Longtime New York sports radio personality Craig Carton was arrested this morning on federal charges of securities and wire fraud in connection with a scheme that allegedly tricked investors into thinking their money was being spent on blocks of concert tickets that would then be resold at a huge profit. Problem is, say prosecutors, those tickets didn’t exist, and the money just went to cover Carton’s casino debts. [More]
ponzi schemes
Sports Radio Host Arrested In $5.6M Investment Fraud Involving Non-Existent Concert Tickets
By 9.6.17
Former NFL Player Will Allen Sentenced To 6 Years For Ponzi Scheme
By 3.1.17
Will Allen, a former first-round draft pick for the New York Giants who also played for the Miami Dolphins (and was technically a member of the New England Patriots, though he never played a game), has been sentenced, along to six years behind bars for his part in a Ponzi scheme that authorities say swindled $35 million from investors who thought they were lending money to pro athletes. [More]
Feds Say Ponzi Scheme Promised Big Profits From Reselling ‘Hamilton’ & Adele Tickets
By 1.27.17
A business that promises huge returns on resold tickets to hot Broadway shows like Hamilton or concerts featuring big-ticket names like Adele might seem like a worthwhile investment, but federal prosecutors say victims lost millions as part of an alleged Ponzi scheme involving secondary market tickets to popular events. [More]
Wine Shop Owner Admits Scamming Customers Out Of $45M In Ponzi Scheme
By 8.16.16
Though the words “Ponzi scheme” may conjure images of Bernie Madoff ripping off big investment funds, the scam can come in many shapes in sizes… or liquids, as a case out of California involving a wine shop owner accused of stealing $45 million in undelivered products shows. [More]
More Than 25,000 Madoff Victims May Finally Receive Payouts Totaling $4B
By 5.19.16
It’s been a long time coming for many victims of Bernie Madoff’s Ponzi scheme — more than seven years, in fact — but some of them could soon finally see payouts from a $4 billion Department of Justice fund. [More]
Judge Hits Bitcoin Ponzi Scheme With $40.7 Million Penalty
By 9.19.14
If someone convinces you to invest with him by promising returns of 7% weekly, and that he’s never lost money and there’s no risk, you should be incredibly concerned about giving him your money, regardless of whether it’s a dollar or a Bitcoin. But the operator of a Bitcoin-based Ponzi scheme in Texas was able to rake in millions based on completely empty promises — and now has to pay it all back. [More]
Former Politician Ran Ponzi Scheme Promising Investors He’d Get Pre-IPO Facebook Shares
By 6.25.13
A former politician who ran for governor back in 1994 has pleaded guilty to defrauding investors in a textbook example of a Ponzi scheme. Craig Berkman admitted that he’d told investors he could get the jump on pre-IPO shares of Facebook, as well as LinkedIn, Groupon and Zynga. [More]
Prepaid Funeral Service Was Actually A Massive Ponzi Scheme
By 6.19.13
It’s a good idea to lay out your plans and wishes for your funeral ahead of time, either in writing or with a trusted funeral director. It keeps your family from second-guessing some very expensive decisions at the same time they’re grieving. [More]
College Football Hall Of Fame Coach Accused Of Swindling $80 Million From Colleagues, Players In Ponzi Scheme
By 8.16.12
The Securities and Exchange Commission is calling out a former college football coach for allegedly acting in less than a sportsmanlike manner, accusing him of taking $80 million from other coaches and players and losing it in a Ponzi scheme. The man was inducted into the College Football Hall of Fame in 2009 for his time coaching at two universities. [More]
Victims Of Bernie Madoff’s Ponzi Scheme Could Get Another Few Billion Back Soon
By 7.26.12
It’s a tough job, but someone’s gotta do it: Irving Picard, the trustee in charge of liquidating Bernie Madoff’s assets is asking a New York court if he can distribute another $1.5 billion to $2.4 billion to victims of Madoff’s Ponzi scheme. He says he’s probably recovered around $9.1 billion but thus far, has only been able to hand out $1.1 billion of that. [More]
Madoff Victims Will Start Getting Refunds This Week
By 10.5.11
Those who lost money investing with jailed shyster Bernie Madoff will be getting some of their ill-advised expenditures back this week, thanks to the bankruptcy court-mandated liquidation of his estate. [More]
US Accuses Full Tilt Poker Of Being Global Ponzi Scheme
By 9.21.11
Looks like Full Tilt Poker just went bust. The Department of Justice has accused the site’s proprietors of operating a “global Ponzi scheme” in which the owners got paid with money they told players was being safely held. [More]
The Amish Bernie Madoff
By 9.19.11
It seems you don’t need electricity to commit fraud. A man has been likened to being “The Amish Bernie Madoff” after he was accused of operating a Ponzi scheme that defrauded over 2,700 Amish families, nonprofits and businesses out of $16.8 million. [More]
Judge Tells Madoff Investors They Won't Get All Their Fake Money Back
By 8.16.11
A federal judge shot down an appeal from Madoff investors who didn’t just want the money they’d invested back, they wanted the amount of money Madoff said they were worth on paper. The judge said that Madoff’s financial statements were “fictitious” and thus can’t be used as a basis for claims by investors. [More]
Man Convicted Of Running $100 Million Ponzi Scheme Sentenced To 10 Years
By 5.17.11
A Connecticut man was convicted of tricking investors out of $30 million in a Ponzi scheme that involved a total of $100 million in cash exchanged in an elaborate ruse was sentenced to 10 years in prison. Once he gets out, he’ll have to pay $500 a month in restitution, although the actual figure will be based on what he can afford. [More]
Madoff: Chase Execs Were Aware Of Ponzi Scheme
By 4.8.11
Despite evidence to the contrary, the folks at JPMorgan Chase have denied knowing anything at all about Bernie Madoff’s multi-billion dollar Ponzi scheme. But in a new interview, the scam artist says that senior Chase execs weren’t exactly in the dark about what he was doing. [More]
Lawsuit: Mets Owners Made $300 Million In "Fictitious Profits" From Madoff Ponzi Scheme
By 2.4.11
Since the 2008 revelation that Bernie Madoff’s wildly profitable investment business was all just smoke and mirrors, the owners of the New York Mets have claimed they were one of the victims of the Ponzi scheme. However, a newly unsealed lawsuit says that the Mets owners not only ignored warnings that Madoff was too good to be true, but that they made hundreds of millions off the scheme. [More]
Documents Show Chase Doubted Madoff But Did Business With Him Anyway
By 2.3.11
Newly released documents reveal that executives at JPMorgan Chase were aware of the possible Ponzi-ness of Bernie Madoff’s investment business more than 18 months before it was revealed to be a mammoth scam. [More]
