"may have been lost in trading in futures contracts on the S&P 500 index, foreign currencies, or metals. According to the SEC, Forte reported to his investors that his fund's value was over $154 million, while the actual balance was $146,814. In late December 2008, he turned himself in to authorities. While the timing is coincidental with the Ponzi scheme of Bernard Madoff, there is no apparent connection. On June 5, 2009, Forte pleaded guilty to wire fraud, bank fraud, mail fraud, and money laundering for his role in his Ponzi scheme. On November 24, 2009, Forte was sentenced to"
"most gigantic schemes to defraud investors that has ever been unearthed in this country"", beginning with the arrest of Christopher Columbus Wilson and one of his top associates. In August, seven United officials were formally indicted in Federal court — in response, the 64-year-old Wilson, a widower, blithely married his 18-year-old secretary. A trial followed the next year, and that May five United officials, including Wilson, were convicted of mail fraud, receiving sentences ranging from one to three years. (Wilson would die in prison, at the Atlanta, Georgia penitentiary, in August 1912.) Crippled by the prosecution of its upper management,"
"his subordinates and maintain that he did nothing wrong. Closing arguments were heard in the trial on May 27, 2009. On June 18, 2009, Judge Horn ordered Scrushy to pay $2.87 billion in damages. Judge Horn stated, ""Scrushy knew of and actively participated in the fraud"" and referred to Scrushy as the ""CEO of the fraud"". As expected, Scrushy appealed the judgment to the Alabama Supreme Court. On January 28, 2011, Scrushy lost his appeal of the civil verdict. According to the federal Bureau of Prisons website, the 59-year-old Scrushy was moved in April 2012 from the federal prison in"
"15 years in prison. Joseph S. Forte Joseph S. Forte of Broomall, Pennsylvania, operated a Ponzi scheme that cost investors $50 million. He reportedly signed a confession with the United States Postal Inspection Service. The Ponzi scheme operated from at least February 1995. Up to 80 investors are involved. Civil charges were filed in federal court in Philadelphia on January 7, 2009 by the Commodity Futures Trading Commission with the help of the Securities and Exchange Commission. Forte's assets were frozen by the court. Forte allegedly confessed to spending $10–12 million on himself, while using $15–20 million to pay off"
"in my mind by greed with no regard to the effect on the many, many investors they defrauded,""</nowiki> he added. Gary Sorenson Gary Allen Sorenson (born 1943 in Calgary, Alberta) is a Canadian businessman who was arrested at Calgary International Airport on September 29, 2009 for an alleged role in a Ponzi scheme that scammed investors of more than C$300 million, the largest in Canada. On July 28, 2015 Gary Sorenson, 71, and Milowe Brost, 61, were sentenced in a Calgary courtroom to 12 years in prison for their elaborate, multimillion-dollar fraud. Gary Sorenson was born in Calgary, Alberta in"
"to personal expenses or to pay off past investors. As of 2013, nearly 600 investors were still owed amounts totaling nearly $4.7 million. Winans Jr. was convicted in February 2013 and sentenced to nearly 14 years in prison. Winans suffered a series of debilitating strokes and a massive heart attack in October 2008. In January 2009, Winans was moved from Detroit to the Alive Hospice in Nashville, Tennessee to be closer to some of his children. Winans' health worsened over the next few months and on Wednesday April 8, 2009 at around 4 pm CST, he died. Winans was 74."
