Ponzi scheme Archives

Ruja Ignatova’s security advisor Frank Schneider is on the run

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9 June, 2023

Ruja Ignatova’s security advisor Frank Schneider is on the run

Frank Schneider, who previously told 100.7 that if OneCoin "was fraud and money laundering, I must be responsible," was arrested...

SEC agrees $35M settlement with fraudulent digital asset hedge fund EmpiresX

Business

James Field

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23 May, 2023

SEC agrees $35M settlement with fraudulent digital asset hedge fund EmpiresX

The nearly $35 million disgorgement was tied to the defendants' role in a Ponzi scheme that took an estimated $100...

Philippines SEC flags Platinum Coin Pawnshop over illegal investment scheme

Business

Wahid Pessarlay

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15 April, 2023

Philippines SEC flags Platinum Coin Pawnshop over illegal investment scheme

Platinum Coin has been leveraging social media to sell unregistered securities to the public and promises up to 50% returns...

Former Deutsche Bank associate hit with criminal and civil charges over digital asset fraud

Business

Jordan Atkins

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12 April, 2023

Former Deutsche Bank associate hit with criminal and civil charges over digital asset fraud

The U.S. Department of Justice charged Rashawn Russell with wire fraud, while the CFTC filed a civil enforcement action against...

State regulators sound alarm on investment platform using AI to mislead US investors

Business

Wahid Pessarlay

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10 April, 2023

State regulators sound alarm on investment platform using AI to mislead US investors

Yieldbot promises mouth-watering profits for investors, but U.S. authorities warned that the dApp works in similar fashion as a Ponzi...

AirBit Club execs plead guilty to fraud charges, face 20 years in prison

Business

Wahid Pessarlay

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11 March, 2023

AirBit Club execs plead guilty to fraud charges, face 20 years in prison

Victims saw the red flag in the operation of AirBit Club after all attempts to withdraw their funds failed, cementing...

Miami-based BKCoin shut down over alleged $100M digital asset Ponzi scheme

Business

Steve Kaaru

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7 March, 2023

Miami-based BKCoin shut down over alleged $100M digital asset Ponzi scheme

The U.S. securities regulator has obtained an asset freeze, appointed a receiver, and acquired other emergency relief against BKCoin and...

‘Crypto’ bankers unnerved by TD Bank’s $1.2 billion Ponzi settlement

Business

Steven Stradbrooke

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1 March, 2023

‘Crypto’ bankers unnerved by TD Bank’s $1.2 billion Ponzi settlement

TD Bank Group stated that it had agreed to a “settlement in principle relating to litigation involving the Stanford Financial...

4 Forsage founders indicted in Oregon over $340M Ponzi scheme

Business

Wahid Pessarlay

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25 February, 2023

4 Forsage founders indicted in Oregon over $340M Ponzi scheme

The founders paraded Forsage as a DeFi investment platform that could give lucrative returns on deposits and claimed that the...

Celsius tosses scraps to victims, Alex Mashinsky thought himself infallible

Business

Steven Stradbrooke

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2 February, 2023

Celsius tosses scraps to victims, Alex Mashinsky thought himself infallible

Jenner & Block attorney Shoba Pillay, the bankruptcy court-appointed examiner of the collapsed Celsius crypto lending platform, released a 689-page...

Ireland central bank governor calls digital currencies ‘gambling,’ likens them to Ponzi schemes

Business

Gavin Lucas

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30 January, 2023

Ireland central bank governor calls digital currencies ‘gambling,’ likens them to Ponzi schemes

Echoing BoE Governor Andrew Bailey, Irish central bank's Gabriel Makhlouf warns about the volatility of digital currencies and has called...

Bitconnect promoter ordered to pay $17M to 800 fraud victims

Business

Wahid Pessarlay

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16 January, 2023

Bitconnect promoter ordered to pay $17M to 800 fraud victims

The DOJ's filings indicate that the project's founders diverted the funds and began operating a "textbook Ponzi scheme by paying...

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