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Regulation

Instead of 15% Profit on Bitcoin, $83.7 Million Loss: “A Classic Ponzi Move"

  • Federal judge issues ruling in case of Sam Ikkurty and related companies.
  • In total, he must pay nearly $121 million for luring investors into a financial pyramid scheme.
Thursday, 04/07/2024 | 08:45 GMT by Damian Chmiel
CryptoCurrency

Crytpo AI-Powered Profit Promise Leads to $25M Fraud Indictment

  • Two men are charged for a cryptocurrency Ponzi scheme.
  • They promised high-yield profits using AI but misused funds for luxury expenses.
Wednesday, 13/12/2023 | 08:24 GMT by Damian Chmiel
Retail FX

Ponzi Scheme: Definition and How to Avoid Them

  • Some red flags are harder to spot than others.
Friday, 13/10/2023 | 10:32 GMT by Pedro Ferreira
CryptoCurrency

U.S. Court Advances Sentencing in AirBit Club Cryptocurrency Ponzi Scheme

  • The defendants pleaded guilty to charges of money laundering.
  • Approximately $100 million was redirected to the founders and promoters of the scheme.
Wednesday, 04/10/2023 | 10:55 GMT by Tareq Sikder
Retail FX

FX Ponzi Scheme Defrauded $180m, Director Faces 10 Years in Jail

  • The scheme operated for almost seven years, starting in 2010.
  • The former director of a fraudulent company faces five criminal charges.
Tuesday, 08/11/2022 | 10:06 GMT by Damian Chmiel
Retail FX

CFTC Busts $44 Million Ponzi Crypto Investment Scheme

  • The alleged perpetrators defrauded at least 170 investors.
  • They have targeted investors at least since January 2021.
Friday, 20/05/2022 | 05:50 GMT by Arnab Shome
News

US Court Orders Crypto Ponzi Scheme Operator to Pay $32 Million

  • The scheme operator defrauded at least 179 individuals.
Friday, 09/04/2021 | 11:11 GMT by Arnab Shome
News

Busted! Crypto Ponzi Schemer Apprehended after 'Sea Scooter' Escape Attempt

  • 44-year-old Matthew Piercey is up against multiple charges connected to two crypto-related Ponzi scheme firms.
Wednesday, 18/11/2020 | 08:06 GMT by Rachel McIntosh
Coins

Crypto Promoter Admits Role in $700M Mining Ponzi Scheme

  • The accusation comes as Joseph Abel and four co-defendants have been nabbed by US authorities in connection with Bitclub.
Thursday, 03/09/2020 | 22:05 GMT by Aziz Abdel-Qader
Regulation

SEC Cracks Down on More Ponzi Schemes, Hit IIG with Fraud Charges

  • IIG engaged in a pyramid scheme by overvaluing troubled loans and replacing defaulted loans with fake performing loan assets.
Friday, 17/07/2020 | 21:33 GMT by Aziz Abdel-Qader
Regulation

UGA Student Pleads Guilty to Running $1 Million Ponzi Scheme

  • Arham Arbab, 22, guaranteed returns between 22 and 56 percent, and backed up plans that cover the first $15,000 investment.
Monday, 14/10/2019 | 13:39 GMT by Aziz Abdel-Qader
Brokers

Victim of Greek Madoff Files Appeal in the UK

  • The England and Wales Court of Appeal is the next place for the ongoing legal battle for victims of Daskaleas
Thursday, 15/08/2019 | 12:21 GMT by Victor Golovtchenko
News

$3 Billion Chinese Ponzi Scheme Dumping BTC on Major Exchanges

  • The scheme defrauded around 10,000 investors.
Thursday, 15/08/2019 | 12:07 GMT by Arnab Shome
Brokers

New Zealand Brokerage Owner Orchestrates $7M Ponzi Scheme

  • After defrauding clients, Kelvin Clive Wood has admitted to having misled clients
Wednesday, 20/03/2019 | 13:30 GMT by Victor Golovtchenko
News

Head of BitConnect India Arrested, Police Working to Unravel Scheme

  • The crackdown on the "crypto currecy revolution [sic]" continues.
Monday, 20/08/2018 | 09:34 GMT by Simon Golstein
News

CEO of Vietnamese Cryptocurrency Mining Firm Absconds with $35 million

  • Investors were invited to come and pick up their mining devices only to find company premises vacated.
Monday, 30/07/2018 | 13:42 GMT by Simon Golstein
Regulation

FCA Exposes Ponzi Scheme Gainmax Capital

  • Gainmax Capital claims that clients who invest bigger amounts will get bigger returns.
Monday, 19/03/2018 | 20:42 GMT by Victor Golovtchenko
News

Kentucky Tries Brigands - BitConnect Sued in Kentucky Court

  • The dubious investment platform faces its second class-action lawsuit.
Tuesday, 30/01/2018 | 09:33 GMT by Simon Golstein
News

Russian Scam Artist Mavrodi to Relaunch Cryptocurrency on Ethereum

  • "Financial apocalypse is inevitable.”
Monday, 25/12/2017 | 11:09 GMT by Simon Golstein
Brokers

Group of Investors File Charges against Greek Madoff and Defunct US Broker

  • A similar case filed in the UK has not yielded any results for the plaintiffs.
Wednesday, 30/08/2017 | 14:00 GMT by Victor Golovtchenko
Regulation

SEC Charges Bosses of Fake Day-Trading Firm with Defrauding Novice Investors

  • The two fraudsters behind the scheme pocketed over $1.4 million from investors across the world.
Thursday, 22/12/2016 | 08:59 GMT by Finance Magnates Staff
Regulation

CFTC Charges Trader with Fraud in Ponzi-Style Commodity Pool Scheme

  • Derek Springfield allegedly fraudulently solicited and received $1.46m in connection with pooled investments.
Wednesday, 21/12/2016 | 09:19 GMT by Finance Magnates Staff
Regulation

South Carolina Couple to Pay over $10 Million for Forex Ponzi Scheme

  • On April 14, 2016, Robert Leben was sentenced to 40 months in prison in a parallel criminal action.
Monday, 15/08/2016 | 16:46 GMT by Aziz Abdel-Qader
Brokers

Victims of Thai Forex Ponzi Scheme Wealthy-Plus Claim $2.8m Lost

  • The Wealthy-Plus operation has cost some 1000 investors their life savings after advertising on Facebook and LINE.
Wednesday, 27/07/2016 | 16:12 GMT by Victor Golovtchenko
News

Trendon Shavers Sent to Jail Over Bitcoin Savings and Trust Ponzi Scheme

  • Trendon Shavers deceptively raised more than BTC 764,000, worth over half a billion USD at current Bitcoin exchange rates.
Sunday, 24/07/2016 | 12:53 GMT by Avi Mizrahi
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