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Banks and investors found themselves the victims of fraud allegedly conducted by six South Florida individuals. These six individuals are Eimy Rodriguez, Juan Luis Quevedo, Jesus Fernando Alvarez, Abdul Basit, Yolanda M.Hernandez and Abdul Rashid Patel. The six are accused of conspiring together to cheat banks and individuals to the tune of around $6 million […]
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Ronnie Gene Wilson, a former County Councilman with Anderson County has been charged with conning investors to the tune of $70 million. The complaint has been filed against him by the South Carolina securities commissioner. Wilson managed to get people to believe that they were investing in silver but was doing no such thing, according […]
Continue reading …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 […]
Continue reading …Financial Advisor Fueled His Gambling Compulsion By Bilking Elderly Investors
March 20, 2012 No Comment
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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Trusteer, a provider of secure web access services based in Boston, has just reported the discovery of two methods by which criminals gain access to a victim’s banking one-time-password (OTP) by physically hijacking his mobile SIM card. These new methods are a step-up on the previous method in which fraudsters would acquire a victim’s OTP […]
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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 […]
Continue reading …Pyramid Marketing Scheme Burnlounge Shut Down, Ordered To Refund $17 Million To Consumers
March 16, 2012 No Comment
Acting on a complaint by the Federal Trade Commission (FTC), the U.S. District Court for the Central District of California, Western Division, has issued orders to permanently halt marketing of BurnLounge, a misleading pyramid scheme that lured into its fold 56,000 consumers across the country. The court ordered the promoters and operators of BurnLounge to […]
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