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Ponzi scheme
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Ponzi Scheme
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Retail FX
Third Conviction Looms in $180M Courtenay House Ponzi Scheme
David Sipina admits to unlicensed financial services and dealing with crime proceeds.
This comes a year after he was first charged in connection with a Ponzi scheme.
Wednesday, 20/03/2024 | 07:08 GMT
by
Damian Chmiel
CryptoCurrency
'HyperFund': US Authorities Bust $1.9 Billion Crypto Ponzi Scheme
The founder and promoters are facing both civil and criminal charges.
The scheme offered guaranteed high returns but had no real revenue source.
Tuesday, 30/01/2024 | 05:06 GMT
by
Arnab Shome
Retail FX
Tradewale's Deceptive Forex Scheme Ends in $2.8M Fine
The court penalizes the company and its founder for false FX fund claims.
Scammers promised unrealistic profits using artificial intelligence.
Thursday, 28/12/2023 | 15:56 GMT
by
Damian Chmiel
CryptoCurrency
Crytpo AI-Powered Profit Promise Leads to $25M Fraud Indictment
Two men are charged for a cryptocurrency Ponzi scheme.
They promised high-yield profits using AI but misused funds for luxury expenses.
Wednesday, 13/12/2023 | 08:24 GMT
by
Damian Chmiel
Trending
Wells Fargo Pushed to Improve Financial Crime Monitoring
Regulators are pressuring the bank to improve its compliance procedures.
The bank’s processes, rather than a specific event or client, are being questioned.
Wells Fargo is also facing a lawsuit claiming it allowed a client to run a Ponzi scheme.
Thursday, 23/11/2023 | 11:38 GMT
by
Louis Parks
Retail FX
Federal Court Drops $20 Million Fine on Ponzi Scheme Trader
The CFTC and the court fined Phillip Galles for conducting a fraudulent scheme.
Unfortunately, victims may not recover lost funds despite the ruling.
Thursday, 16/11/2023 | 12:27 GMT
by
Damian Chmiel
Retail FX
Ponzi Scheme: Definition and How to Avoid Them
Some red flags are harder to spot than others.
Friday, 13/10/2023 | 10:32 GMT
by
Pedro Ferreira
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CryptoCurrency
U.S. Court Advances Sentencing in AirBit Club Cryptocurrency Ponzi Scheme
The defendants pleaded guilty to charges of money laundering.
Approximately $100 million was redirected to the founders and promoters of the scheme.
Wednesday, 04/10/2023 | 10:55 GMT
by
Tareq Sikder
CryptoCurrency
Crypto Kingpin behind Bars: 12 Years for $100M Ponzi Scheme
The scheme mastermind has been sentenced for running a global crypto pyramid scheme.
AirBit Club deceived investors, with assets valued at $100 million have now been seized.
Wednesday, 27/09/2023 | 08:22 GMT
by
Damian Chmiel
Retail FX
CFTC Busts $3.4 Million FX and Binary Options Fraud
CFTC highlights Patrick Wonsey's lack of credentials.
Pool participant funds mismanaged as they were mixed with Wonsey's assets.
Wednesday, 27/09/2023 | 06:42 GMT
by
Tareq Sikder
Retail FX
FX Ponzi Scheme Deceived 1,500 Individuals with False Promise of 325% Returns
About $70 million was used for Ponzi-lile payments.
The scheme primarily targeted Haitian-Americans.
Tuesday, 27/06/2023 | 11:45 GMT
by
Damian Chmiel
CryptoCurrency
SEC Busts BKCoin for Running $100M 'Ponzi-Like Scheme'
The scheme made Ponzi-like payments with more than $3.8 million.
One co-founder used at least $371,000 for personal expenses.
Tuesday, 07/03/2023 | 06:56 GMT
by
Arnab Shome
Retail FX
CFTC Busts $145M FX Ponzi Schemes, Charges Masterminds
The three schemes were interconnected.
The agency already received a court order to freeze the defendants' assets.
Friday, 24/02/2023 | 05:19 GMT
by
Arnab Shome
CryptoCurrency
US Indicts Four Co-Founders of $340M Forsage Ponzi Scheme
They are facing charges of conspiracy to commit wire fraud.
The SEC also brought fraud charges against the four and another seven individuals.
Thursday, 23/02/2023 | 06:07 GMT
by
Arnab Shome
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Retail FX
Another Director of $180m FX Ponzi Scheme Faces 10 Years in Jail
After Irevasi and Papoulias pled guilty, the court charged Sipina with criminal offences.
The Ponzi scheme operated for almost seven years.
Wednesday, 22/02/2023 | 09:08 GMT
by
Damian Chmiel
CryptoCurrency
US Court Orders $17M Restitution Distribution to 800 BitConnect Victims
The scheme defrauded around 4,000 investors of $2.4 billion.
The classic Ponzi scheme promised an annualized return of 3,700 percent.
Friday, 13/01/2023 | 10:12 GMT
by
Arnab Shome
Retail FX
SEC Busts $4.3 Million FX Ponzi Schemes
The two schemes, Avail Progression and Elite Generators, dupped over 100 investors.
The operator of the schemes did not invest any proceeds.
Monday, 19/12/2022 | 06:19 GMT
by
Arnab Shome
CryptoCurrency
Crypto Ponzi Schemes Forcount and IcomTech Charged with Fraud
Both schemes targeted small communities.
They have promised to double the investment in six months.
Thursday, 15/12/2022 | 06:52 GMT
by
Arnab Shome
CryptoCurrency
Ohio Man Faces Criminal Charges for $10 Million Crypto Ponzi Scheme
He lured investors by flaunting a luxurious lifestyle.
He is facing 20 counts of wire fraud.
Monday, 21/11/2022 | 06:34 GMT
by
Arnab Shome
Retail FX
FX Ponzi Scheme Defrauded $180m, Director Faces 10 Years in Jail
The scheme operated for almost seven years, starting in 2010.
The former director of a fraudulent company faces five criminal charges.
Tuesday, 08/11/2022 | 10:06 GMT
by
Damian Chmiel
CryptoCurrency
Crypto Ponzi Scheme Defrauded $295m in BTC. The SEC Charged Its Creator
The trading bot was supposed to auto-invest, however, the money never hit the market.
A huge part of the embezzled BTC went strait to the Ponzi scheme creator and promoters.
Monday, 07/11/2022 | 09:02 GMT
by
Damian Chmiel
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News
EmpiresX 'Head Trader' Pleads Guilty for $100M Crypto Ponzi Scheme
The scheme defrauded investors of around $100 million.
A separate CFTC complaint is seeking full restitution to defrauded participants.
Friday, 09/09/2022 | 08:36 GMT
by
Arnab Shome
News
NZ Authorities Investigate Crypto Ponzi Scheme
According to investigators, Quwiex Limited suspended withdrawals last month.
The company also presented a fake registration address on its website.
Monday, 23/05/2022 | 07:52 GMT
by
Bilal Jafar
News
US Authorities Sentence Crypto Trader to 42 Months in Prison
Jeremy Spence defrauded more than 170 investors.
The Securities and Commodities fraud unit is handling the case.
Thursday, 12/05/2022 | 06:49 GMT
by
Bilal Jafar
Institutional FX
CFTC Continues Crackdown, Busts $543K FX Ponzi Scheme
The scheme defrauded at least seven pool participants.
The funds were used for personal expenses and Ponzi-styled payouts.
Wednesday, 11/05/2022 | 06:16 GMT
by
Arnab Shome
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