Items Tagged with 'Ponzi scheme'

ARTICLES

  • 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.
    Read More
  • 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.
    Read More
  • SEC accuses Texas mortgage lender of running massive Ponzi scheme

    Frisco resident Thurman Bryant III raised $22.7 million from investors
    A North Texas man who raised nearly $23 million from investors under the guise of investing in the mortgage business actually used some of the money for his own personal use, while funneling money to a supposed concert promoter who claims to represent Taylor Swift and Drake, the Securities and Exchange Commission said this week.
    Read More
  • SEC, Delaware accuse mortgage loan officer of running Ponzi scheme

    Matthew Krimm charged with dozens of counts of fraud
    A Delaware mortgage loan officer ran a Ponzi scheme that bilked more than $1.69 million out of investors who thought they were investing in a “highly successful” mortgage business, the Securities and Exchange Commission and the Delaware Department of Justice claim in new legal filings.
    Read More
  • SEC claims brothers targeted elderly with real estate Ponzi scheme

    This could be the phoniest scam ever
    A pair of brothers promised "guaranteed monthly income" to senior citizens in exchange for investing in real estate, but instead of providing the approximately 30 "elderly and unsophisticated" investors with returns on their investments, Matthew and Daniel Rivera pocketed the investors’ money and used some it to pay back other investors. This is how the SEC claims it went down.
    Read More
  • REIT executives served with grand jury subpoenas

    UDF facing a federal investigation
    After the Federal Bureau of Investigation raided residential finance and investment firm United Development Funding, executives were reportedly served grand jury subpoenas to provide documents related to the operations of the firm.
    Read More
  • Former NBA player Tate George gets 9 years for running real estate Ponzi scheme

    Victims include current NBA players
    Tate George, a former basketball star at the University of Connecticut who spent four years in the NBA in the early-mid 90s, will spend the next nine years in prison for “orchestrating” a $2 million real estate Ponzi scheme. George alleged victims include several current and former professional athletes.
    Read More