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Tag Archives: bank accounts

YachtOne Fraudster Pleads Guilty To Yacht-Investment Scam

On January 6, 2012, Alton Milton pleaded guilty to wire fraud in connection with a yacht-investment scam and could face between 27 and 33 months in prison with three years of supervised release and ordered to pay over $886,000 in resitution. Milton admitted the details of his crime before the Judge last week. In approximately May 2004, Minton entered into ... Read More »

Your 2012 New Year’s Resolution: Don’t Get Scammed!

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History repeats itself. Fact. George Santayana once stated, “those who cannot remember the past are condemned to repeat it.” This fact holds true with every aspect of one’s life, especially in one’s financial life. And especially in the world of scams. If you’re not up to date and familiar with the latest scams and schemes circulating the financial world, chances ... Read More »

Envelope Please! The Top Ten Scams Of 2011 Are In!

Every year the Better Business Bureau investigates hundreds of thousands of scams, from the novel to the old. Recently they compiled and published a list of the top ten scams of 2011 including nine major categories and a “Scam of the Year” category. Curious? Here’s what the BBB has listed: “Top Job Scam BBB sees lots of secret shopper schemes, ... Read More »

FTC Bans Landmark Clearing From Using Remotely Created Payment Orders

It was announced today that a Federal Trade Commission (FTC) action has banned a payment processor from using a new payment method to debit accounts after allegedly debiting millions from consumers’ bank accounts without their consent. Payment processors provide merchants with the ability to obtain customer payments for products and services via electronic banking. According to the FTC’s complaint against ... Read More »

Investment Advisor Defrauds Clients Out Of Retirement Funds

Apparently an Illinois investment advisor, Steven Salutric, engaged in an investment fraud that swindled the retirement savings of 10 elderly clients to lose more than $4.26 million. Salutric was charged with one count wire fraud in a criminal information filed in late December of 2011. Apparently Salutric diverted clients’ funds to his personal business associates and to entities in which ... Read More »

Lebanese Financial Institutions Linked to Hizballah Allegedly Wired Over $300 Million Into The United States In Money Laundering Scheme

Announced earlier last week was the filing of a civil money-laundering and in rem forfeiture complaint alleging a massive, international scheme in which Lebanese financial institutions, including a bank and two exchange houses linked to Hizballah, used the U.S. financial system to launder narcotics trafficking and other criminal proceeds through West Africa and back into Lebanon. As part of the ... Read More »

Former Inmate Sentenced To More 12 Years For Schemes From Behind Bars

And AGAIN, a criminal thought he could commit the same crime he had already committed and gotten jailed for. Former inmate, Danwine Dewayne Renard, was sentenced to a 144 month term in prison following his plea of guilty to participating in an identity theft scheme while incarcerated. Renard has also been ordered to pay 122,943.72 in restitution and a $49,000 ... Read More »

If At First You Don’t Succeed, Commit Fraud and Fail Again : Defrauding From Behind Bars

Three defendants have been sentenced to federal prison on charges of bank fraud and aggravated identity theft; one man committing fraud from prison. According to United States Attorney Sally Quillian Yates, the charges and other information presented in court: In late January 2011, Samantha Johnson stole the wallet of a 93-year-old woman while she was shopping at a retail establishment ... Read More »

Jade Capital & Investments Indicted In Alleged $37 Million Fraud

Jade Capital & Investments and its owners Joon Park (aka Joon Pak / Joon Paik) and his brother Loren Young Park (aka Loren Young Park / Yong Park) have been indicted on charges in connection to a scheme to fraudulently obtain business loans guaranteed by the Small Business Administration (SBA). Allegedly, this scheme resulted in losses over $37 million. Associate, ... Read More »

Hope Now Schemers Officially Out Of The Mortgage Business

It’s official! The last remaining defendants in an allegedly fraudulent mortgage modification scheme called “Hope Now” have settled with the Federal Trade Commission (FTC) that will permanently ban them from the mortgage assistance and relief business. They will also be forced to return any fraudulent-earned gains to consumers. The settlement with Michael Kwasnik and his law firm is part of ... Read More »

What Makes A Scam WISE?

In conjunction with a $15 million fraudulent investment scheme Duane Allen Eddings was found guilty of wire fraud, money laundering, bankruptcy fraud and tax evasion. Talk about a financial mess! According to court documents and evidence presented at trial, on February 26, 2009, Eddings and co-defendant Robert Cephus Brown Jr., were indicted on charges that, from September 2005 to May ... Read More »

So, A Fraudster, Arsonist And Drug Dealer Walk Into A Bar…

So, A Fraudster, Arsonist And Drug Dealer Walk Into A Bar… OUCH. The last of the six defendants in an indictment charging mortgage fraud, arson, marijuana trafficking and money laundering has entered a guilty plea in federal court in Michigan as of last week. The following defendants entered guilty pleas before United States District Judge Sean Cox: Linda Abdullah, aka ... Read More »

Ding-Dong The Grant Connect Is Dead! FTC Wins $29.8 Million

Last month I wrote about the Federal Trade Commission (FTC) and their halting of the operation “Grant Connect” which was a program that deceived and mislead consumers about bogus products and services with unsubstantiated claims. The program marketed free government grants endorsed by President Obama, dietary supplements endorsed by Oprah, fake work-at-home opportunities and exclusive credit offers in this bogus ... Read More »

New Defendant Named In $105 Million Ponzi Scheme

A pending federal case investigating a $105 million “ponzi” scheme has charged a new defendant in the case. Newly added defendant, Alfred Gerebizza, is alleged that he and co-defendant Daniel Spitzer engaged in a ponzi scheme that resulted in losses of around $34 million after fraudulently obtaining over $105 million from over 400 victims. On October 26, Gerebizza pleaded not ... Read More »

“TeaseMePeter”: The Nigerian E-mail Scam Hits Dating Websites

Scammers are some of the dumbest and smartest people in the world. They know where, when and how to find people when they’re down and vulnerable. They also keep up with the times; evolving at every change in our world. That’s how they’re smart. They’re dumb because they’re scammers. And scammers are dumb. Period. Recently, the United States are intervened ... Read More »

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