Hundreds of Ponzi schemes are operating as I write this. If you live within fifty miles of a city of any size there are dozens operating close to you. The chances are that you lay eyes on either a fraudster or one or more of his or her victims every day. Those scams will collect more victims today and tomorrow and every day until they eventually collapse. The sooner they are shut down the more people will be spared penury in their old age. A case from New Zealand underscores the power of every individual to be the hero who shuts down these engines of misery. TVNX (more…)
A case from New Zealand underscores the power of every individual to be the hero who shuts down these engines of misery.
No target is more attractive to scam artists than a pension fund. It takes no more effort to defraud a fund than it does to defraud an individual, after all. And the potential take is so much larger.
According to the U.K.’s Serious Fraud Office, Graham Pitcher and Gary Cordell were the trustees for nine separate pension funds, when they decided to help themselves to 52 million British pounds of the money in those funds. This case is a bit unusual in that the defendants worked for the pension fund trustee and are accused of taking the money directly from accounts belonging to the nine pension funds. (more…)
On March 10, 2010,
in Boiler Rooms, Scams, Securities Industry (general), Serious Fraud Office, United Kingdom,
by IW Dog
British Case Shows the Multi-National Nature of Financial Fraud
Britain’s Serious Fraud Office has announced the sentencing of Robert Allan Scott of Newmarket, England on charges that he cooperated in the sale of worthless securities by a boiler room operation based out of Spain. According to the SFO: (more…)
This time last year four people (three men and a woman), clad in bullet proof vests, wearing ear-pieces, and sporting at least one stun gun walked into the Folsom, California offices of Equity Investment, Management and Trading Inc., operated by accused Ponzi artist Anthony Vassallo, and said that they worked for the FBI and the Securities and [...]
This time last year four people (three men and a woman), clad in bullet proof vests, wearing ear-pieces, and sporting at least one stun gun walked into the Folsom, California offices of Equity Investment, Management and Trading Inc., operated by accused Ponzi artist Anthony Vassallo, and said that they worked for the FBI and the Securities and Exchange Commission. They demanded that Vassallo wire more than $300,000 to a specified bank account. Vassallo wired no money. Likely, there was no money left. As it turns out, the four were trying to recover the investments of four victims of the alleged Ponzi scheme. (more…)
Videos
A Gold Medal in Boiler Room Operation
Every competent investment scamster uses those tactics.
The games of the 30th Olympiad have begun, and the UK is putting it’s best foot forward. It is a wonderful place, no doubt. But, like every country, it has a segment of the population determined to live off of the misery of others. A recent case prosecuted by UK’s Serious Fraud Office tells a story that is familiar to securities cops worldwide. The press release is far too long to reprint in its entirety, but I highly recommend that you read the whole thing. We’ve reprinted part of it below. (more…)