Tagged: ponzi

January 26, 2021 @ 3:22 pm By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) has filed a federal civil enforcement action in the U.S. District Court for the Southern District of New York charging Jeremy Spence of New York, alleging fraud for operating a Ponzi scheme involving digital assets such as Bitcoin and… Read More

November 4, 2020 @ 6:40 pm By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) is reporting that the US District Court for the District of Colorado has entered a judgment against defendants Venture Capital Investments LLC (VCI) and its principal and manager Breonna Clark d/b/a Eliot Clark d/b/a Alexander Pak (Clark), of Denver,… Read More

July 2, 2020 @ 9:13 am By JD Alois  |  

Wirecard AG (WPI:DE)  has emerged as one of the most embarrassing financial debacles in years in Germany. The implosion of the Fintech has demolished the reputation of the former CEO Markus Braun who was subsequently arrested following the revelation of €1.9 billion in missing funds…. Read More

June 18, 2020 @ 6:39 pm By JD Alois  |  

One Big Crypto Ponzi Scheme Last week the Ontario Securities Commission (OSC) published a report documenting the collapse of QuadrigaCX, a crypto-exchange operated Gerald Cotten who reportedly died taking the crypto exchange to the grave. The review by the OSC staff disclosed that the failure… Read More

November 27, 2019 @ 9:35 pm By Cali Haan  |  

Mark Scott, a lawyer accused of abetting the multibillion dollar OneCoin cryptocurrency scam, has been convicted of money laundering and bank fraud. Scott is now facing up to 50 years in prison. According to Manhattan U.S. Attorney Geoffrey S. Berman: “Mark S. Scott, an equity partner… Read More

September 28, 2019 @ 8:57 am By Cali Haan  |  

Trading of an Ethereum-based crypto token called FWIN (Fairwin) is consuming over 50% of the “gas” (used to set transaction fees) on the Ethereum network. Basically, the company responsible for FWIN, Fairwin, based in China, has a very busy token. But according to Cointelgraph, Fairwin… Read More

May 21, 2019 @ 9:54 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has receved another emergency court order halting an alleged initial coin offering (ICO) fraud. According to the SEC, a $30 million Ponzi scheme, led by South Florida-based Argyle Coin, and its principal Jose Angel Aman, targeted over 300 US… Read More

March 11, 2019 @ 6:02 pm By JD Alois  |  

On Friday, the Manhattan U.S. Attorney, part of the Department of Justice, issued a statement regarding ongoing Ponzi scam OneCoin stating that alleged perpetrator Konstantin Ignatov had been arrested at the Los Angeles airport. Ignatov was hit with charges of wire fraud conspiracy regarding the… Read More

December 23, 2018 @ 9:55 am By Cali Haan  |  

Cybercrime police in the Indian city of Pune have arrested 10 individuals accused of defrauding 8000 investors in a Bitcoin-related Ponzi scheme called “GB21.” According to The Times of India, the leader of the scheme, Amit Bharadwaj, and his brother Vivek, ran a company called Gain Bitcoin,… Read More

November 13, 2018 @ 8:41 pm By Cali Haan  |  

A fake halal cryptocurrency pyramid scheme targeting Muslim investors in India has fallen apart in the Bitcoin bear market, in part due to scrutiny from regulators, Deccan Chronicle (DC) reports. Father-and-son team Syed Fareed and Syed Afaq Ahmed reportedly tapped a network of “ulemas” (Muslim… Read More

April 30, 2018 @ 12:06 pm By JD Alois  |  

According to a report in Xinhua, eight people were arrested in Shanghai for an astounding Ponzi scheme that rivals the Ezubao fraud and the Madoff scandal. Allegedly, more than 60 billion yuan ( or US $9 billion) was stolen from investors by Shanlin Finance a peer… Read More

November 16, 2017 @ 7:36 pm By JD Alois  |  

The Securities and Exchange Commission has posted a complaint, filed in September, against Miami-based Pedro Fort Berbel and his company Fort Marketing Group. The SEC says that Berbel and his company operated  a Ponzi scheme that used a fraudulent internet advertising scam under such names… Read More

September 21, 2017 @ 12:43 pm By JD Alois  |  

The US Commodity Futures Trading Commission (CFTC) has filed a federal civil enforcement action in the U.S. District Court for the Southern District of New York against Defendants Nicholas Gelfman, of Brooklyn, New York, and Gelfman Blueprint, Inc. (GBI), charging the duo with fraud, misappropriation, and issuing… Read More

May 26, 2016 @ 2:23 pm By Erin Hobey  |  

Add Esudai to a growing list of fraudulent Chinese P2P lending platforms that are being shut down by the Chinese government.  Today Reuters reported that police in the Huizhou, Guangdong province, had detained 13 executives including legal representative and chairman Jian Huixing from the Guangdong Huirong… Read More

May 8, 2016 @ 7:17 pm By JD Alois  |  

The Securities and Exchange Commission has stepped up its public campaign against investment fraud in recent months. Either via social media or paid commercials, the SEC is clearly concerned as finance inevitably moves online.  This should come as no surprise to anyone that follows the… Read More

January 8, 2016 @ 9:04 am By JD Alois  |  

The Securities and Exchange Commission charged two Bitcoin mining companies for a Ponzi Scheme last month as part of an ongoing investigation into the activities of Homero Joshua Garza. Yesterday the SEC filed for an entry of default as  Garza apparently has not responded to… Read More

February 9, 2015 @ 11:06 am By Samantha Hurst  |  

On Monday (February 9th), CoinDesk announced that Hong Kong bitcoin exchange, MyCoin, has allegedly shut down and even took off with as much as $386 million in investor funds. The situation came to light on Friday when nearly 30 people claimed to be victims of the… Read More