Articles Tagged with ''Ponzi scheme''

Top U.S. landlord charged with running Ponzi scheme in massive multifamily mortgage fraud probe

DOJ and SEC file multiple charges against Robert Morgan for multimillion-dollar scam
Robert Morgan, one of the largest landlords in the country, was hit with multiple charges this week by both the DOJ and the SEC for allegedly running a Ponzi-type scheme that involves shuffling around money from investors and falsifying loan documents. The charges are the culmination of a cross-agency investigation into a massive multifamily mortgage fraud scheme that raises serious questions about GSE regulations for multifamily financing.
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New York developer admits to bilking investors in long-running luxury real estate Ponzi scheme

Pleads guilty to defrauding investors out of $58 million
A New York real estate developer admitted in court last week that he ran a luxury real estate Ponzi scheme that defrauded investors out of $58 million over several years. According to court documents, Michael D’Alessio took much of the money for his own benefit, using it to pay off debts and prior investors, and to fund significant gambling and other personal expenses.
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SEC going after brokers for peddling shares in $1.2 billion real estate Ponzi scheme

Claims brokers were unlicensed while selling shares in Woodbridge companies
The Securities and Exchange Commission is already pursuing charges against Robert Shapiro, the founder of the Woodbridge group of companies, for allegedly bilking thousands of investors out of hundreds of millions of dollars via a $1.2 billion real estate Ponzi scheme. And now, the regulator is going after brokers who sold shares in the collapsed group of companies.
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California man admits to running $24 million real estate Ponzi scheme

Used investors’ money to pay personal expenses, fund gambling activities
A California man admitted in court this week that he ran a massive real estate Ponzi scheme and defrauded investors out of $24 million by falsely promising that he planned to use their money to purchase residential properties and either manage the properties for rental income or flip the properties and resell them for a profit.
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Mini-Madoff? SEC accuses Robert Shapiro of running $1.2 billion real estate Ponzi scheme

Allegedly targeted thousands of investors, including many seniors
Late last week, the SEC sued Robert Shapiro, the founder of the Woodbridge group of companies and a well-known luxury real estate developer, for allegedly running a $1.2 billion Ponzi scheme that defrauded more than 8,400 investors by promising high returns on real estate investments.
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California man charged with running $20 million real estate Ponzi scheme

Allegedly lied to investors about real estate deals
A California man stands accused of bilking investors out of $20 million by running a real estate Ponzi scheme. According to court documents, Seth Depiano operated a Ponzi scheme that attracted real estate investors and convince them to give to him and the businesses he controlled, which included The Rental Group, U.S. Funding and Home Services, and Draymond Homes, more than $20 million.
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