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Saturday, November 21, 2009 2:27 AM

Ponzi Scheme

Type: Keyphrase

Name: Ponzi Scheme

First Reported 10 hours ago - Updated 7 hours ago - 2 Documents

Colo. man accused in 'green' Ponzi scheme calls allegations 'ridiculous'

Wayde McKelvy, one of the group accused by federal regulators of operating a $30 million 'green' Ponzi scheme, told investors Thursday night that the allegations are ridiculous. McKelvy, founder of Centennial, Colo.-based Speed of Wealth LLC, also defended ... [Philadelphia Business Journal - 7 hours ago]

Entities: Ponzi Scheme, Allegation, Denver (Colorado, United States), John Elway

First Reported 7 hours ago - Updated 3 hours ago - 2 Documents

Louisiana man arrested for allegedly running $19.5 million Ponzi scheme

A Tickfaw man was arrested on the north shore Friday for running a $19.5 million Ponzi scheme, the second case involving such a financial fraud in Louisiana this week.The arrest came about an hour after a federal grand jury in New Orleans returned a 64-count ... [NOLA Live - 3 hours ago]

Entities: Ponzi Scheme, Indictment, Cease-and-Desist Order, Jim Letten, New Orleans

First Reported 11/19/2009 - Updated 11/19/2009 - 2 Documents

Ponchatoula man charged with running Ponzi scheme

A Ponchatoula man has been arrested for running a Ponzi scheme in which he bilked at least 200 investors of more than $11 million and allegedly used the money to pay for Mardi Gras krewe memberships and plastic surgery, among other personal expenses.William ... [NOLA Live - 11/19/2009]

Entities: Ponzi Scheme, Mardi Gras, Buddy Caldwell, New Orleans

First Reported 11/19/2009 - Updated 11/20/2009 - 3 Documents (in Internet & IT)

US Securities and Exchange Commission

SEC Watchdog: Revamp Company Exam Process

WASHINGTON -- U.S. regulators had "ample information" to trigger an extensive exam of convicted fraudster Bernard Madoff's investment firm, but continually gave it only a "medium risk" rating, a government watchdog said on Thursday.David Kotz, the inspector ... [Moneynews - 11/20/2009]

Entities: US Securities and Exchange Commission, David Kotz, Bernard Madoff

First Reported 6 hours ago - Updated 3 hours ago - 2 Documents (in Conflicts & Crime)

Accused US Ponzi schemer: I learned of fraud late

* Petters defense rests case * Petters said realized fraud only after-the-fact * Petters accused of $3.65 billion Ponzi scheme * Jury may get case on Monday By Art Hughes ST. PAUL, Minn., Nov 20 (Reuters) - Minnesota businessmanTom Petters ... [Economy-Finance - 3 hours ago]

Entities: Fraud, Art Hughes, Joe Dixon, Petters Group Worldwide

First Reported 11/19/2009 - Updated 11/19/2009 - 2 Documents

Confidence trickster jailed for three years

Alexandre Firioubine - described as a hopeless dreamer by his lawyer and a confidence trickster by the judge - was jailed for three years four months today and faces paying back $425,205 to his six victims.Christchurch District Court was told he managed ... [New Zealand Herald - 11/19/2009]

Entities: Michael Crosbie, Ponzi Scheme, Christchurch (New Zealand)

First Reported 11/19/2009 - Updated 11/19/2009 - 2 Documents (in Conflicts & Crime)

Petters says he tried to "fix" fraud at his company

In a blistering cross-examination of the Minnesota businessman, prosecutor Joe Dixon asked Petters, accused of a $3.65 billion Ponzi scheme, to explain his comment to former aide Deanna Coleman that there was a big fraud taking place at his Petters Group ... [Interactive Investor International - 11/19/2009]

Entities: Petters Group Worldwide, Fraud, Joe Dixon, Polaroid Corporation

First Reported 11/19/2009 - Updated 11/19/2009 - 1 Documents

Arch named in latest Stanford D&O suit

The knotty dispute over defence funds for former Stanford Financial Group (SFG) chief investment officer Laura Pendergest-Holt has deepened, and insurer Arch has been cited in a new writ together with a $90mn excess policy.The 17 November lawsuit was ... [The Insurance Insider - 11/19/2009]

