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Showing 41 - 50 of 63 results for "Ponzi scheme"

The Income Store closed for business

ELIZABETH MCARTHUR  |  WEDNESDAY, 15 JAN 2020
... order and asset freeze against Courtright. It is alleging that The Income Store was, for all intents and purposes, a Ponzi scheme. The scheme apparently raised about US $75 million for more than 500 investors. Courtright and his company promised investors ...

Radio host adviser revealed as alleged fraudster

ELIZABETH MCARTHUR  |  FRIDAY, 20 DEC 2019
... of this year former financial adviser Dawn Bennett was sentenced to 20 years in prison for running a $30 million Ponzi scheme. She defrauded 46 retirees out of their life savings between 2014 and 2017, believing they were investing in luxury sportswear ...

Tropical theme Ponzi scheme busted

ELIZA BAVIN  |  FRIDAY, 22 NOV 2019
Small business owners and seniors in Florida have been the victim of a tropical themed Ponzi scheme that is now under investigation by the US Securities and Exchange Commission. The SEC announced that it has filed an emergency action and obtained a ...

Adviser scammed family, friends

ELIZABETH MCARTHUR  |  FRIDAY, 8 NOV 2019
A New York investment adviser named Ruless Pierre allegedly operated a Ponzi scheme that unlawfully obtained more than $2 million from investors who were told they'd see returns of 20% every two months. Part of the scheme, known as the Amongst Friends ...

Former adviser cops 20-year prison sentence

JAMIE WILLIAMSON  |  FRIDAY, 2 AUG 2019
... sentenced to 20 years in federal prison for her conviction on 17 charges relating to a $29.3 million (US$20 million) Ponzi scheme. In October 2018, Bennett was found guilty of conspiracy, securities fraud, wire fraud, bank fraud and making false statements ...

Frat house ponzi scheme charged

KANIKA SOOD  |  FRIDAY, 7 JUN 2019
A ponzi scheme run by a 22-year old out of a college fraternity house in the United States has copped the regulator's ire. Syed Arhan Arbab collected more than $269,000 from at least eight college students, recent graduates, or their family members ...

ASIC bans AFSL chief executives

ELIZABETH MCARTHUR  |  MONDAY, 29 APR 2019
... Thornton, said in its report to the Supreme Court of NSW in November last year that Courtenay House was operating a ponzi scheme. The liquidators found in their investigation that the Courtenay House companies were operating a ponzi scheme since their ...

Ponzi scheme fined $1.4bn

KANIKA SOOD  |  WEDNESDAY, 30 JAN 2019
A Ponzi scheme that allegedly duped 8400 retail investors in the US has been ordered to pay US$1 billion in penalties and disgorgement. Woodbridge Group of Companies LLC and its former owner and chief executive Robert H. Shapiro lured retail investors ...

Beware the fintech Ponzi scheme

MICHELLE BALTAZAR  |  FRIDAY, 26 OCT 2018
Not to rain on the fintech parade but financial advisers and investors in Australia must stay alert against Ponzi schemes posing as P2P platforms. In a paper released by the SWIFT Institute titled "Quo Vadis? A comparison of the fintech revolution in ...

DeVere helped US press expose investment fraud

ALEX BURKE  |  WEDNESDAY, 25 MAR 2015
... its website. OffShoreAlert found, it said, "funds that are blatantly fraudulent, including a current $130 million Ponzi scheme in Cayman... [As well as] funds that simply disappear or fail in dubious circumstances, including the A£400 million Harlequin ...