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Ponzi scheme

Sep 22, 2016

Note: Ponzi schemes not best way to bring family together

It’s always nice to see family members working well together. Well, maybe not always. One exception is when a mother and her stepson team up to run a massive Ponzi scheme that bilked hundreds of thousands of investors across the globe out of millions of dollars. That type of family-bonding is what led to years-long […]

Mar 9, 2016

Civil Practice – No S.C. Suit Against Cypriot Company

Grayson v. Anderson (Lawyers Weekly No. 001-046-16, 24 pp.) (Niemeyer, J.) No. 14-1991, March 7, 2016; USDC at Charleston, S.C. (Norton, J.) 4th Cir. Holding: Plaintiffs who were the subject of a massive Ponzi scheme centered in South Carolina, and who are suing other alleged participants in the scheme in the wake of $150 million […]

Dec 9, 2015

Tort/Negligence – Corporate – Individual & Derivative Claims – Breach of Fiduciary Duty – Conversion – Alleged Ponzi Scheme

Levin v. Jacobson (Lawyers Weekly No. 15-15-1117, 23 pp.) (Louis Bledsoe III, J.) 2015 NCBC 108 Holding: The plaintiff-LLC members argue that each investor suffered individual harm because each investor’s capital contributions were transferred from the LLC’s account into the LLC manager’s account within days of the deposit into the LLC’s account. However, plaintiffs’ alleged […]

Oct 26, 2015

Ex-adviser gets 2.5 years in prison in $1.2B Ponzi scheme

FORT LAUDERDALE, Fla. (AP) — A former investment adviser became the latest participant in disbarred attorney Scott Rothstein’s $1.2 billion Ponzi scheme to head to prison when a judge sentenced him Monday to 2.5 years behind bars. Michael Szafranski, 37, got less than the five-year maximum because of his cooperation with prosecutors against others in the scam. […]

Aug 27, 2015

Tort/Negligence – Duty – Ponzi Scheme – Fund Administrator – Aiding & Abetting Constructive Fraud

Bradshaw v. Maiden (Lawyers Weekly No. 15-15-0803, 30 pp.) (Louis Bledsoe III, J.) 2015 NCBC 76 Holding: As the administrator of a fund that was operating as a Ponzi scheme, defendant SS&C Fund Administration Services, LLC had a duty to refrain from forwarding to the plaintiff-investors information that SS&C knew was false or inaccurate; otherwise, […]

Feb 10, 2015

Charlotte man gets 5-year sentence in Ponzi scheme

A Charlotte man has been sentenced to more than five years in prison for his role in a Ponzi scheme.

Oct 16, 2014

Burlington woman pleads guilty in Ponzi scheme

GRAHAM — A Burlington woman has pleaded guilty in a scheme that prosecutors say defrauded more than two dozen people out of more than $1.6 million. The Times-News of Burlington reported that 42-year-old Angela Dawn Campbell pleaded guilty to five counts of obtaining property by false pretense. The plea agreement includes a minimum 10-year prison […]

Oct 15, 2014

Civil Practice — Standing – Constructive Trust – Ponzi Scheme – Discovery

National Financial Partners Corp. v. Estate of Stokes (Lawyers Weekly No. 14-15-0965, 34 pp.) (Louis Bledsoe III, J.) 2014 NCBC 49 Holding: Although plaintiffs purchased an investment firm that appears to have been running a Ponzi scheme, plaintiffs do not have standing to seek the imposition of a constructive trust on $25,000 that two investors […]

Jul 25, 2014

Man pleads guilty in NC Ponzi scheme

CHARLOTTE (AP) — A man accused of running a Ponzi scheme that bilked about 25 Charlotte investors out of more than $2.5 million has pleaded guilty to securities fraud. U.S. Attorney Anne Tompkins said Claude Darrell McDougal, 55, pleaded guilty in U.S. District Court to charges of orchestrating the scheme between 2006 and 2010. McDougal […]

Mar 25, 2014

Charlotte man to pay $2 million in Ponzi case

A Charlotte man has been ordered to pay a $2 million civil penalty for operating a Ponzi scheme.

Feb 5, 2014

Key player in $850M Ponzi scheme pleads guilty

A key player in a North Carolina online company that promised big returns on a small investment pleaded guilty Wednesday for her role in a massive Ponzi scheme.

Dec 19, 2013

Feds say man took $44M from telcom investors

Federal prosecutors say a North Carolina man faces charges of running a Ponzi scheme that stole $44 million from investors in a telecommunications company he headed.

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