scam
CEDAR RAPIDS – On February 22, 2012, Donald K Washburn of Linn County was convicted by a federal court in Cedar Rapids of wire fraud, money laundering and for making false statements to the United States Probation Office while on supervised release for a previous conviction on charges of fraud. The convictions came after a […]
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LAS VEGAS – On February 21, 2012, the Securities and Exchange Commission announced that it had charged Steven L. Hamilton and his companies Covenant Capital Partners, Verde FX Nevada LLC and Verde Retirement LLC with running a series of illegal Ponzi schemes that cheated 23 or more investors out of $1.6 million. According to the […]
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CEDAR RAPIDS, IA – Iowa-based Jeffrey J. Kinseth, and his company, Virtual Vision Inc. were ordered by the U.S. Commodity Futures Trading Commission (CFTC) to pay a civil monetary penalty of $575,000 and restitution of $574,936 for illegally soliciting participants in a pooled investment vehicle, misappropriation of their funds and issuing bogus statements to cover […]
Continue reading …ORMOND BEACH, FL – Tomas Loebel, 57, once owned Daytona Plastix Inc. but today he is in the news for his Ponzi scheme which helped him cheat his own friends of more than $1 million. He was sentenced to 15 years in prison for his scam. Loebel, a businessman from Ormond Beach pleaded no contest […]
Continue reading …North Carolina Operator of Phony $3.2 Million Commodity Pool Scheme Charged of Fraud
March 8, 2012 No Comment
Charlotte, NC – Mitchell Brian Huffman, a Charlotte – based operator of a commodity pool scheme that promised high returns using a “proprietary trading program”, has been charged by the CFTC with fraud regarding exchange-traded commodity futures contracts. Huffman, who never registered with the CFTC, solicited an amount of about $3.2 million from about 30 […]
Continue reading …St. Augustine, FL – Birkenstock-clad 60-something Lydia Cladek sponsored animal rescue charities to impress her Ponzi scheme victims. Their money went to the dogs and she ended up in a cage in Federal prison. The Florida scamster orchestrated a $100 million pyramid racket named after herself for over ten years, a jury found. She used […]
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Renee Marie Brown, 48, an investment adviser from Golden Valley, entered a guilty plea to cheating investors of $1.1 million before the United States District Court Judge, Susan Richard Nelson, in St. Paul. According to her plea agreement, Brown persuaded investors to invest in a limited liability company styled “Investors Income Fund X, LLC”, which […]
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Trusting Loan Thituong Nguyen and Lynn Eichenberger proved traumatic for 17 Vietnamese Americans. These victims were allegedly cheated by the two women in $2 million real estate investment fraud scheme. The women worked the scheme in two ways, according to prosecutors. In one plan Nguyen solicited the people by stating she had opportunities for property […]
Continue reading …Insurance Agents Accused of Enlisting Senior Citizens as Straw Men to Perpetrate $100 Million Fraud
February 23, 2012 No Comment
NEW YORK – Michael Binday, James Kevin Kergil, and Mark Resnick have all been indicted of defrauding major insurance companies to the tune of $100 million. The three insurance agents managed to do this by getting the insurance companies to issue life insurance policies to straw buyers when the real owners of the policies were […]
Continue reading …Exotic Vacations, Tattoo Parlor Paid with Investors Money: Broker Charged with Fraud
February 22, 2012 No Comment
GLENCOE – Illinois resident Kenneth A. Dachman was charged with securities fraud and the misappropriation of more than $1.8 million in investor funds. Dachman perpetrated his fraud by making false statements that misled investors as far as offerings in his companies were concerned, according to the Securities and Exchange Commission. Dachman was the Chairman of […]
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