Tagged: ponzi

Crypto Expert Predicts Alex Mashinsky, Former Celsius CEO, Will Go To Prison for a Long Time

“The business model Celsius advertised and sold to its customers was not the business that Celsius actually operated.” – Court Document, Filed January 31, 2023 Celsius, one of the first big crypto firms to fail and file for bankruptcy protection, continues to meander its way… Read More

Fintech Executive: Sam Bankman-Fried and FTX Will Go Down in History as a Fraud Larger than Bernie Madoff

The failure of FTX and the allegations of fraud pointed at founder and former CEO Sam Bankman-Fried continue to garner much coverage in both traditional media as well as more modern digital news providers. The speed of the collapse, and the amount of funds involved… Read More

US District Court Orders Coin Signals Operator to Pay $2.8 Million in Fraud Restitution

The Commodity Futures Trading Commission (CFTC) reports that the US District Court for the Southern District of New York has entered a consent order for a permanent injunction, restitution, and equitable relief against Jeremy Spence of Bristol, Rhode Island, who conducted business as Coin Signals…. Read More

Global Crypto Ponzi: SEC Files Charges Against Trade Coin Club Creator, Promoters

The Securities and Exchange Commission (SEC) has filed charges against the creator and promoters of the Trade Coin Club, which is described as a “global crypto Ponzi scheme.” According to the SEC, the alleged ponzi scam raised $295 million from more than 100,000 investors around… Read More

CFTC Charges Individual, His Parents and His Firm in $12 Million Digital Asset Ploy

The Commodity Futures Trading Commission (CFTC) has filed charges against Rathnakishore Giri and his firms, NBD Eidetic Capital, LLC and SR Private Equity, LLC, alleging digital asset trading ploy that pilfered $12 million from unsuspecting investors. The CFTC also filed charges against Giri’s parents, Giri Subramani and… Read More

SEC Says Forsage Was Crypto Ponzi Scam, Charges 11 Individuals

The Securities and Exchange Commission (SEC) has filed charges against Forsage and eleven individuals alleging a cryptocurrency ponzi scam that is said to have pilfered over $300 million from retail investors. According to the SEC’s complaint, in 2020, Vladimir Okhotnikov, Jane Doe aka – Lola… Read More

SEC Hits Real Estate Developer With Fraud, Misappropriation Charges

The Securities and Exchange Commission today charged Californian Matthew J. Skinner and five of his companies for conducting four unregistered and fraudulent real estate offerings between 2015 and 2020. The companies involved are Empire West Equity Inc., Bayside Equity LP, Longacre Estates LP, Freedom Equity… Read More

CFTC Files Charges Against Jeremy Spence of Coin Signals Alleging Digital Asset Ponzi Scheme

The Commodity Futures Trading Commission (CFTC) has filed a federal civil enforcement action in the U.S. District Court for the Southern District of New York charging Jeremy Spence of New York, alleging fraud for operating a Ponzi scheme involving digital assets such as Bitcoin and… Read More

CFTC: Court Orders Crypto Scam to Pay $900K + Restitution and Penalty

The Commodity Futures Trading Commission (CFTC) is reporting that the US District Court for the District of Colorado has entered a judgment against defendants Venture Capital Investments LLC (VCI) and its principal and manager Breonna Clark d/b/a Eliot Clark d/b/a Alexander Pak (Clark), of Denver,… Read More

Crypto Industry Slams Wirecard and Misplaced Funds: “You don’t get what you expect. You get what you inspect.” 

