The US Securities and Exchange Commission (SEC) today charged two Bitcoin mining companies and their founder with conducting a Ponzi scheme that used the lure of quick riches from virtual currency to defraud investors. The SEC alleges that Josh Garza perpetrated the fraud through his Connecticut-based companies GAW Miners and ZenMiner by purporting to offer shares…
Read moreA follow-up to LeapRate's earlier article on legal and regulatory proceedings against Phillip Harold Boakes, the mastermind of a wide-scale Ponzi scheme that defrauded investors of more than £3.5 million... The Court of Appeal has upheld a sentence of 10 years imprisonment for Mr. Boakes. The verdict follows his conviction in March 2015 on charges prosecuted…
Read moreThe following guest post is one of a series courtesy of Marco Streng, CEO and Co-founder of Genesis Mining. — Ponzi Scheme: a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the…
Read moreThe U.S. Commodity Futures Trading Commission (CFTC) today announced that Judge Michael R. Barrett of the U.S. District Court for the Southern District of Ohio entered an Order for Final Judgment by Default against Defendant John R. Bullar, a resident of Cincinnati, Ohio, and a Consent Order against his company, Defendant Executive Management Advisors L.L.C.…
Read moreWithout any license, defendants fraudulently solicited over $1 million from the public to trade commodity futures in a pool, and misappropriated more than $800,000 of pool participants’ funds for their personal use, while misrepresenting the profitability of their trading.
Read moreMaxwell was sentenced to three years, nine months years in prison and was ordered to pay approximately $1,434,628 in restitution to his victims.
Read moreFraudulent unregistered "investment firm", raised $2.6 million from clients.
Read moreDefendent told 16 ripped off participants that their funds would be invested in a variety of investments, including the futures market...
Read moreFrom about 2008 to January 2012, the Georgia man solicited investments from individuals across the United States with promises of high fixed rates of return to be generated from successful trading.
Read moreThe 59 year-old was arrested in East Yorkshire by detectives on suspicion of fraud by false representation and money laundering and is currently being questioned in a local police station.
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