Guilty Plea Date Set for Ponzi Scheme Case
A judge has set a Jan. 27 date for a disbarred South Florida lawyer to plead guilty to charges stemming from what authorities call a $1.2 billion Ponzi scheme. The date was set at a hearing Wednesday after Scott Rothstein’s attorney announced he will plead guilty. Rothstein had initially pleaded not guilty to racketeering, fraud [...]
Petters Found Guilty
A jury has found the businessman Tom Petters guilty of twenty counts of fraud, conspiracy, and other charges, composing what prosecutors called a $3.5 billion Ponzi scheme. Petters had claimed that his subordinates carried out the scheme without his knowledge. He was convicted of wire fraud, mail fraud, conspiracy, and money laundering. U.S. District Judge [...]
NY Couples Claim Man Orchestrated Adoption Scam
Prosecutors have charged a New York attorney with victimizing thirteen different couples in a Ponzi-like adoption scheme spanning multiple states. Kevin Cohen was arraigned on Wednesday in an indictment in which he was accused of grand larceny, as well as other charges. The Nassau County Prosecutor’s Office said that Cohen promised couples from five states [...]
Ponzi Schemer Broke Bail Rules
A federal judge recently said a New York businessman accused of orchestrating a four hundred thirteen million dollar Ponzi scheme has violated his bail conditions. US District Court judge Dennis Hurley allowed Nicholas Cosmo to remain free pending a hearing Friday on whether to revoke his one and a quarter million dollar bail package. Judge [...]
Bernie Madoff’s Ponzi Scheme
Posted by Allen P Wilkinson on October 21, 2009 · Leave a Comment
In 1920, Charles Ponzi, an Italian immigrant, started advertising that he could make a 50% return for investors in only 45 days. People mortgaged their homes and invested all of their life savings with Ponzi, so that by July 1920, Ponzi was bringing in millions of dollars. As with all frauds, the money return to [...]
Filed under Commentary, Corporate/Finance · Tagged with 150 years sentence, Bernard Madoff, Bernie Madoff, billions of dollars, chairman of Nasdaq, Charles Ponzi, control over other people, deceive, deception, double-digit returns, greed, investment, investors, life savings, Nasdaq, no chance of parole, nonprofit organizations, plead guilty, ponzi scheme, psychopath, securities fraud, too good to be true, wiped out