Newsmakers
Madoff Victim Fund Makes Final Payout
The fund will wind down after recovering more than $4.3 billion for victims of Bernie Madoff’s $64 billion fraud.
Tag: Ponzi Scheme
Regulation
Corporate Raider Icahn Fined $2M for Disclosure Failure
The investor agreed to fines for not reporting he had borrowed against his stake in an investment firm he controls.
‘Shadow CEO’ of Real Estate Investment Firm Pleads Guilty to $650M Ponzi Scheme
Nicholas Salzano agreed to a prison term of eight to 12 years for securities fraud, conspiracy to commit wire fraud and conspiracy to defraud the U.S.
SEC Charges Crypto Fund Founders in Nearly $2B Fraud
The regulator alleges the now-defunct HyperFund was a ‘pyramid and a Ponzi scheme.’
Newsmakers
Fund for Madoff Victims Tops $4 Billion in Distributions
Justice Department says total recovery from Ponzi scheme has now covered more than 88% of losses.
News
SEC Charges Hedge Fund Adviser With $39 Million Fraud
Andrew Middlebrooks allegedly embezzled money from investors to pay for jewelry, credit card bills and his wife’s business.
Regulation
Crypto Companies Charged in $44 Million Ponzi Scheme
The owners of EmpowerCoin, ECoinPlus and Jet-Coin face charges of wire fraud, money laundering and obstruction of justice, among others.
Risk
Cryptocurrency Trader ‘Coin Signals’ Pleads Guilty to Commodities Fraud
Jeremy Spence, whose trades consistently tanked, lured investors with tales of 148% returns.
Manager Selection
Madoff Victim Fund Distributes Another $568 Million
The seventh distribution brings the total compensation to victims of the world’s largest Ponzi scheme to more than $3.7 billion.
Risk
VC Fund President Gets Nearly 5 Years in Prison for Securities, Wire Fraud
Marc Lawrence allegedly siphoned employee-investor funds to pay for personal expenses.
FBI Arrests VC Firm Founder Over Alleged Investment Fraud
Derek Jones has been charged with wire fraud and identity theft in an allegedly multimillion dollar scam.
CIO Pleads Guilty to Role in $100 Million Fraud
International Investment Group’s David Hu faces a maximum sentence of 45 years in prison.
Risk
VC Firm CEO Gets Six Years in Prison for Ponzi Scheme
David Wagner solicited nearly $10 million and used investor funds to buy a Porsche and pay earlier investors.
Regulation
Jewelry Wholesaler Charged with Defrauding Retired Police, Firefighters
Gregory Altieri, who pleaded guilty to running $200 million Ponzi scheme, faces up to 20 years in prison.
Regulation
CEO Charged in $119 Million Fraud Targeting South Asian Americans
SEC alleges SiliconSage Builders CEO Sanjeev Acharya targeted community members in Ponzi scheme.