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A federal appeals court has ordered that a receiver can recover referral fees paid to a Ponzi scheme investor who referred friends and family to the scheme because those referral services did not provide value to the scheme.  The U.S. Court of Appeals for the Ninth Circuit issued a decision in Hoffman v. Markowitz affirming the district court’s previous award of partial summary judgment in favor of the court-appointed receiver over Nationwide Automated Systems, Inc. (NASI). …
Three Florida Keys residents were arrested by state authorities and accused of running a Ponzi scheme that duped investors out of at least $7 million.  Jose Luis Leon, 56, Richard Renner, 56, and Natalie Marie Rogers, 53, were arrested earlier this month on charges of racketeering, conspiracy to commit racketeering, securities fraud, organized fraud, and 1st degree grand theft.  The trio could face significant prison time if convicted of all charges, as the racketeering charges…
Allen Stanford’s Mug ShotOften in the aftermath of a Ponzi scheme once the dust has settled and a Receiver or Trustee has taken stock of the remnants of what was once touted as a guaranteed and safe investment opportunity, the focus shifts to what assets could potentially be recovered for the benefit of defrauded victims.  One of the most common recovery mechanisms is to attempt to “clawback” any amounts transferred to investors in excess of…
“The longer you’re incarcerated, the longer the victims go without any money…Restitution comes first.”  – Ingham County Judge Rosemarie Aquilina A Michigan judge drastically reduced the sentences of twin brothers convicted of operating a multi-million dollar real estate Ponzi scheme, reasoning that their ability to pay restitution to defrauded victims weighed in favor of a reduced prison sentence.  James and Thomas Mulholland had their 10-to-20 year prison sentence reduced to 3.75-to-20 years by Ingham County Circuit…
Investors defrauded by a Charlotte businessman’s suspected $50 million Ponzi scheme may ultimately recoup most or all of their losses in a proposed settlement due to the accused schemer’s decision to purchase tens of millions of dollars in life insurance policies.  Richard Siskey is alleged to have committed one of the largest investment frauds in Charlotte’s history and committed suicide in December 2016 just before the unsealing of an FBI affidavit accusing him of operating…
“Have your dad take my golf clubs…Hide cash or checks … drink good wine in sub zero’s, replace with sh– wine in basement…F— them. They have taken enough! Get stuff out…” – Letter allegedly written by Kevin Merrill and intercepted by prison guards Facing an asset freeze and stuck behind bars pending trial on charges he masterminded a $354 million Ponzi scheme, a Maryland man’s attempt to surreptitiously slip his wife a note urging her…
A Mississippi university has reached an agreement to return nearly 90% of funds its athletic department received from a Mississippi man who pleaded guilty last year to operating a $100 million Ponzi scheme. The University of Mississippi, also known as Ole Miss, agreed to return a total of approximately $350,000 to the court-appointed receiver overseeing the recovery of assets for victims defrauded by the Ponzi scheme perpetrated by Arthur Lamar Adams.  The scheme, which is…
State and Federal regulators have accused a Utah man and his company of scamming hundreds of investors out of up to $170 million on promises that trading in silver could yield annual returns of 20% to 40%.  Gaylen Dean Rust and his company Rust Rare Coin, Inc. were the subjects of enforcement actions filed by the Commodity Futures Trading Commission (“CFTC”), Securities and Exchange Commission (“SEC”), and the State of Utah Division of Securities (“State…