Banking and Finance

Recent Posts

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

Former Banker Charged For Role In $1.2 Billion Rothstein Ponzi Scheme
Posted on 15 Jul 2014 by Jordan D. Maglich

He assisted in soliciting investors. He assisted in helping me handle the bankers. He assisted in helping me prepare fake opinion letters. He assisted me in coming up with plans of action to deceive investors and others. He assisted me in moving money... Read More

Zeek Receiver Seeks $6 Million From Foreign Net Winners
Posted on 8 May 2015 by Jordan D. Maglich

The court-appointed receiver tasked with recovering funds for victims of the $600 million ZeekRewards Ponzi scheme has filed a fresh wave of clawback lawsuits seeking to recover more than $6 million in false profits" realized by the scheme's... Read More

Former Stockbroker Charged With $15.5 Million Ponzi Scheme
Posted on 21 Jul 2015 by Jordan D. Maglich

A Pennsylvania former stockbroker was hit with civil fraud charges by the Securities and Exchange Commission and accused of operating a Ponzi scheme that sold fake certificates of deposit ("CDs") and raised more than $15 million from victims... Read More

Zeek Founder Set For Trial in January 2015
Posted on 21 Nov 2014 by Doug Esten

A North Carolina man will face trial in January 2015 over charges that he masterminded the ZeekRewards Ponzi scheme that allegedly swindled hundreds of millions of dollars from hundreds of thousands of victims. Paul Burks, 67, will have until January... Read More

Florida Lawyer Gets 3-Year Sentence For Helping Ponzi Schemer's Wife Hide $1 Million in Jewelry
Posted on 16 Oct 2013 by Jordan D. Maglich

A Florida lawyer will spend the next three years in federal prison for assisting the wife of convicted Ponzi schemer Scott Rothstein hide more than $1 million in jewelry - including a 12.08 carat yellow diamond ring valued at nearly $500,000. Scott Saidel... Read More

Rothstein's "Independent Asset Verifier" Indicted On Wire Fraud Charges
Posted on 10 Feb 2015 by Jordan D. Maglich

A south Florida investment advisor who purportedly served as an "independent asset verifier" for investors in Scott Rothstein's massive $1.2 billion Ponzi scheme has been indicted on a dozen fraud charges. Michael Szafranski, 36, faces one... Read More

Michigan Man Gets Six-Year Prison Term For "GetMoni" Ponzi Scheme
Posted on 10 Oct 2013 by Jordan D. Maglich

A Michigan man who agreed to solicit investors for a "GetMoni" venture only after he learned it was a Ponzi scheme was sentenced to serve more than six years in federal prison. John James Missitti, of Genesee Township, Michigan, was sentenced... Read More

New Jersey Man Indicted in $200 Million Ponzi Scheme
Posted on 3 Nov 2011 by Jordan D. Maglich

Federal authorities indicted a New Jersey man on charges that he operated a $200 million Ponzi scheme through bogus real estate investments. In a 45-count indictment unsealed last week, authorities charged Eliyahu Weinstein, 36, with one count of conspiracy... Read More

Bank Seeks Mistrial in Rothstein Case
Posted on 16 Nov 2011 by Jordan D. Maglich

The first jury trial seeking to hold a financial institution liable for its complicity in Scott Rothstein's $1.4 billion Ponzi scheme faces uncertainty after the institution filed a motion seeking a mistrial following testimony of a key witness... Read More

In Last-Ditch Effort, Petters Seeks Sentence Reduction for $3.65 Billion Ponzi Scheme
Posted on 24 Oct 2013 by Jordan D. Maglich

"Your honor, I was scared, scared to death. It's not a great excuse. But I kept thinking about my kids and being gone from them for life. I'm sorry I lied in the courtroom, on the stand. I didn't want to go to trial. It's a horrible... Read More

Son-in-Law of New York Lawmaker Charged with $7 Million Ponzi Scheme
Posted on 14 Apr 2015 by Jordan D. Maglich

The son-in-law of New York lawmaker Sheldon Silver was indicted on charges that he operated a Ponzi scheme through his investment fund that duped investors out of at least $7 million. Marcello Trebitsch, also known as Yair Trebitsch, was charged with... Read More

Remaining Rothstein Partner Pleads Guilty To Conspiracy
Posted on 12 Jun 2014 by Jordan D. Maglich

The remaining name partner in the once-storied law firm operated by convicted Ponzi schemer Scott Rothstein has reached a plea agreement with prosecutors . Stuart Rosenfeldt, 59, pleaded guilty in a Miami federal court to a single conspiracy charge that... 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

Madoff Victims That Invested $1 Million or Less Will Soon Be Even
Posted on 21 Apr 2015 by Doug Esten

The court-appointed bankruptcy trustee overseeing the recovery of assets in Bernard Madoff's massive Ponzi scheme is seeking approval to distribute more than $1.25 billion to the notorious con man's victims - an effort that, if approved, will... Read More