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A Ponzi scheme is a type of investment fraud that promises high returns with little or no risk to investors. This scam is named after Charles Ponzi. It involves using money from new investors to pay older investors instead of using profits from a real business. The scam was created by an Italian man in […]
On February 14, 2024, the Securities and Exchange Commission (SEC) secured a final judgment against Zachary Horwitz for orchestrating a Ponzi scheme that deceitfully amassed over $690 million from investors. Horwitz had falsely claimed to be selling movie rights to prominent streaming services such as Netflix and HBO, boasting fabricated agreements and communications to support […]
A federal grand jury has indicted Richard Shusterman, age 50, of Highland Beach, Florida, and Jonathan E. Rosenberg, age 44, of West Orange, New Jersey, on charges of conspiracy and wire fraud, in connection with a scheme to defraud equity investors and asset-based lenders in medical accounts receivable of more than $275 million. The indictment […]
A 70-year-old Orange County man has been sentenced to eight years in federal prison for running a Ponzi scheme that bilked more than two dozen investors out of nearly $3 million. The Orange County Register reports Timothy Melvin Murphy was also ordered Tuesday to pay $2.95 million in restitution. Murphy pleaded guilty last year to […]
A man accused of cheating California residents out of hundreds of millions of dollars in what prosecutors characterized as one of the largest real estate Ponzi schemes in state history has been sentenced to 10 years in prison. A Shasta County Superior Court judge issued the sentence against Gary Armitage, 62, on Monday, as some of […]