settlements to HIV patients. Lombardi is now serving a 20-year prison sentence. In May 2006, James Paul Lewis, Jr. 311 million Ponzi scheme over a 20-year period.

In October 2006, Gregory Nathan, a Sydney fund manager, was arrested on charges including dishonest conduct and obtaining money by making false and misleading statements, in what investigators discovered to have been a Ponzi scheme. On September 19, 2008, Nathan was sentenced to seven years imprisonment including with a non-parole period of five years. 2 billion in a scheme involving ant farming. On April 13, 2007 Sibtul Shah was arrested for Ponzi scheme that promised to double the initial investment in 15, later extended to 70, days. The company had collected about 100 million euros by this point. This, the so-called biggest pyramid-scheme in Finland was put up by Hannu Kailajärvi and his partner Tiina Wartti. On May 2, 2008, it was reported that John G.

7 million, mostly from Christian investors, partly recruited through Ervin’s business partner Pastor John Slye and members of his church. Specifically, according to newspaper The Orange County Register, “the company recruited church members to sell the investment to other church members. Cristina Gonzalez-Tuason, general manager, and other officers and agents: Ma. Ponzi-type scheme by promising unusually high returns to earlier investors and paying them with money raised from later investors. The business was set up and run by London-based Indian businessman Kautilya Nandan Pruthi, in partnership with Kenneth Peacock and John Anderson. 65 billion Ponzi scheme that bilked investors over a 13-year period.

Petters lived an extravagant lifestyle supported by his Ponzi scheme. On December 10, 2008, Bernard Madoff told his sons that his investments were “all one big lie”. The following day he was arrested and charged with a single count of securities fraud. On January 9, 2009, the SEC charged Joseph S. He swindled over 80 investors, mostly close friends from 1995 to 2009.

The SEC investigator called Forte a “complete fraud”. 25,000 each in return for a promise of a house in the North East of England. Previously convicted of fraud in 1999, Cosmo surrendered at the Long Island Railroad train station in Hicksville, N. 40 million fraud which is possibly a Ponzi scheme. On February 17, 2009, the Stanford International Bank and proprietor Allen Stanford were accused of “massive fraud” by U.

8 billion of “deposits” to Sir Allen’s bank in Antigua, many from investors in Latin America. On appeal she was sentenced to 10 years. Young operated the alleged Ponzi scheme through an investment partnership Acorn II L. On June 2, 2009, the Colorado State Grand Jury indicted Jason Trevor Brooks of Boulder, Colorado on 24 counts of security fraud and theft. On June 12, 2009, investors were reported to have lost billions of South African Rands in a Ponzi scheme masterminded by Barry Tannenbaum. Bo Beckman still has charges pending in connection with the scheme.

He created an illegitimate print business called E Graphix and convinced investors to give him large loans in order to carry out fictional printing orders. He was charged with fraud and forgery by Toronto police, but was not convicted because the Canadian courts lacked adequate trial time to give him a trial. On May 20, 2010, the SEC filed a federal case against Edward A. In December 2011, film exhibitor Norman Adie pleaded guilty in U. Federal Court to running a Ponzi scheme in New York and Pennsylvania. In May 2012, Joseph Blimline was sentenced to 20 years in federal prison for operating two oil and gas Ponzi schemes.