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Ponzi Scheme

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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
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
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
News

CFTC Files Charges against Four Operators of $44 Million Crypto Ponzi

  • People from Florida, India, North Carolina and New York are involved in the scheme.
  • The website used for the Bitcoin Ponzi was dubbed 'JetCoin'.
Tuesday, 08/03/2022 | 23:47 GMT by Felipe Erazo
Retail FX

Alista Group Executives Fined $1.6M for Precious Metal Fraud

  • They misappropriated customer funds and ran a Ponzi-styled scheme.
  • The regulator first brought charges against the scheme in July 2020.
Thursday, 03/03/2022 | 10:37 GMT by Arnab Shome
Retail FX

US SEC Charges Georgia Resident with Operating a $110 Million Ponzi Scheme

  • The investment adviser and his companies raised over $110 million from over 400 investors for the Ponzi scheme.
Wednesday, 25/08/2021 | 16:45 GMT by Felipe Erazo
Retail FX

Thai Police Charge Celebrity Actress for Forex-3D Connections

  • The scheme dupped around 9,692 investors of almost 2 billion baht.
Friday, 05/03/2021 | 07:04 GMT by Arnab Shome
Regulation

SEC Obtains Final Judgment against Man Convicted in Ponzi Scheme

  • The 74-year-old founded and run a company called Booth Financial Associates.
Monday, 22/02/2021 | 20:19 GMT by Aziz Abdel-Qader
News

FBI Arrests Jeremy Spence in Coin Signals’ Ponzi Scheme

  • Spence, 24, solicited investors through Telegram and Discord to invest in a series of crypto hedge funds.
Tuesday, 26/01/2021 | 18:17 GMT by Aziz Abdel-Qader
Retail FX

Thailand Police Nab $66 Million Forex-3D Ponzi Scheme Kingpin

  • The police already confiscated 1 billion baht-worth Forex-3D-liked assets.
Monday, 18/01/2021 | 13:42 GMT by Arnab Shome
News

Founder of $147M Crypto Ponzi Scheme Gets 10-Year Prison Sentence

  • The scheme defrauded around 70,000 investors spanning across the globe.
Tuesday, 12/01/2021 | 07:13 GMT by Arnab Shome
News

US Regulator Charges Top AirBit Club Promoter

  • Chairez was charged for her activities as an unregistered broker.
Wednesday, 16/12/2020 | 07:05 GMT by Arnab Shome
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