"single charge of fraud conspiracy and served 40 months in a federal penitentiary from 2010 to 2012 with a fine of $30,000. After he applied for whistleblower status and protection, the Internal Revenue Service (IRS) awarded him a settlement of $104 million through their Whistleblower Office. In Switzerland, he is considered a criminal and is subject to arrest if he returns to the country for breaking bank–client confidentiality laws, a federal crime. Birkenfeld was born on February 26, 1965, in Brookline, Massachusetts, a suburb of Boston. His father was a neurosurgeon. Birkenfeld attended Thayer Academy, a prep school, and graduated"
"count of major fraud, amongst other charges. Both Osorio and Toll also face fraud charges by the SEC for violations of federal securities laws. Federal prosecutors said that Osorio defrauded investors from 2007 to 2010, exaggerating the company's finances and pocketing millions of dollars to fund a lavish lifestyle. The SEC claimed that Osorio had illegally used investor money to pay for a Miami Beach mansion, a Maserati car and a Colorado mountain retreat home. In 2013 he was sentenced to 12 1/2 years in jail for fraud. Former Gov. Jeb Bush has agreed to return $270,000 out of $469,000"
"to create their own company. In a February 17, 2011 press release, the Arizona Corporation Commission announced that ""[T]he Commission ordered James Piccolo of Scottsdale, Craig Cottrell of Tempe and Michael Roberts of Scottsdale and their affiliated companies to pay $5,577,226 in restitution and a total of $300,000 in administrative penalties for defrauding 105 investors with unregistered deed of trust investments. The Commission found that the men promoted the unregistered deed of trust investments at real estate education seminars where they convinced students to become investors, promising them double-digit returns."" Casey Serin (failed real estate investor deemed ""the poster child"
"Martin Frankel Martin R. ""Marty"" Frankel (born 1954) is an American financial criminal who conducted a series of investment frauds in the late 20th century, causing hundreds of millions of dollars in losses. He was caught in 1999, and in 2004 was sentenced to 200 months in prison based on over $200 million in proven losses to insurance companies he bought then looted; the sentence was reaffirmed in 2006. Marty Frankel was born to Leon and Tilly Frankel in 1954; he was Leon's fourth child and Tilly's second. He attended the University of Toledo but never graduated. Frankel used astrology"
"he confessed. In February 2009, Madoff reached an agreement with the SEC. It was later revealed that as part of the agreement, Madoff accepted a lifetime ban from the securities industry. Picard sued Madoff's sons, Mark and Andrew, his brother Peter, and Peter's daughter, Shana, for negligence and breach of fiduciary duty, for $198 million. The defendants had received over $80 million in compensation since 2001. According to the SEC indictment against Annette Bongiorno and Joann Crupi, two back office workers who worked for Madoff, they created false trading reports based on the returns that Madoff ordered for each customer."
"Security and Governmental Affairs led to a massive fraud investigation against the Swiss bank UBS, his former employer. In February 2009, as a result of the information he gave U.S. authorities, the DOJ announced it had reached a deferred prosecution agreement (DPA) with UBS that resulted in a $780 million fine and the release of previously privileged information on American tax evaders. In 2008, Birkenfeld pleaded guilty to conspiracy to defraud the United States by abetting tax evasion by one of his clients and was sentenced in 2009 to 40 months in prison. Many advocacy groups from around the world"
"In 2008, Bernard Madoff spoke at a business roundtable meeting of his ""very close"" relationship with an SEC lawyer, and chuckled: ""my niece even married one"". In April 2009, Richards recused herself from the Madoff investigation. Swanson is now general counsel at BATS Trading, the third-largest U.S. stock exchange. Shana Madoff's uncle Bernard pleaded guilty to federal charges against him, following the Madoff investment scandal becoming public, in March 2009. He was sentenced to 150 years in prison. Her father, Peter, the chief compliance officer of BLMIS, who was her boss at the company, pleaded guilty in July 2012 to"
"and Soares, many more agreed to collaborate with the prosecution and from 2014 and February 2016, the Federal Public Prosecutors formulated 37 criminal charges against 179 people, mostly of politicians and businessmen. In December 2017 nearly three hundred people had been accused of crimes in the scandal. After Marcelo Odebrecht, grandson of the company founder, was sentenced to 19 years in prison, he and other Odebrecht executives were willing to act as witnesses and to give information about the overall corruption scheme, because of the sentence reduction incentives of the ‘Rewarded Collaboration’ Law. Odebrecht had a secret branch used for"
"Investor Protection Corporation (SIPC) trustee estimated actual losses to investors of $18 billion. On June 29, 2009, Madoff was sentenced to 150 years in prison, the maximum allowed. Madoff was born on April 29, 1938, in Queens, New York, to Jewish parents Ralph Madoff, a plumber and stockbroker, and Sylvia Muntner. Madoff's grandparents were emigrants from Poland, Romania, and Austria. He is the second of three children; his siblings are Sondra Weiner and Peter Madoff. Madoff graduated from Far Rockaway High School in 1956. He attended the University of Alabama for one year, where he became a brother of the"
