Items Tagged with 'Ponzi scheme'

ARTICLES

  • 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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  • 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.
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