Banking and Finance

Recent Posts

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

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

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

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

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

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

Death Sentence for Chinese Woman Convicted of $70 Million Ponzi Scheme
Posted on 20 May 2013 by Jordan D. Maglich

A Chinese woman who masterminded a $70 million Ponzi scheme has been sentenced to death by a Chinese court - possibly by firing squad. Haiyan Lin, 39, from the Wenzhou province, received the sentence as part of a broader push by Chinese authorities... Read More