"and defrauding investors out of at least $20 million. According to the indictment, Hsu made ""false promises"" to private investors in his companies that they would be paid ""guaranteed high rates of return on investments in the short term."" On 7 May 2009, Hsu pleaded guilty in federal court in New York to ten counts of mail and wire fraud in connection with the Ponzi scheme. Hsu stated that ""I knew what I was doing was illegal"" and faced up to 20 years in prison on each count. Hsu was still contesting the charges of campaign finance fraud, however. Hsu"
"to name names while sentencing was anticipated in May 2010. He faced a maximum sentence of 125 years in federal prison. Prosecutors sought more than $170 billion in forfeiture, the same amount sought from Madoff, which represented funds deposited by investors and later disbursed to other investors. The same day, a Securities and Exchange Commission civil complaint was filed against DiPascali. Prosecutors sought bail for DiPascali, but Sullivan remanded him to custody, saying he was a potential flight risk. At a bail hearing on October 28, 2009, Sullivan deferred a decision pending more information, though he added that he still"
"bilking the U.S. government and various investors out of $2.5 million; specifically, two counts of wire fraud and one count of conspiracy to commit equity skimming. He was fined $1 million and served two five-year prison sentences consecutively. Some of Calhoun's investors faced the loss of Internal Revenue Service tax credits received through the illegal business practices. Calhoun was released from the Bureau of Prisons on February 19, 2008. The senior Calhoun died in 1994 at the age of eighty-five. His burial site is unknown, but his second wife is interred at Highland Cemetery in Mansfield. Riemer Calhoun Maurice Riemer"
"registration has been revoked, and they must provide an accounting of all fees the company or its agents earned for referring Massachusetts investors to Mr. Madoff's firm as well as, pay a $100,000 fine for failing to cooperate with the state securities investigation. On March 15, 2009, Federal prosecutors filed a notice in federal court declaring its intent to seek the forfeiture of the Madoffs' interests in Cohmad Securities. On June 22, 2009, Madoff Trustee, Irving Picard filed a claim against Cohmad, founder Maurice ""Sonny"" Cohn, daughter Marcia Cohn, and Robert Jaffe, among more than two dozen individuals and trusts"
"Bureau of Investigation (FBI) on December 11, 2008, on a criminal charge of securities fraud. According to the criminal complaint, the previous day he had told his sons that his business was ""a giant Ponzi scheme"". They called a friend for advice, Martin Flumenbaum, a lawyer, who called federal prosecutors and the SEC on their behalf. FBI Agent Theodore Cacioppi made a house call. ""We are here to find out if there is an innocent explanation,"" Cacioppi said quietly. The 70-year-old financier paused, then said: ""There is no innocent explanation."" He had ""paid investors with money that was not there""."
"James Nicholson (American businessman) James Michael Nicholson (born 1966) was an American businessman and was the head of the investment firm Westgate Capital Management. The headquarters of Westgate Capital was located in Pearl River, NY. Nicholson was arrested on February 25, 2009 by the FBI and charged by the SEC for allegedly ""defraud[ing] hundreds of investors of millions of dollars"". Nicholson was indicted by the US Attorney for the Southern District of New York, on April 23, 2009, and was sentenced to 40 years in prison after pleading guilty to defrauding investors in the Ponzi scheme. Nicholson is serving his"
"lawsuit was filed against him for illegally accepting $156,000 in cash and benefits. On December 1, 2008, Langford, along with investment banker William B. Blount and former state Democratic Chairman Al LaPierre, was arrested by the FBI on a 101-count indictment alleging conspiracy, bribery, fraud, money laundering, and filing false tax returns in connection with a long-running bribery scheme. His public corruption trial ended on October 28, 2009, with convictions on 60 counts, and resulted in his automatic removal from office. On March 5, 2010, Langford was sentenced to 15 years in prison by a federal judge in Tuscaloosa, Alabama."
"launder more than $250 million of client money by transferring client money from the investment-advisory business in New York to London and then back to the U.S. to support the U.S. trading operation of Bernard L. Madoff Investment Securities LLC. Madoff gave the appearance that he was trading in Europe for his clients. On March 12, 2009, Madoff appeared in court in a plea proceeding, and pleaded guilty to all charges. There was no plea agreement between the government and Madoff; he simply pleaded guilty and signed a waiver of indictment. The charges carried a maximum sentence of 150 years"
"the bar, would continue to pose an on-going risk to the investing public."" Following a federal indictment, Porush and Belfort pleaded guilty to 10 counts of securities fraud and money laundering in 1999. In an exchange for reduced sentences, Porush and Belfort cooperated with the federal investigations of their colleagues. Porush was ""convicted of insider trading, perjury, conspiracy and money laundering and ordered to pay $200 million in restitution."" He was sentenced to four years in prison and Belfort was sentenced to two years. Porush was released on probation in 2004 after serving 39 months. In 2013, the story of"
