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Regulation

Holy Crypto! Pastor Accused of Fleecing Flock in $5.9 Million-Dollar Scheme

  • A Washington state reverend allegedly defrauded his Spanish-speaking congregation, promising impossible returns.
  • The CFTC has filed charges seeking restitution while alleging he operated a Ponzi scheme with no actual trading platform.
Wednesday, 11/12/2024 | 08:18 GMT by Damian Chmiel
Regulation

$180 Million Forex Ponzi Scheme Lands 11-Year Prison Sentence

  • Tony Iervasi, former director of Courtenay House, has been sentenced in Australia.
  • The fraud, which operated for over 6 years, resulted in a net loss of $54 million to around 585 investors.
Tuesday, 03/09/2024 | 08:12 GMT by Damian Chmiel
Regulation

How 2 Brothers Fooled Bitcoin Traders with Fake Crypto Bot

  • The SEC has charged fraudsters with running a $60 million crypto Ponzi scheme.
  • They promised high returns, misusing investor funds for personal luxury purchases.
Tuesday, 27/08/2024 | 07:41 GMT by Damian Chmiel
Regulation

Federal Court Orders $31 Million Penalty in Forex and Crypto Fraud Case

  • El Paso man and his firm were hit with a massive fine for defrauding investors.
  • He was also banned from trading and registration with CFTC in the future.
Monday, 29/07/2024 | 08:36 GMT by Damian Chmiel
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

Texas Regulator Halts Alleged Crypto Cloud Mining Scheme

  • Payment processor used despite jurisdiction restrictions; account holder located outside the claimed base.
  • Manipulated media, including CEO video at conference, were cited; no evidence of presence was found.
Wednesday, 29/05/2024 | 11:01 GMT by Tareq Sikder
Retail FX

Third Conviction Looms in $180M Courtenay House Ponzi Scheme

  • David Sipina admits to unlicensed financial services and dealing with crime proceeds.
  • This comes a year after he was first charged in connection with a Ponzi scheme.
Wednesday, 20/03/2024 | 07:08 GMT by Damian Chmiel
CryptoCurrency

'HyperFund': US Authorities Bust $1.9 Billion Crypto Ponzi Scheme

  • The founder and promoters are facing both civil and criminal charges.
  • The scheme offered guaranteed high returns but had no real revenue source.
Tuesday, 30/01/2024 | 05:06 GMT by Arnab Shome
Retail FX

Tradewale's Deceptive Forex Scheme Ends in $2.8M Fine

  • The court penalizes the company and its founder for false FX fund claims.
  • Scammers promised unrealistic profits using artificial intelligence.
Thursday, 28/12/2023 | 15:56 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
Trending

Wells Fargo Pushed to Improve Financial Crime Monitoring

  • Regulators are pressuring the bank to improve its compliance procedures.
  • The bank’s processes, rather than a specific event or client, are being questioned.
  • Wells Fargo is also facing a lawsuit claiming it allowed a client to run a Ponzi scheme.
Thursday, 23/11/2023 | 11:38 GMT by Louis Parks
Retail FX

Federal Court Drops $20 Million Fine on Ponzi Scheme Trader

  • The CFTC and the court fined Phillip Galles for conducting a fraudulent scheme.
  • Unfortunately, victims may not recover lost funds despite the ruling.
Thursday, 16/11/2023 | 12:27 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
CryptoCurrency

Crypto Kingpin behind Bars: 12 Years for $100M Ponzi Scheme

  • The scheme mastermind has been sentenced for running a global crypto pyramid scheme.
  • AirBit Club deceived investors, with assets valued at $100 million have now been seized.
Wednesday, 27/09/2023 | 08:22 GMT by Damian Chmiel
Retail FX

CFTC Busts $3.4 Million FX and Binary Options Fraud

  • CFTC highlights Patrick Wonsey's lack of credentials.
  • Pool participant funds mismanaged as they were mixed with Wonsey's assets.
Wednesday, 27/09/2023 | 06:42 GMT by Tareq Sikder
Retail FX

FX Ponzi Scheme Deceived 1,500 Individuals with False Promise of 325% Returns

  • About $70 million was used for Ponzi-lile payments.
  • The scheme primarily targeted Haitian-Americans.
Tuesday, 27/06/2023 | 11:45 GMT by Damian Chmiel
CryptoCurrency

SEC Busts BKCoin for Running $100M 'Ponzi-Like Scheme'

  • The scheme made Ponzi-like payments with more than $3.8 million.
  • One co-founder used at least $371,000 for personal expenses.
Tuesday, 07/03/2023 | 06:56 GMT by Arnab Shome
Retail FX

CFTC Busts $145M FX Ponzi Schemes, Charges Masterminds

  • The three schemes were interconnected.
  • The agency already received a court order to freeze the defendants' assets.
Friday, 24/02/2023 | 05:19 GMT by Arnab Shome
CryptoCurrency

US Indicts Four Co-Founders of $340M Forsage Ponzi Scheme

  • They are facing charges of conspiracy to commit wire fraud.
  • The SEC also brought fraud charges against the four and another seven individuals.
Thursday, 23/02/2023 | 06:07 GMT by Arnab Shome
Retail FX

Another Director of $180m FX Ponzi Scheme Faces 10 Years in Jail

  • After Irevasi and Papoulias pled guilty, the court charged Sipina with criminal offences.
  • The Ponzi scheme operated for almost seven years.
Wednesday, 22/02/2023 | 09:08 GMT by Damian Chmiel
CryptoCurrency

US Court Orders $17M Restitution Distribution to 800 BitConnect Victims

  • The scheme defrauded around 4,000 investors of $2.4 billion.
  • The classic Ponzi scheme promised an annualized return of 3,700 percent.
Friday, 13/01/2023 | 10:12 GMT by Arnab Shome
Retail FX

SEC Busts $4.3 Million FX Ponzi Schemes

  • The two schemes, Avail Progression and Elite Generators, dupped over 100 investors.
  • The operator of the schemes did not invest any proceeds.
Monday, 19/12/2022 | 06:19 GMT by Arnab Shome
CryptoCurrency

Crypto Ponzi Schemes Forcount and IcomTech Charged with Fraud

  • Both schemes targeted small communities.
  • They have promised to double the investment in six months.
Thursday, 15/12/2022 | 06:52 GMT by Arnab Shome
CryptoCurrency

Ohio Man Faces Criminal Charges for $10 Million Crypto Ponzi Scheme

  • He lured investors by flaunting a luxurious lifestyle.
  • He is facing 20 counts of wire fraud.
Monday, 21/11/2022 | 06:34 GMT by Arnab Shome
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