Entities: Laura Pendergest-Holt, David Hittner, Stanford Financial Group

First Reported 11/19/2009 - Updated 11/19/2009 - 1 Documents (in Conflicts & Crime)

Canadian companies report rise in finance crime

More than half of Canadian companies reported they were the victims of crime over the past 12 months as the economic slump encouraged law breaking, a survey found.The most common type of crime was theft, with companies also reporting a rise in accounting ... [Canoe Money - 11/19/2009]

Entities: Crime, Accounting Fraud, Money Laundering, Canada, Fraud

First Reported 11/19/2009 - Updated 11/19/2009 - 1 Documents

$425,000 scam earns jail term

BREACH OF TRUST: Alexandre Firioubine admitted five charges of obtaining by deception after he managed to convince friends and their families that he could earn them 30 per cent returns.Relevant offersInfant died after being shaken Man's credit card ... [Christchurch Press - 11/19/2009]

Entities: Christchurch (New Zealand), Deception, Ponzi Scheme, Michael Crosbie

First Reported 14 hours ago - Updated 14 hours ago - 1 Documents (in Conflicts & Crime)

Ponzi scheme hits home in South Florida

Ponzi schemes have been around for over one hundred years; however, since the Bernie Madoff scandal erupted and thousands of investors were defrauded of billions of dollars,FOR IMMEDIATE RELEASEPonzi schemes have been around for over one hundred years; ... [Prlog - 14 hours ago]

Entities: Ponzi Scheme, Criminal, Bernard Madoff, Miami (Florida, United States)

First Reported 11/19/2009 - Updated 11/19/2009 - 1 Documents

SEC Halts Mantria’s $30 Million “Green” Ponzi Scheme

The SEC has charged two companies and four individuals with involvement in a nationwide $30 million Ponzi scheme that lured over 300 elderly and retirement-age... ... [HedgeTracker - 11/19/2009]

Entities: Ponzi Scheme

Quotes

"Bernard Madoff was dismissive of a compliance examiner involved in a [SEC] inspection into his firm, calling the man a 'blowhard' who talked tough, but didn't look at anything. ... [David Kotz's] report found that the SEC received six substantive tips over 16 years, but still failed to detect the fraud because of inexperienced staff, delays and a lack of communcation. ... 'It's very easy to do a third-party check. It's an absolute must,' Mr. Madoff said of how one investigates a Ponzi scheme. 'It's accounting 101.' ... Mr. Madoff said he thought he might get caught during another enforcement investigation when officials asked for his DTC number. He credited them with 'asking all the right questions' and was later shocked to learn the investigation would be closed" , Sarah Lynch at the WSJ, 31 October 2009, link: .Blame the SEC staff, not SEC management. Why? Bernie, it's auditing 301, not accouting 101...

Madoff on the SEC [Skeptical CPA - 2 hours ago]

...Scherer writes that all three "participated in the scheme by ... meeting with investors, verifying account statements and providing investors with purported irrevocable 'lock letters' securing investor funds." Here's a video of attorney Bill Scherer talking to the press today: And here's the full filing: Bill Scherer Files Suit Against...

Scott Rothstein Victims Sue TD Bank [Clusterstock - 3 hours ago]

...Sassman solicited millions of dollars from California investors with promises of high returns on business and real estate investments,' Brown said. "In reality, Sassman looted their savings to prop up a Ponzi scheme, so he could buy homes and Ferraris."

California AG announces arrest in multi-million dollar real estate Ponzi scheme [Mortgage Mag - 14 hours ago]

"`I asked him 10 times, `Is this a Ponzi scheme? Is this a Ponzi scheme?' And he said no," Snyder said. ``I talked to my Merrill Lynch broker, and the broker said this is not a legitimate deal. I did it anyway because I trusted [Faulkner]."