"to a jury in New York City in 2013 in a civil trial, acted fraudulently by trying to hide assets which they controlled in four public companies that were sold for billions of dollars. The Manhattan jury returned its verdict against 79-year-old Sam Wyly and the estate of his brother, Charles, whom the Securities and Exchange Commission had accused of earning more than $500 million illegally by using offshore accounts to trade securities. On Sunday, August 7, 2011, Wyly, who maintained a home in the rural town of Woody Creek in Roaring Fork Valley near Aspen, Colorado, was turning onto"
"the company who were either convicted or pled guilty. Joel Steinger received a 20-year prison sentence in 2014 after pleading guilty to conspiracy to commit mail and wire fraud. Co-founder and vice president Steve Steiner (the brother of Joel Steinger) pled guilty in one case and was convicted in another case and sentenced to 15 years in prison. Attorney Anthony Livoti Jr., the trustee for the investment accounts, was convicted in December 2013 and sentenced to 10 years in prison for conspiracy to commit fraud and money laundering, Attorney Michael McNerney pleaded guilty and received five years in prison. Peter"
"undisclosed crimes. The judge noted these crimes were ""disgraceful"" and placed a publication ban on details surrounding the trial. Panju was sentenced to four years in prison. On May 12, 2014, co-founder Ronald Weinberg, John Xanthoudakis of Norshield Financial Group and Lino Matteo of Mount Real Corp. were charged with 26 counts of fraud in Montreal Superior Court. They were convicted on most of the counts on June 2, 2016, and in the trial Panju acted as a key Crown witness. On June 22, 2016, Weinberg was sentenced to 8 years and 11 months in prison, and the other two"
"Gary Sorenson Gary Allen Sorenson (born 1943 in Calgary, Alberta) is a Canadian businessman who was arrested at Calgary International Airport on September 29, 2009 for an alleged role in a Ponzi scheme that scammed investors of more than C$300 million, the largest in Canada. On July 28, 2015 Gary Sorenson, 71, and Milowe Brost, 61, were sentenced in a Calgary courtroom to 12 years in prison for their elaborate, multimillion-dollar fraud. Gary Sorenson was born in Calgary, Alberta in 1943. Prior to his arrest, he was believed to be residing in a mansion in Honduras just outside the capital"
"sentenced to 4 years in jail He is married and father of two children. Gary Kaplan Gary Kaplan (born on January 5, 1959 in New York) is the founder of BetonSports.com (BoS), an online sports betting company which between 2002 and 2004 took in wagers amounting to nearly $4 billion, 98 percent of which came from the United States. In 2004 BoS went public on the London Stock Exchange. On July 17, 2006 the United States Attorney for the Eastern District of Missouri office, citing the Federal Wire Act of 1961, which prohibits the use of a wire communication facility"
"pay a total of $200,000 in civil penalties, investigative costs, and fees, and to comply with the state's laws and regulations, but did not admit wrongdoing. Its embattled CEO Anthony Cuti, along with former CFO William Tennant, were indicted on October 9, 2008 in Manhattan federal court for falsely reporting company income and conspiring to commit securities fraud from December 2000 to June 2005. Cuti had already been replaced in November 2005 by industry veteran Richard Dreiling, COO of San Francisco-area-based Longs Drugs stores. In June 2010, Cuti and Tennant were convicted of securities fraud occurring between November 2000 and"
"Tim Durham Timothy Shawn ""Tim"" Durham Sr. (born 1962) is an American lawyer and financier convicted in 2012 of the largest white collar crime in Indiana history. His investment firm Obsidian Enterprises invested in a number of companies, including wireless device company BrightPoint and comedy brand National Lampoon, Incorporated, where Durham served as CEO. In 2012, Durham was sentenced to 50 years in prison in connection with a Ponzi scheme that defrauded 5,400 investors, many of them elderly, of approximately $216 million, according to the U.S. Securities and Exchange Commission. Durham grew up in Seymour, Indiana. He graduated from Indiana"
"2009, U.S. Magistrate Judge Kevin N. Fox in Manhattan appointed Mark Gombiner, an attorney from the Federal Defenders of New York, Inc., to represent Nadel. On April 28, 2009, in the Southern District of New York, federal regulators handed down a 15-count indictment against Nadel, which carries maximum prison sentences of 280 years. ""Nadel solicited prospective clients to invest in the funds by making various misrepresentations about the performance and value of the funds, including that the net asset value of each of the funds was tens of millions of dollars. the U.S. Attorney's Office in New York said in"
"off and there were civil claims against him totaling about $20M. In August 2010 he reached a deal with Indiana prosecutors to plead guilty to five counts of securities fraud, serve 10 years in prison and pay victims of his schemes more than $630,000, and in October the judgement was entered, with the 10 years' imprisonment ordered to run consecutively with the sentence on the federal charges for the faked plane crash. A hearing on his ongoing divorce was scheduled for later that October. Marcus Schrenker Marcus Schrenker (born ~1971) is a former financial advisor from Indiana. He is best"