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The Securities and Exchange Commission today announced that on Tuesday it filed charges against the Massachusetts-based operators of a large pyramid scheme that mainly targeted Dominican and Brazilian immigrants in the U.S. The charges were filed under seal, in connection with the Commission’s request for an immediate asset freeze. That asset freeze, which the U.S. […]
The Securities and Exchange Commission today announced charges and asset freezes against the operators of a worldwide pyramid scheme targeting Asian and Latino communities in the U.S. and abroad. The SEC alleges that three entities collectively operating under the business names WCM and WCM777 are posing as multi-level marketing companies in the business of selling […]
Three major associates of Nicholas Cosmo, the mastermind of a $400 million Ponzi scheme, were arraigned on an indictment Wednesday charging them with conspiracy, as well as mail, wire and securities fraud, officials said. The three — Jason Keryc, 34, of Wantagh; Anthony Ciccone, 39, of Locust Valley; and Diane Kaylor, 36, of Bethpage — […]
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 […]