Investment fraud

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Telson Okhio, president, Ohio Group Holdings Inc., has entered a guilty pleas for his role in wire fraud.  Okhio could be facing a maximum sentence of 20 years in prison.  Ohio Group Holdings and Okhio have been committing fraud in 2009 when Okhio impersonated an investment advisor. According to the charges filed against him, the […]

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George Tannous, a former IRS agent has been given a three year prison sentence for his part in an investment scheme that conned victims of more than $8 million.  Tannous entered a guilty plea in 2008 after his firm, Bidbay.com helped bilk money from investors.  His guilty plea is for 1 count of conspiracy and […]

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Monaca Road, PA – Senior U.S. District Judge Maurice B. Cohill convicted John D Wosotowsky, 51, of Monaca Road, for mail fraud and filing false income tax returns. According to United States Attorney David J Hickton, Wosotowsky was sentenced to 97 months imprisonment and restitution of  $2,293,045.66. Wosotowsky worked for Metlife Securities in the capacity […]

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Patrick J. Belzner has been indicted for conspiring to commit wire fraud by a federal grand jury.  The Glen Arm, Maryland man has been indicted for his part in a $14 million investment fraud.  Belzner also used the name Patrick McCloskey.  He, along with this co- conspirator lured investors in with an assurance that their […]

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Robert Cassandro showed no discrimination when he defrauded his own relatives in a real estate Ponzi scheme, according to prosecutors.  Cassandro, a Long Island attorney, is accused of scamming $4.6 million from several investors including his own family.  He raised the money with an elaborately crafted real estate Ponzi scheme but used the money to […]

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On May 5, 2008, the U.S. Securities and Exchange had filed an emergency criminal action before the United States District Court of Eastern District of Michigan, and succeeded in obtaining orders to freeze the assets of George McKnight and several companies controlled by him. According to the SEC complaint, McKnight raised about $72 million from […]

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A Grand Haven Township woman, Lillian VanDenBerg, 83, fell victim to a $9 million Ponzi scheme operated by Jeffrey Ripley of Sparta and Danny Lee VanLiere of Grand Rapids, according to the state Attorney General’s Office.  VanDenBerg was one of at least 140 elderly West Michigan residents targeted by the duo. Ripley and VanLiere are […]

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Clarks Summit, PA – Frank L Pavlico III, 42, accused of bilking at least 13 victims out of approximately $2.1 million, has applied to the judge handling his case for more time to find a lawyer.  As his assets have been frozen by the court, Pavlico said in his request to District Judge Rosemary M […]

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Cleveland, OH – Monroe L. Beachy, of Sugarcreek near Columbus, an Amish man charged with defrauding other Amish of nearly $16.8 million, plead guilty of fraud.  Beachy, aged 77 years, owner of Sugarcreek-based A&M Investments, has been indicted for falsely promising to make safe investments of about $16.8 million on behalf of nearly 2,700 persons […]

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The SEC announced that it had obtained final judgments on consent against Jason Pflaum and Walter Shimoon in its insider trading case, SEC versus Marc Anthony Longoria. It was the SEC’s complaint in February 2011 that employees and consultants of an ‘expert network’ firm, Primary Global Research LLC, a New York based hedge fund, its […]

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