Blog
Nicholas Cosmo
Cosmo is being charged with mail fraud in what could be a $380M Ponzi scheme. Cosmo is the founder of Agape World Inc. A company that is claimed to have been started in 1999, a year that Cosmo was in prison for misappropriating funds. While in prison it is reported...
Zsa Zsa Gabor
Zsa Zsa Gabor, a former actress, is reported to have lost more than $7M in the Madoff Ponzi scheme. Gabor is the newest addition of Hollywood stars to be engulfed by the case. Others include: "A foundation run by the Oscar-winning film director Steven Spielberg,...
Arther G. Nadal
According to Bloomberg.com one of the funds was earning 32% annual returns between 2000 and 2006. The article also notes that Mr. Nadal was disbarred in New York in 1982, being found guilty of dishonesty, fraud, deceit, and misrepresentation.
Marcus Schrenker
This NYTIMES.COM article gives a great summary of Marcus Schrenker, who was arrested last week after trying to fake his death and jumping out of his own plane. The picture below pretty much says it all.
Update in Satyam case has founder fleecing and blaiming the company books
B. Ramalinga Raju may have taken up to $1B from the company rather than the initial claim that the company had made up the money. "Mr. Raju, who was Satyam’s chairman, said in a letter to the company’s board on Jan. 7 that about $1 billion of the company’s cash...
Satyam Struggles to Pay Employees
As Indian company Satyam tries to recover from the $1B loss of liquidity overnight due to fraud, Investors have their eyes on PricewaterhouseCoopers the accounting firm for the company. “Pricewaterhouse has signed the balance sheets, and so they are responsible if...
Richard Piccoli
Mr. Piccoli and his company Gen-See Capital Corp. are being sued for operating a Ponzi scheme targeting Catholics. They placed advertisements in Catholic publications trying to lure investors. The SEC claims, however, that no money was actually being invested in...
Madoff investigators are looking abroad
Investigators of the Madoff Ponzi are looking at possible offshore accounts that may have been used as tax havens for wealthy investors. "While the inquiries into the role of offshore funds in the scheme are at an early stage, it is hardly surprising that such...