investment scam
March 23, 2010 - 4:19am | Investment industry | News
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Today is Tuesday.
While it is just another day the infamous investment project Genius Funds is
unavailable and the investors cannot withdraw their money from the system it is
exactly the inaccessibility that makes Tuesday so notable as the company
promised to come back on Monday.
Just five
days ago people were too optimistic and confidently attacked pessimist assuring
the investment website will return. Now there are more negative posts in the
forums. Why? |
-1 points
March 19, 2010 - 11:01am | Analytics | Articles
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We are still unaware of what Genius Funds will come to: either it will return online or it will prove to be a real scam program like many others. The company has no website now and the live chat that was working for a while is now supported by only bot system.
HYIP monitors have downgraded the project to Problem status and it is still there. Online forms are full of user complaints on the website inaccessibility and thus impossibility to withdraw funds from the system. |
-2 points
March 18, 2010 - 11:40am | Investment industry | News
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The situation around Genius Funds has not budged an inch. The website is now absolutely inaccessible. If yesterday users could see CAPTCHA introduction and after it the browser reported bad gateway error now they are not deigned to see even that.
Earlier this month Genius Funds Compliance Officer Patricia Steele wrote to the hyipranks.com monitor:
Dear Hyip Ranks,
In the last several weeks I have received several messages concerning rumors on our alleged violation of securities regulations in the province of British Columbia and elsewhere. |
0 points
August 18, 2009 - 7:34am | Fraud | News
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A federal jury in Brooklyn convicted former Credit Suisse broker Eric Butler on Monday after a three-week trial of conspiracy and securities fraud after investors lost nearly $1 billion in a subprime mortgage fraud.
Butler, 37, was found guilty on all three counts after two hours of jury deliberations. Co-defendant Julian Tzolov, 36, who was returned to New York from Spain on July 20 after fleeing prosecution, pleaded guilty to conspiracy, wire fraud and securities fraud July 22. |
0 points
July 21, 2009 - 2:03am | Law aspects | News
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On Monday Republican Assemblyman Jim Tedisco offered a "Madoff" bill to force rich New Yorkers convicted of crimes to pay the state and federal governments for how much it costs to keep them in jail. The name of the bill is a hint about the infamous investment scammer Bernard Madoff, who began serving a 150-year prison sentence last week in a federal prison in North Carolina. |
0 points
June 23, 2009 - 2:30am | Fraud | News
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The Securities and Exchange Commission filed civil charges against a brokerage firm called Cohmad Securities and a Hollywood investment adviser accusing them of advising investors to place their funds into the massive Ponzi scheme organized by Bernard Madoff. The Securities and Exchange Commission announced the civil fraud charges on Monday against Cohmad’s chairman Maurice Cohn, chief operating officer Marcia Cohn and broker Robert Jaffe. |
0 points
June 22, 2009 - 8:06am | Fraud | News
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Officials at the U.S. Justice Department reported last week that Texas billionaire Allen Stanford, three associates and a top Caribbean regulator were indicted on fraud, conspiracy and obstruction charges in an elaborate $7 billion pyramid scheme to bilk investors, says Reuters. A federal judge ordered Stanford to be transferred to Houston for a hearing on whether he should be granted bail on charges he orchestrated the fraud through his bank on the Caribbean island of Antigua.
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0 points
June 10, 2009 - 6:44am | Fraud | News
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A girlfriend of Bayou hedge fund group head Samuel Israel was sentenced to three years of probation, including four months of house arrest, on Tuesday for helping him stage suicide to avoid going to prison. Israel himself is now serving a 20-year sentence for cheating investors out of about $450 million.
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0 points
May 29, 2009 - 4:19am | Fraud | News
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As it became known on Thursday, a British man Robert Tringham, 64, from Knebworth, Hertfordshire was jailed in the US after being charged with a £4.4m investment fraud, that also include mail and wire fraud. He is blamed for running a Ponzi (pyramid) scheme in which investors were tricked into handing over millons of pounds. Tringham is also charged of avoiding to pay nearly $500,000 in income tax.
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-1 points
May 22, 2009 - 9:39am | Fraud | News
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On Thursday James G. Ossie, 48, of Atlanta, a head of an Alpharetta firm CRE Capital that claimed hefty profits from trading Japanese and American currencies pleaded guilty to his role in defrauding over 100 people out of more than $25 million. Ossie pleaded guilty to one count of wire fraud before U.S. District Judge Bill Duffey in Atlanta. He is to be sentenced July 30.
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0 points
May 4, 2009 - 6:23am | Fraud | News
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First lawsuits were filed by the trustee for the liquidation of Bernard L. Madoff investment Securities LLC against the entities found to be accomplices of the fraudulent scheme. Irving H. Picard, a government appointed trustee, announced on Friday it launched a lawsuit against Stanley Chais and related entities, accusing them of getting about $1 billion via Madoff that actually belonged to other investors. |
0 points
April 28, 2009 - 9:37am | Law aspects | News
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Federal regulators have won a court order freezing the assets of financier Danny Pang’s two investment companies, whom they accuse of defrauding investors of hundreds of millions of dollars. Pang, a Taiwanese immigrant, owns Private Equity Management Group Inc. and Private Equity Management Group LLC, based in Irvine, Calif. |
0 points
March 18, 2009 - 1:37am | Investment industry | News
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On Tuesday the Internal Revenue Service released guidelines to provide relief to the victims of the Madoff’s investment scam. Investors that lost their money with one of the most scandalous financial fraud in the history will be allowed to deduct losses to theft in the 2008 tax year and recover any taxes paid on nonexistent income. |
0 points
March 16, 2009 - 3:09am | Law aspects | News
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The investigators are seeking to freeze the assets of Ruth Madoff as reported by the New York Post. The federal authorities suppose that she may flee away from the country with some of the $93 million in her name. Prosecutors told that the freeze was just an initial step with a criminal case to be launched against Ruth Madoff.
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1 point
March 11, 2009 - 1:07am | Law aspects | News
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150 years in prison. This is a sentence Bernard Madoff, 70, 4 faces per 11 felony charges including securities fraud, mail fraud, wire fraud, money laundering, and perjury. While it may seem something in the nature of a sensation but actually there is nothing amazing in the case. Surely, it would be rather funny if it were not so sad.
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0 points
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