Archive for the ‘Pennsylvania’ Category

And Another One

Thursday, January 15th, 2009

The Securities and Exchange Commission (SEC) has filed an emergency action to halt an alleged $50 million Ponzi scheme.  The scheme was allegedly conducted by Joseph S. Forte of Broomall, Pennsylvania, and his company, Joseph Forte, LP.  According to the complaint, from at least February 1995 to the present, Forte has raised approximately $50 million from about 80 investors through the sale of securities and limited partnerships in Forte LP.  (more…)

Ponzi Operator’s Surrender of Assets Just a Drop in the Ocean

Friday, February 15th, 2008

Among the trappings of wealth that Wesley Snyder accumulated in the three years he ran a Ponzi scheme under the name Personal Financial Management Inc., are a house in Oley, Pennsylvania, two office buildings, a North Carolina time-share condominium, bank accounts, two cars, and 12 life insurance policies.  The two office buildings are valued at $525,000.  The home in Oley is valued at $200,000.  The life insurance policies have a face amount of $12 million, but a net cash surrender value of only $111,000.  Unfortunately the value of all of the assets after mortgages and other indebtedness is paid is only about $165,000. 

Don Spatz of the Reading Eagle reports: (more…)

Pennsylvania Ponzi Preyed on Elderly for More than a Decade

Wednesday, December 26th, 2007

We are prone to believe that we could never fall for a Ponzi scheme, and that securities regulators will stop ongoing schemes before they can reach us or someone we care about.  A recent case from Pennsylvania illustrates otherwise. 

Craig H. Reinhard and Debra Bzik, of Allentown, Pennsylvania, operated a company called IDPM Group, Inc., a supposed benefit counseling service and insurance agency.  The pair told potential investors, many of whom were elderly, that they were investing in federally-insured certificates of deposit.  (more…)




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