Ponzi scheme

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California Man Sentenced in $1B Solar Ponzi Scheme

Jeff Carpoff gets 30 years

(Newser) - The owner of a San Francisco Bay Area solar energy company was sentenced to 30 years in federal prison Tuesday for an audacious Ponzi scheme that defrauded investors of $1 billion. It's the biggest criminal fraud scheme in the history of the federal court district that covers inland Northern...

Radio Host Gets 3 Life Sentences for Ponzi Scheme

William Neil Gallagher vowed to help people retire safe, did the opposite

(Newser) - It turns out the "Money Doctor" didn't dispense much in the way of financial health. Texas radio host William Neil Gallagher—who went by that name and ran the Gallagher Financial Group—was on Monday sentenced to three life sentences for bilking 192 people out of at least...

How College Pals Fell Victim to Hollywood Ponzi Scheme
D-List Actor Pleads Guilty
in $690M Ponzi Scheme

D-List Actor Pleads Guilty in $690M Ponzi Scheme

Zachary Horwitz faces 20 years for scheme that ensnared his college buddies

(Newser) - Update: An actor accused in a $690 million Ponzi scheme will face up to 20 years in prison after pleading guilty to one count of securities fraud on Monday. Zachary Horwitz of 1inMM Capital allegedly used fake licensing agreements to fool investors, including his college buddies, into putting up money...

A Cryptocurrency CEO Died at 30, Then Things Got Weirder

QuadrigaCX had hundreds of millions of dollars—or did it?

(Newser) - When Gerald Cotten was in high school, the Ontario teen was known to hustle to get his work done in class so that he could spend any free time getting around the school's firewalls to play online games. If that sounds like the origin story of a future internet...

The Shared Blame for Madoff
The Shared Blame for Madoff

The Shared Blame for Madoff

Investors should've pushed more, but the SEC takes the cake, columnist writes

(Newser) - "Everyone was greedy," Bernie Madoff once said. "I just went along." That's a little convenient, but then there's been a lot of revisionism since his scams were exposed. Plenty of people say they'd never have fallen for his offer of 12% annual returns,...

Bernie Madoff Dies in Prison at Age 82

Sources tell AP Ponzi schemer died of natural causes

(Newser) - Bernie Madoff, the financier who pleaded guilty to orchestrating the largest Ponzi scheme in history, died in a federal prison early Wednesday, a person familiar with the matter told the AP . Madoff died at the Federal Medical Center in Butner, NC, apparently from natural causes, the person said. The person...

He Wanted to Be a Hollywood Star. Instead, a $690M Scheme

Zachary Horwitz, aka Zach Avery, faces up to 20 years for wire fraud

(Newser) - The US Securities and Exchange Commission has frozen the assets of a Hollywood actor appearing in an upcoming movie with Olivia Munn over charges that he ran a $690 million Ponzi scheme. Zachary Horwitz—who uses the name Zach Avery in film credits—ran a company, 1inMM Capital, that claimed...

Largest Fraud Vermont Has Ever Seen Started With a Peak

Things were rotten from the start of the 2008 purchase of Jay Peak

(Newser) - Vermont's Jay Peak ski resort was for sale, and a Florida man wanted it—and got it. But as Dan D'Ambrosio and April McCullum of the Burlington Free Press describe in a lengthy three-part series, it would only be years later that authorities would determine Ariel Quiros only...

Fraud Suspect Tries to Flee FBI on 'Sea Scooter'
Fraud Suspect Attempts
Very Unusual Getaway
in case you missed it

Fraud Suspect Attempts Very Unusual Getaway

California man didn't get far on his sea scooter

(Newser) - A California man accused of scamming members of his local church in a $35 million Ponzi scheme attempted a daring getaway Monday with federal agents in hot pursuit. The FBI says 44-year-old Matthew Piercey fled in his pickup truck before entering Lake Shasta, the state's largest reservoir, and attempting...

Judge Rejects Freeing Madoff
Judge Won't Release Madoff

Judge Won't Release Madoff

Ponzi scheme victims are still suffering, ruling says

(Newser) - Saying "many people are still suffering from" the crimes committed by Bernie Madoff, a federal judge refused Thursday to set the convict free. Madoff, 82, is serving a 150-year sentence, but his lawyers said he's dying of kidney disease and asked that he be released now, CNBC reports....

