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Funds guru accused of NZ's biggest Ponzi scheme

Agence France-PresseJune 13, 2013 01:36
A New Zealand fund manager appeared in court Thursday charged with masterminding the country's largest "Ponzi" scheme, which allegedly defrauded more than 1,200 investors of NZ$400 million ($320 million). The Serious Fraud Office (SFO) said Wellington-based David Ross, 63, had been charged with four counts of false accounting and one of theft over his management of Ross Asset Management, which collapsed last November. "The charges laid by SFO allege that Mr Ross conducted a Ponzi scheme which he disguised by falsely reporting clients' investments," it said in a statement.

Investors who profited from NC Ponzi scheme given deadline to come forward and settle

The Canadian PressJune 1, 2013 13:45
CHARLOTTE, N.C. - Time is running out for people who profited from a $600 million Ponzi scheme to contact a federal court-appointed receiver to negotiate a settlement in the case. Receiver Kenneth Bell sent emails earlier this year to 16,000 investors who made money from the Lexington, N.C.-based online company ZeekRewards. He also posted a letter on the ZeekRewards receivership website, saying the investors, or net winners, had until May 31 to contact his office to negotiate a settlement or face possible legal action.

Alberta regulator says men scammed investors with $50M Ponzi scheme

The Canadian PressMay 13, 2013 18:46
CALGARY - Alberta's securities regulator has ruled that two men perpetrated a $52-million "Ponzi scheme" in which the investors have likely lost most of their money. According to a decision by an Alberta Securities Commission panel issued Monday, Dale Joseph Edgar St. Jean and Gregory Dennis Tindall and their companies, TransCap Corp. and Strata-Trade Corp., lured investors into investing in the scheme through "deceptive or false" information.

German police make arrests in Maddof-style fraud case

February 19, 2013 16:31
German police carried out a vast operation on Tuesday against a network of companies alleged to have swindled would-be real estate investors of more than 100 million euros, prosecutors in Frankfurt said. "Today, about 1,200 investigators and 15 prosecutors carried out 130 searches and seized assets worth more than 100 million euros, as well as issued arrest warrants against the six allegedly responsible, aged between 33 and 70," the prosecutor's office said in a statement. The sums involved reached hundreds of millions of euros (dollars), the office said.

Former NFL football player Erxleben arrested in Ponzi scheme

January 24, 2013 16:00
By Jim Forsyth SAN ANTONIO, Jan 24 (Reuters) - Former college All-American and National Football League kicker Russell Erxleben was arrested by federal agents on Thursday at his home near Austin, Texas on federal fraud charges. Erxleben, 56, was charged in a federal indictment unsealed on Thursday with five counts of wire fraud, one count of securities fraud and two counts of money laundering.

U.S. high court to hear law firm appeals in Allen Stanford case

January 18, 2013 19:00
* Law firms sued over representation of Allen Stanford * Ponzi schemer sentenced to 110 years prison By Terry Baynes and Jonathan Stempel Jan 18 (Reuters) - The U.S. Supreme Court on Friday accepted appeals by law firms that once represented convicted swindler Allen Stanford and were trying to avoid lawsuits by victims seeking to recoup losses from his $7 billion Ponzi scheme.

Barclays sued over role in German "mini Madoff" fraud

January 18, 2013 11:00
FRANKFURT, Jan 18 (Reuters) - Investors who lost money in a Ponzi scheme run by Helmut Kiener, convicted founder of the K1 hedge fund in Germany, are suing Barclays Plc for selling his products to them, their lawyers said on Friday. The lawyers said they were seeking a total of around 100 million euros ($133.58 million) in damages and had lodged more than 100 suits against Barclays with regional courts in Frankfurt and Munich over warrants issued by the bank that were linked to Kiener portfolios.
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