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New Zealand man pleads guilty to running $300 million Ponzi scheme

WELLINGTON, New Zealand - A New Zealand man pleaded guilty Thursday to running a nearly US$300 million Ponzi scheme, the country's largest ever. Former Wellington financial adviser David Ross pleaded guilty to five charges of false accounting and theft. The 63-year-old has been jailed pending his sentencing in October. Regulators say 1,200 investors lost paper returns of more than 380 million New Zealand dollars ($297 million) in the scheme. Serious Fraud Office acting manager Graham Gill said their out-of-pocket losses were at least NZ$115 million ($90 million).

Guilty plea over New Zealand's biggest Ponzi scheme

A New Zealand fund manager pleaded guilty on Thursday to masterminding the country's largest "Ponzi" scheme, which defrauded more than 1,200 investors of NZ$380 million ($300 million). The Serious Fraud Office (SFO) said Wellington-based David Ross, 63, admitted four counts of false accounting and one of theft over his running of Ross Asset Management, which collapsed last November.

SEC says Indiana man used Ponzi scheme to fund a reality TV show

By Jonathan Stempel (Reuters) - The Securities and Exchange Commission charged an Indiana man with running a $6 million Ponzi scheme that defrauded investors out of their retirement savings and used the money to invest in a bridal store, a bounty hunter reality television show, and a soul food restaurant owned by the bounty hunters. The SEC on Monday said it obtained an emergency court order to freeze the assets of defendants John Marcum and his firm Guaranty Reserves Trust LLC.

Ponzi scheme operator Bernie Madoff's NYC duplex on market for $17.25 mn

New York, Aug 20 (EFE).- The New York City duplex that Ponzi scheme operator Bernard Madoff called home until his arrest in 2008 has been put on the market for $17.25 million by its current owner, toy and entertainment magnate Alfred Kahn. "I already have several interested parties and more than two dozen appointments for this week," real estate agent Dolly Lenz, known as the "Queen of Real Estate" in the United States, told Efe.

18 artworks, worth $33 million, turned over to last victim of massive NY fraud scheme

NEW YORK, N.Y. - Eighteen contemporary artworks have been transferred to a hedge fund victimized in a massive $400 million fraud scheme, the Manhattan U.S. attorney's office said Monday. The works by such boldface artists as Andy Warhol, Mark Rothko and Damien Hirst had belonged to Marc Dreier, a once-prominent Manhattan lawyer whom prosecutors called "the Houdini of impersonation and false documents."

SEC judge rules Stanford executives are liable for fraud

By Sarah N. Lynch WASHINGTON (Reuters) - In a victory for federal regulators, an administrative judge has found three former executives who worked for Allen Stanford's now-defunct brokerage liable for fraud and said they should banned from the industry. The ruling comes more than a year after Stanford was sentenced to 110 years in prison for bilking investors through a Ponzi scheme with fraudulent certificates of deposit issued by Stanford International Bank, his bank in Antigua.

2 arrested in NY in alleged $100M Ponzi scheme; authorities say money used to invest in resort

CENTRAL ISLIP, N.Y. - A New York investment fund manager and his brother-in-law were arrested Thursday and charged with running a multimillion-dollar Ponzi scheme that siphoned investors' money in order to finance the men's interest in an eastern Long Island condominium resort. Among the bilked investors was an unnamed volunteer fire department on Long Island, which lost $600,000, court papers said. An unidentified Maryland investor lost $11 million, according to the indictment.

Calgary man involved in multimillion-dollar investment scam gets four years

CALGARY - A Calgary man was sentenced to four years in prison Thursday for an investment scam in which he cheated clients, friends and family out of millions of dollars. Robert Sellars, who is 76, pleaded guilty to fraud earlier this year for bilking 350 mostly Calgary-area investors of almost $27 million. Court heard Sellars used his contacts from 50 years in the insurance business to attract clients to invest in his new company.

Failing US hoteliers charged with $100 mln fraud

Two New York businessmen were charged Thursday with running a $100-million Ponzi scheme they allegedly used to fund luxury lifestyles and disguise losses on a landmark beach hotel. Brian Callahan, an investment fund manager, and his brother-in-law Adam Manson, denied charges including wire and securities fraud at an arraignment hearing in Central Islip, New York. Callahan, 43, and Manson, 41, were released from custody following the hearing after posting bail of, respectively, $2 million and $1 million.

SEC bans three ex-Madoff employees from securities industry

By Suzanne Barlyn (Reuters) - The Securities and Exchange Commission has barred three former employees of Bernard Madoff's now defunct brokerage and investment advisory firm from the securities industry for assisting the convicted Ponzi schemer with his multi-billion dollar scam, according to orders from the agency.
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