Banking and Finance

Recent Posts

Questions About Stanford's Competency Linger as January 2012 Trial Date Appears Uncertain
Posted on 1 Dec 2011 by Jordan D. Maglich

A Texas businessman scheduled to stand trial in January 2012 to face charges he orchestrated a $7 billion Ponzi scheme is not competent to stand trial, according to his attorney. Disgraced financier R. Allen Stanford, 61, has remained in federal custody... Read More

Atlanta Man Indicted for $1 Million Forex Ponzi Scheme
Posted on 10 Apr 2015 by Jordan D. Maglich

An Atlanta man faces multiple criminal fraud charges after being accused of raising more than $1 million from investors in a foreign exchange market Ponzi scheme. Stafford S. Maxwell, 46, was indicted on ten counts of wire fraud stemming from his former... Read More

Massachusetts Man Indicted For $6 Million Ponzi Scheme
Posted on 1 Oct 2014 by Jordan D. Maglich

Two years after being charged with fraud by Massachusetts securities regulators, a former Belmont resident and prominent Shaklee distributor was arrested and charged with operating a Ponzi scheme that duped over a dozen investors out of at least $6 million... Read More

Criminal Charges Filed Against Co-Founder of "Triple Algorithm" Ponzi Scheme
Posted on 12 Nov 2015 by Jordan D. Maglich

North Carolina prosecutors have filed criminal charges against a Michigan man accused of masterminding a massive Ponzi scheme that duped over 10,000 victims out of at least $7 million by telling them he could deliver outlandish returns exceeding 700%... Read More

Stanford Files 299-Page Appeal of 110-Year Sentence
Posted on 7 Oct 2014 by Jordan D. Maglich

The man convicted of running the second-largest Ponzi scheme in history has filed a 299-page appeal in a last ditch effort to reduce or reverse his 110-year sentence. R. Allen Stanford filed his appeal last month with the U.S. Court of Appeals for the... Read More

Mauritius Halts $693 Million Ponzi Scheme at Bank
Posted on 7 Apr 2015 by Jordan D. Maglich

The Prime Minister of Mauritius announced that regulators had halted a $693 million Ponzi scheme being run at a publicly-traded national bank that touted itself as "one of the fastest growing banks in Mauritius." Bramer Bank (the "Bank"... Read More

Extradited From Brazil, Florida Man Denied Bail For Alleged $300 Million Ponzi Scheme
Posted on 29 Jan 2015 by Jordan D. Maglich

Ten years after Billboard Magazine rated his concert promotion business the third largest in the world, a Florida man recently extradited from Brazil will remain jailed until he can face trial on charges that he operated a $300 million Ponzi scheme after... Read More

Jury: Vegas Casino Must Return $1.5 Million Gambled By Ponzi Schemer
Posted on 10 Feb 2014 by Jordan D. Maglich

A Nevada federal jury has ruled that a Las Vegas casino must return approximately $1.5 million wagered at its sportsbook by a former college baseball player sentenced to a five-year prison term for masterminding a massive $32 million real estate Ponzi... Read More

SEC Wins Civil Fraud Case Against Rothstein Promoter
Posted on 3 Apr 2015 by Jordan D. Maglich

A Miami federal jury handed a victory to the Securities and Exchange Commission as it convicted a Fort Lauderdale investment manager of funneling more than $150 million from over 150 investors to Scott Rothstein's massive $1.2 billion Ponzi scheme... Read More

Company With 'Shark Tank' Link Added to Receivership in Suspected $70 Million Ponzi Scheme
Posted on 15 Apr 2014 by Jordan D. Maglich

A Florida federal judge approved an emergency request by the court-appointed Receiver of a suspected $70.9 million Ponzi scheme to expand the receivership to include a company whose mobile app was endorsed by prominent 'Shark Tank' personality... Read More

TD Bank Sued In New South Florida Ponzi Scheme
Posted on 4 Sep 2013 by Jordan D. Maglich

A south Florida attorney who disappeared before being arrested on federal bank fraud charges has been accused of perpetrating a million-dollar Ponzi scheme in a recently-filed lawsuit that also includes TD Bank, N.A. as a defendant. Timothy McCabe, 55... Read More

Florida Woman Gets 9-Year Sentence for $25 Million Ponzi Scheme
Posted on 2 Nov 2015 by Jordan D. Maglich

A Florida woman whose company promised weekly returns of up to 50% will spend the next nine years in prison after pleading guilty to running an elaborate Ponzi scheme. Jenifer Hoffman, 51, pleaded guilty earlier this year to charges of conspiracy to commit... Read More

Petters Wants 50-Year Sentence Overturned
Posted on 15 May 2013 by Jordan D. Maglich

The man responsible for the third-largest Ponzi scheme in history has filed papers seeking to have his fifty-year sentence overturned, claiming that his former attorney failed to disclose that prosecutors had previously offered a 30-year sentence... Read More

Supreme Court Rejects Time-Based Damages for Madoff Victims
Posted on 8 Oct 2015 by Jordan D. Maglich

The U.S. Supreme Court refused to hear an appeal over whether victims of Bernard Madoff's historic Ponzi scheme were entitled to an inflation-based upward adjustment of their losses, freeing approximately $1 billion for future distributions to victims... Read More

Zeek Victims Face Sept 5th Deadline To File Claims
Posted on 5 Sep 2013 by Jordan D. Maglich

Victims of the $600 million ZeekRewards Ponzi scheme have approximately 24 hours to timely submit a claim to ensure they are afforded a chance to participate in the funds recovered by the court-appointed receiver. According to receiver Kenneth D. Bell... Read More