Victim in `juice scam' never met alleged villain Scott Rothstein [Miami Herald - 20 hours ago]

More Content

sort by: Date \| Relevance
Bank helped Rothstein in fraud scheme, lawsuit ... [South Florida Sun-Sentinel - 1 hour ago]
Scott Rothstein Victims Sue TD Bank [Business Insider - 2 hours ago]
Louisiana man arrested for allegedly running $1... [NOLA Live - 3 hours ago]
Accused Ponzi schemer: I learned of fraud late [Reuters: U.S. - 4 hours ago]
FBIs Top Ten News Stories for the Week Ending N... [FBI - 4 hours ago]
Trying KSM [The National Interest - 5 hours ago]
Testimony ends in Petters trial; closings Monday [Minneapolis Star Tribune - 6 hours ago]
Investors Sue Lawyer in Fraud Probe [WSJ.com: Markets - 7 hours ago]
Suit alleges massive fraud by Scott Rothstein, ... [Miami Herald - 7 hours ago]
Louisiana man indicted for running Ponzi scheme [NOLA Live - 7 hours ago]
Colo. man accused in 'green' Ponzi scheme calls... [Philadelphia Business Journal - 7 hours ago]
Madoff Lieutenant Moved To Suburban Jail [FINalternatives - 8 hours ago]
Colo. man accused in 'green' Ponzi scheme calls... [Philadelphia Business Journal - 10 hours ago]
Petters Takes The Stand, Points Fingers [FINalternatives - 11 hours ago]
NM: Questions surround State Inv... [Stateline - 12 hours ago]
California AG announces arrest in multi-million... [Mortgage Mag - 14 hours ago]
Ponzi scheme hits home in South Florida [Prlog - 14 hours ago]
S.E.C. Told to Change How It Chooses Inquiries [New York Times - 14 hours ago]
Victim in `juice scam' never met alleged villai... [Miami Herald - 20 hours ago]
Case of SC's '3 Hebrew Boys' heads to jury [Minneapolis Star Tribune - 23 hours ago]
SEC Watchdog: Revamp Company Exam Process [Moneynews - 11/20/2009]
Man to settle charges he stole millions from Ha... [Individual.com - 11/20/2009]
Insurance Agent Accused of Ponzi Scheme [Insurance Networking - 11/20/2009]
Scott Rothstein Requests Disbarment [JD Journal - 11/19/2009]
SEC Charges Four in ‘Green’ Investment Ponzi Sc... [Environmental Leader - 11/19/2009]
Wragg of Mantria says SEC ‘jumped the gun’ in f... [Philadelphia Business Journal - 11/19/2009]
Petters says he tried to "fix" fraud ... [Interactive Investor International - 11/19/2009]
Revamp needed post-Madoff: SEC watchdog [stuff.co.nz - 11/19/2009]
Time is Right for Hedge Funds, Manager Says [New York Times - 11/19/2009]
Madoff's lesson has yet to sink in [MarketWatch - 11/19/2009]

Blogs

sort by: Date \| Relevance
Madoff on the SEC [Skeptical CPA - 2 hours ago] "Bernard Madoff was dismissive of a compliance examiner involved in a [SEC] inspection into his firm, calling the man a 'blowhard' who talked tough, but didn't look ...
Scott Rothstein Victims Sue TD Bank [Clusterstock - 3 hours ago] And here they come. Victims of Scott Rothstein's alleged $1 billion Ponzi scheme are looking to get their money back, and the lawsuits are piling up. Some, like ...
Accused US Ponzi schemer: I learned of fraud late [Economy-Finance - 3 hours ago] * Petters defense rests case * Petters said realized fraud only after-the-fact * Petters accused of $3.65 billion Ponzi scheme * Jury may get case on Monday ...
Petters: ‘I Didn’t Want a Bentley. I’m Not a Be... [WSJ.com: Law Blog - 10 hours ago] There must be no bigger thrill as a prosecutor than getting to cross examine a defendant who’s looked the Fifth Amendment in the eye and said ‘I need you not, self-incrimination ...
Polling and Political Wrap-Up, 11/19/09 [Daily Kos - 22 hours ago] Rasmussen Reports hits two of the biggest prizes in Election 2010, and in true Rasmussen fashion, find the Republican candidates doing better than any other pollsters ...

Audio/Video

sort by: Date \| Relevance
Raw Video: Aboard Madoff's Yacht, Up for Auction [Associated Press - YouTube - 11/16/2009]
Madoffs Jewelry, Clothing Rake in More Than $90... [Bloomberg - YouTube - 11/16/2009]
More Madoff Accomplices Nabbed [Slate Magazine - 11/14/2009]
Madoffs' Rolexes, Furs, Hermes Handbags Set for... [Bloomberg - YouTube - 11/14/2009]
WSJ What's News Late Edition, November 13, 2009 [Wall Street Journal What's News - 11/13/2009]

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Ponzi Scheme