Wirecard AG (WPI:DE)  has emerged as one of the most embarrassing financial debacles in years in Germany. The implosion of the Fintech has demolished the reputation of the former CEO Markus Braun who was subsequently arrested following the revelation of €1.9 billion in missing funds…. Read More

OSC Documents the Demise of QuadrigaCX Crypto Exchange: Most Losses Came from Gerald Cotten’s Fraudulent Trading

One Big Crypto Ponzi Scheme Last week the Ontario Securities Commission (OSC) published a report documenting the collapse of QuadrigaCX, a crypto-exchange operated Gerald Cotten who reportedly died taking the crypto exchange to the grave. The review by the OSC staff disclosed that the failure… Read More

OneCoin Lawyer Convicted in $400 Million Money Laundering Case

Mark Scott, a lawyer accused of abetting the multibillion dollar OneCoin cryptocurrency scam, has been convicted of money laundering and bank fraud. Scott is now facing up to 50 years in prison. According to Manhattan U.S. Attorney Geoffrey S. Berman: “Mark S. Scott, an equity partner… Read More

Outcry as Alleged Crypto Ponzi Fairwin Eats Up Bandwidth on Ethereum

Trading of an Ethereum-based crypto token called FWIN (Fairwin) is consuming over 50% of the “gas” (used to set transaction fees) on the Ethereum network. Basically, the company responsible for FWIN, Fairwin, based in China, has a very busy token. But according to Cointelgraph, Fairwin… Read More

SEC Halts Diamond Related ICO, Charges Crypto Business Argyle Coin & Jose Angel Aman with Multi-Million Ponzi Scam

The Securities and Exchange Commission (SEC) has receved another emergency court order halting an alleged initial coin offering (ICO) fraud. According to the SEC, a $30 million Ponzi scheme, led by South Florida-based Argyle Coin, and its principal Jose Angel Aman, targeted over 300 US… Read More

OneCoin: Huge Crypto Ponzi Perp Konstantin Ignatov is Arrested in LA as Feds Close In. “If It Sounds Too Good to Be True, It Probably Is”

On Friday, the Manhattan U.S. Attorney, part of the Department of Justice, issued a statement regarding ongoing Ponzi scam OneCoin stating that alleged perpetrator Konstantin Ignatov had been arrested at the Los Angeles airport. Ignatov was hit with charges of wire fraud conspiracy regarding the… Read More

Indian Police Arrest 10 in “GB21” Crypto Ponzi Fraud Case

Cybercrime police in the Indian city of Pune have arrested 10 individuals accused of defrauding 8000 investors in a Bitcoin-related Ponzi scheme called “GB21.” According to The Times of India, the leader of the scheme, Amit Bharadwaj, and his brother Vivek, ran a company called Gain Bitcoin,… Read More

Fake Halal Crypto Ponzi Falls Apart in India

A fake halal cryptocurrency pyramid scheme targeting Muslim investors in India has fallen apart in the Bitcoin bear market, in part due to scrutiny from regulators, Deccan Chronicle (DC) reports. Father-and-son team Syed Fareed and Syed Afaq Ahmed reportedly tapped a network of “ulemas” (Muslim… Read More

Madoff Like: Shanlin Finance Cons $9 Billion in Ponzi Scam in China

According to a report in Xinhua, eight people were arrested in Shanghai for an astounding Ponzi scheme that rivals the Ezubao fraud and the Madoff scandal. Allegedly, more than 60 billion yuan ( or US $9 billion) was stolen from investors by Shanlin Finance a peer… Read More

SEC Halts Ad Packs Ponzi Scam that Raised Over $38 Million

The Securities and Exchange Commission has posted a complaint, filed in September, against Miami-based Pedro Fort Berbel and his company Fort Marketing Group. The SEC says that Berbel and his company operated  a Ponzi scheme that used a fraudulent internet advertising scam under such names… Read More

Fraud: CFTC Charges Bitcoin Ponzi Scheme in Enforcement Action

The US Commodity Futures Trading Commission (CFTC) has filed a federal civil enforcement action in the U.S. District Court for the Southern District of New York against Defendants Nicholas Gelfman, of Brooklyn, New York, and Gelfman Blueprint, Inc. (GBI), charging the duo with fraud, misappropriation, and issuing… Read More

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