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...in the News
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Chinese businesswoman sentenced to death for Ponzi schemeA court in China’s Zhejiang province has sentenced businesswoman Lin Haiyan to death for fraud and “illegal fund-raising,” after she racked up 428 million yuan ($69.7 million) in trading losses.
- qz.com - 5/17/2013
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Some infamous ponzi schemesINDIA -- Abnormally high returns, despite all the warning signs, is a promise that investors have always fallen prey to.
- MoneyControl.com - 5/17/2013
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Schwab to allow clients to file class actionsThe Charles Schwab Corp. has temporarily eliminated language in its client contracts that prevents customers from filing class-action lawsuits. But the firm's critics won't be satisfied until the controversial provision is gone for good.
- Investment News - 5/17/2013
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White: SEC's No. 1 priority is more adviser examinationsThe Securities and Exchange Commission's top priority is to increase the number of investment adviser examinations it handles every year. How to go about doing that is another question.
- Investment News - 5/17/2013
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Jury Convicts Five Defendants in Petro America Securities Fraud ConspiracyKANSAS CITY, Mo. -- More than 12,000 victims invested in excess of $10.2M in Petro America. CEO Isreal Owen Hawkins, 57, Martin Roper, 47, William Miller, 42, Johnny Heurung, 59, and Teresa Brown, 55, were found guilty of all 15 counts.
- infoZine.com - 5/16/2013
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Ponzi Scheme IndictmentGEORGIA -- Gregory L. Crabtree of Proctorville, Ohio, and James M. Donnan, III, of Athens, Georgia, have been charged in an eighty-five count indictment for operating an alleged pyramid or "Ponzi" scheme between 2008 and 2010.
- Bainbridgega.com - 5/16/2013
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Illegal Pyramid Scheme Exposed by truthinadvertising.org PRESS RELEASE -- According to the advertising watchdog group, truthinadvertising.org (TINA), what Washington-based Resorts360 Vacation Club is really selling is an illegal pyramid scheme.
- Virtual-Strategy.com - 5/16/2013
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SEC Enforcement Actions Demonstrate Increased Focus On Municipalities And Municipal Securities Within the past two months, the SEC has charged the city of Harrisburg, PA; the state of Illinois; and the city of Victorville, CA, with securities fraud. These actions underscore the SEC's increased focus on municipalities and municipal securities.
- Mondaq.com - 5/16/2013
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Zeek claims portal to open for ‘net losers’ WednesdayHundreds of thousands of people who lost out through the alleged Ponzi scheme, Zeek Rewards, are expected to start filing claims Wednesday. The online claims portal can be accessed through www.zeekrewardsreceivership.com.
- The-Dispatch.com - 5/15/2013
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In fraud case, defendant blames governmentKANSAS CITY, Mo. -- Despite efforts by prosecutors to portray his company as worthless, Isreal Owen Hawkins told jurors Tuesday that Petro America Corp. is real, has real assets, and is in trouble only because big government decided to destroy it.
- Examiner.net - 5/15/2013
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Man Wanted in Alleged OC Ponzi Scheme Arrested in Florida [Video]CALIFORNIA -- Edward Fitzgerald ran a brokerage called Dana Island Yacht Sales and Charters, buying and selling boats with what prosecutors say was other people's money. Fitzgerald is facing 58 counts of fraud, grand theft and elder abuse.
- NBCLosAngeles.com - 5/15/2013
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Florida Man Sentenced in Alabama for Securities FraudMONTGOMERY, Ala. -- James Leonard Craft solicited funds from investors to purportedly purchase wood products from South America to be resold to U.S. distributors. Craft used investors’ funds for personal reasons.
- WHNT.com - 5/15/2013
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Guilty Plea Entered In Fraud Case MARYLAND -- As part of his plea deal, John F. "Jef" Curran, III, 42, is required to pay restitution up to the amount that he defrauded investors, which is $1.9-million. Curran could get a maximum of 20 years in prison. [Tag: Gargoyles, Inc.]
- WFMD.com - 5/15/2013
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