Category Archives: Ponzi Scheme
Cay Clubs Executives Charged With Running Ponzi Scheme
The Securities and Exchange Commission (“SEC”) has charged 5 former executives of Florida-based Cay Clubs Resorts and Marinas (“Cay Clubs”) with perpetrating a $300 million Ponzi scheme. The Complaint filed by the SEC names as defendants Fred Clark, Jr. (president and CEO); David W. Schwarz (Chief Accounting Officer); Cristal Coleman (manager and sales agent);… Read More »
Boca Raton Man Accused of Running Ponzi Scheme
Donald R. French, Jr., a 25-year-old former Florida Atlantic University student, is accused of running a $10 million Ponzi scheme. According to federal law enforcement, in March 2008, French began a company called D3 Capital Management, LLC to solicit funds from investors. The FBI claims that French, an aspiring actor, used his charm and… Read More »
Florida Resident Accused of Recruiting Ponzi Scheme Victims
A 69 year old Florida man, James F. Ellis of Wilton Manors, has been charged by the Securities and Exchange Commission (“SEC”) with securities fraud for making fraudulent statements to investors to induce them to invest with alleged Ponzi schemer George Elia. According to the SEC’s Complaint, Ellis made knowingly false statements to at… Read More »
$600 Million Ponzi Scheme Halted by SEC
The Securities and Exchange Commission (“SEC”) has charged Rex Venture Group, LLC (“Rex”) d/b/a ZeekRewards.com and its principal, Paul Burks of Lexington, North Carolina, with fraud in connection with an alleged $600 million Ponzi scheme. According to the SEC’s Complaint, since January 2011, Rex and Burks raised more than $600 million from over 1… Read More »
College Hall of Fame Coach Jim Donnan Charged With Running Ponzi Scheme
The Securities and Exchange Commission (“SEC”) has charged College Football Hall of Fame coach Jim Donnan and his business partner, Gregory Crabtree, with running an $80 million dollar Ponzi scheme. Donnan was a head football coach at Marshall University from 1990 through 1995 and at the University of Georgia from 1996 through 2000. Later,… Read More »
Discovery of Florida Ponzi Scheme Was in the Stars
The Securities and Exchange Commission (“SEC”) has charged former broker Gurudeo “Buddy” Persaud of Orlando, Florida with operating a Ponzi scheme. According to the SEC, between July 2007 and January 2010, Persaud persuaded at least 14 investors to invest more than $1 million in his firm White Elephant Trading Company LLC. The SEC’s Complaint… Read More »
R. Allen Stanford Receives 110-Year Sentence for $7 Billion Investment Fraud
Robert Allen Stanford (“Stanford”), founder of Stanford Financial Group and former Chairman of the Board of Antigua-based Stanford International Bank (“SIB”), was sentenced yesterday to a prison term of 110 years, plus forfeiture of $5.9 billion. More than 300 victims’ letters were received by the court prior to the sentencing. Stanford was convicted by… Read More »
Former Medical Capital Exec Pleads Guilty
Joseph J. Lampariello, former president of Medical Capital Holdings, Inc. (“Med Cap”), pleaded guilty on Monday to wire fraud and failure to file a tax return. Lampariello, who earned $6.2 million from the sales of Med Cap notes, faces up to 21 years in federal prison, and an order to pay $49 million in… Read More »
Florida Panel Awards Former U.S. Congressman $852,000 For Losses In Alleged Ponzi Scheme
After 42 days of hearings spanning the period from January 2011 to March 2012, a Financial Industry Regulatory Authority (“FINRA”) arbitration panel has awarded former U.S. Congressman Alan Grayson (“Grayson”) $852,000 for losses sustained in an alleged Ponzi scheme. The Award against Wachovia Securities, Inc., now known as Wells Fargo Advisors (“Wachovia”), was for… Read More »
Century City Ponzi Scheme Halted by SEC
The Securities and Exchange Commission (“SEC”) has obtained a temporary restraining order and order freezing the assets of Shervin Neman (“Neman”) and the entities he controls, including Neman Financial L.P. The complaint filed by the SEC in the United States District Court for the Central District of California accuses Neman, of Century City, California,… Read More »