Tag Archives: investment
- Whole Bakers’ Bread And Butter Is Fraud
Whole Bakers owner, Patricia “Patty” Stewart, was sentenced yesterday to the statutory maximum of 60 months in federal prison for running an investment fraud scheme. The scheme defrauded investors, including elderly Texas citizens, of more than $2 million. According to documents filed in the case, from December 2005 through May 2010, Stewart, who owned and [...]
- Corrupt Criminal Club: Member’s Only
On Wednesday of last week word broke about the largest insider trading scheme involving single stock charged to date. Three defendants have pled guilty and are cooperating with the government’s investigating a scheme that allegedly netted more than $61.8 million in illegal profits. Charges were announced against seven investment professionals, who worked at three different [...]
- 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 [...]
- Romanian Citizen Busted For $1.5 Million Fraud Ring Of HSBC Customers
Last Thursday it was announced that Laurentiu Ilian Bulat was arrested yesterday for allegedly participating in a fraud ring that stole at least $1.5 million from HSBC customer bank accounts by installing “skimming” devices on more than 40 ATMs in Manhattan, Long Island, and Westchester, New York. According to the Complaint since May 2011, the [...]
- Men Behind New Jersey Fake Hedge Fund Management Charged For Defrauding Victims
Two men running a fake hedge fund scheme have been charged in New Jersey for the alleged $3.5 million fraud. The men, George Sepero and Carmelo Provenzano, claimed to run Jersey based hedge funds using a secret computer program to invest in foreign currency were charged for defrauding victims and spending the investments on high-end [...]
- Previously Convicted Scammer Heads Back To Prison
I really don’t understand why criminals who have failed previous times in the past at committing a crime honestly think they have what it takes to commit it again. Last month Jon Edward Hankins was sentenced to prison on charges of wire fraud in connection with his scheme to lure investors to invest into his [...]
- The Formula For Fraud Is Not Greater Than Or Equal To The Formula For Investing
An alleged investment fraud scheme has lead to an indictment charging Robin Brass with four counts of mail fraud where she could face up to 20 years in prison and a fine of up to $250,000 on each count. Allegedly, from around March 2009 until approximately November 2011, Brass acting as a principal of The [...]
- Owner Of Three Precious Metal Firms Sentenced In $29.5 Million Investment Scheme
Earlier this month Jamie Campany, owner of three invesment firms specializing in alleged metal purchases, was sentenced to 151 months in prison on multiple counts of mail and wire fraud. According to the Information filed in the case and statements made in court during the plea and sentencing, Campany was the owner of three investment [...]
- CPA Pleads Guilty In Connection With $670 Million Fraud Scheme
Certified public accountant (CPA) and alleged outside auditor for Provident Capital Indemnity (PCI), Jorge Luis Castillo, plead guilty last week for his role in a $670 million fraud scheme effecting victims across the country and abroad. Castillo plead guilty to conspiring to commit mail and wire fraud, which carries a maximum penalty of 20 years [...]
- Is Bank Of America Taking Advantage Of The Unemployed With Debit Card Fees?
The state of South Carolina and Bank of America have teamed up together to administer unemployment benefits to South Carolina residents. Unemployment benefits used to come in the form of a check but are now being issued in the form of a Bank of America prepaid debit card. Bank of America claims that it’s good [...]
- Franklin Drywall Cheats The Law And The Law Won
The owner and president of Franklin Drywall was sentenced in federal court last week for one count of providing false statements to two labor union pension and benefit funds. These acts by this Little Canada-based union sheet-rocking company was part of a scheme to underpay employees for overtime and underpay the union for pension and [...]
- Bank Of America Backs Off $5 Debit Card Fees After Anti-Fee Petition Skyrockets
Just one month ago I wrote about the implementation of debit card fees coming into play for big banks such as Chase, Wells Fargo and most notably Bank of America. Due to the change in a new government regulation that caps what banks can charge merchants for debit transactions they announced plans to implement a [...]
- BBB Warns Of Unapproved Funds Directly Withdrawn By Funds Direct
Yesterday the Better Business Bureau (BBB) put put a warning of an “instant cash” Las Vegas company, Funds Direct, that are allegedly debiting consumer’s accounts $30 without authorization. Complaints filed by consumers are saying that their accounts are having direct withdrawals taken but that they have never had any contact or even heard of Funds [...]
- A&O Resource Management Executives Sentenced To Jail Time
A&O Resource Management Ltd ‘s co-founder and part-owner were sentenced this past week in federal court for their roles in a $100 million life-settlement fraud scheme. Part-owner, Adley Abdulwahab (pictured below), was sentenced to 60 years while co-founder, Christian Allmendinger got a 45 year sentence. Apparently, the two men took place in selling “bonded life [...]
- How Should I Invest My Savings? – Mike
“Dear Paul, Hello, Im a college student with $18,000 in savings. I need to know what to do with it both long and short term. They only debt I have consists of student loans. I have no credit card debt. Mike” The Answer: Hi Mike, First off; nice job saving up funds, you are the [...]