Madoff Victims to Receive Another Check

Senator opposes convict's request for early release

(Newser) - Another $378.5 million is on its way to victims of Bernie Madoff's Ponzi scheme. The Justice Department said Monday that this will be the fifth round of payments, from a government fund of forfeited money, that altogether will total more than $4 billion, NBC reports. More than 38,...

Madoff Wants to Make 'Dying Plea' for Release

Lawyer says fraudster wants to personally tell judge he is remorseful

(Newser) - Bernie Madoff, who disclosed last month that he is dying of kidney disease , wants to make a "final dying, personal plea" for freedom, the fraudster's lawyer said Thursday in a request for a new hearing. Attorney Brandon Sample said it would be "eminently reasonable" to schedule a...

Bernie Madoff: I Don't Have Much Time Left to Live

The disgraced Ponzi schemer says he has kidney disease

(Newser) - Epic Ponzi schemer Bernard Madoff asked a federal judge Wednesday to grant him a "compassionate release" from his 150-year prison sentence, saying he has terminal kidney failure and less than 18 months to live, the AP reports. Madoff's attorney filed court papers saying the 81-year-old has end-stage kidney...

Bernie Madoff Asks Trump for Clemency

'The very definition of chutzpah'

(Newser) - Bernie Madoff is now 10 years into his 150-year sentence for orchestrating a $65 billion Ponzi scheme—and the 81-year-old is looking for a way out. Justice Department records show that Madoff has petitioned President Trump to commute his sentence, and the request is listed as "pending," ABC...

Former Madoff Secretary Wants Early Prison Release

Annette Bongiorno will have served two thirds of her six-year prison term by March 19

(Newser) - A lawyer for the former secretary for imprisoned financier Bernard Madoff is asking that she be released from prison in March. Attorney Roland Riopelle says 70-year-old Annette Bongiorno will have served two thirds of her six-year prison term by March 19 and should be released then. He cited a law...

Man Who Bilked $100M From Investors Escapes Prison

Frederick Berg was discovered missing Wednesday in California

(Newser) - A Washington state man who bilked investors out of more than $100 million in a Ponzi scheme has escaped from a federal prison in central California, according to the US Marshals Service. Prison officials said Frederick Berg, 55, was discovered missing Wednesday from a minimum-security work camp next to a...

Taylor Swift's Ticketmaster Scheme Is a 'Scam'
Taylor Swift's Ticketmaster
Scheme Is a 'Scam'

Taylor Swift's Ticketmaster Scheme Is a 'Scam'

Critics are calling it 'pay-to-play,' 'almost a Ponzi scheme'

(Newser) - Taylor Swift and Ticketmaster have teamed up to help ensure tickets to her upcoming tour go to her biggest fans, not scalpers. That's so nice, right? Wrong. The complicated process, which utilizes Ticketmaster's new Verified Fan service, asks fans to buy Swift merch or promote her music on...

Most Money From Madoff's Sons' Estates Will Go to Victims

Estates reach $23M deal with government

(Newser) - Victims of Bernie Madoff's Ponzi scheme will divvy up $23 million from the estates of his two sons. The estates of Mark Madoff, who killed himself in 2010, and Andrew Madoff, who died of cancer in 2014, reached a deal with the US government—eight years in the making—...

4th Person Connected to Madoff Commits Suicide

Father of four jumped from NY hotel

(Newser) - A hedge fund manager who was duped in Bernie Madoff's Ponzi scheme jumped from the 24th floor of a New York hotel on Monday, becoming the fourth person linked to Madoff to commit suicide, reports the New York Daily News . Police and witnesses say Charles Murphy, 56, jumped from...

2 Charged in Ponzi Schemes Tied to Adele, Hamilton

Joseph Meli, Steven Simmons joked about their $81M 'shell game': FBI

(Newser) - Two men were charged Friday with roles in Ponzi schemes that cheated wealthy people, including some who believed they were investing in ticket businesses for popular shows like an Adele concert and Broadway's Hamilton. Joseph Meli, 42, of Manhattan, and Steven Simmons, 48, of Wilton, Conn., were arrested on...

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