Banking and Finance

Recent Posts

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

Convicted $110 Million Ponzi Schemer Seeks Reduction In "Crushing" Sentence
Posted on 16 Jun 2014 by Jordan D. Maglich

A New Zealand man who holds the distinction of having perpetrated the country's largest financial fraud in history is back in court to argue that his 65-month "minimum non-parole period" - or time that he must serve before he is eligible... Read More

Convicted $200 Million Ponzi Schemer Wins Resentencing After Appeals Court Tosses Two Convictions
Posted on 5 Sep 2014 by Jordan D. Maglich

An Indianapolis man currently serving a 50-year prison sentence for masterminding a massive Ponzi scheme that caused more than $200 million in losses will be resentenced after a federal appeals court reversed two of his wire fraud convictions based on... Read More

Final Madoff Defendant Sentenced to Prison
Posted on 12 Aug 2015 by Jordan D. Maglich

Nearly 8 years after Bernard Madoff confessed to an FBI agent in his Manhattan apartment that he was running a giant Ponzi scheme, a New York federal judge sentenced the 15th and last remaining defendant to be charged for their role in Madoff's scheme... Read More

California Man Fires Lawyer; Claims He Was Forced to Plead Guilty to $125 Million Latex Glove Ponzi Scheme
Posted on 12 Aug 2014 by Jordan D. Maglich

Due to be sentenced for masterminding a $125 million Ponzi scheme, a California man instead told a federal judge that he wanted to fire his lawyer, claiming he had been "intimidating" him and had coerced his guilty plea. Deepal Wannakuwatte... Read More

Appellate Court: Ponzi Schemer's Loss Calculation Must Account For Payments to Victims
Posted on 23 Sep 2014 by Jordan D. Maglich

In a decision that could have far-reaching implications, a federal appeals court has vacated a convicted Ponzi schemer's 11-year prison sentence after finding that the loss amount used in calculating the relevant sentencing guidelines improperly failed... Read More

90-Year Prison Sentence For Florida Man Convicted of $2.7 Million Ponzi Scheme
Posted on 15 Sep 2014 by Jordan D. Maglich

A Florida man received a 90-year prison sentence for running a $2.7 million Ponzi scheme - a sentence believed to be one of the longest in history in Ponzi scheme jurisprudence. James Jackson Jr., 48, received three 30-year sentences, to be served consecutively... Read More

30-Year Sentence For Michigan Man Who Ran $46 Million Ponzi Scheme
Posted on 9 Dec 2014 by Jordan D. Maglich

“He created the books, he ran the fraud, he’s the mastermind behind the scene. He’s not the victim. He’s one of the worst kinds of financial predators. He’s so arrogant he thinks he’s infallible.” - Assistant... Read More

Convicted Ponzi Schemer Threatens to "Fry This Court" After Receiving 20-Year Sentence
Posted on 28 Jun 2014 by Jordan D. Maglich

Shortly after learning of his twenty-year prison sentence for operating a Ponzi scheme that duped more than 140 investors out of over $4.3 million, a Montana man stated that he "will fry this court" and threatened that the prosecuting county... Read More

New York Woman Receives 3-Year Sentence For $6.9 Million Ponzi Scheme
Posted on 11 Nov 2014 by Jordan D. Maglich

A Long Island woman will spend the next three years in federal prison for orchestrating a Ponzi scheme that duped victims out of nearly $7 million. Laurie Schneider, 39, received the sentence from U.S. District Judge Denis Hurley after previously pleading... Read More

Pastor Gets 10-Year Sentence For $7 Million Ponzi Scheme
Posted on 12 Nov 2014 by Jordan D. Maglich

A California pastor was sentenced to serve more than ten years in prison for duping more than 80 victims - many of them low-income families - in a $7 million Ponzi scheme. Luis Serna, 62, was sentenced to 121 months in federal prison by U.S. District... Read More

Ponzi Schemer Gets Extra Two Years For Violating Asset Freeze
Posted on 17 Aug 2015 by Jordan D. Maglich

It is to say to other people who are brought in to court by the SEC, 'This is what could happen to you if you violate the interim orders that judges frequently impose in cases brought by the SEC or similar agencies. It is not going to be folded up... Read More