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Ponzi Scheme

CALIFORNIA | LOCAL
September 13, 1997
A Lancaster man who masterminded a Ponzi scheme that bilked millions of dollars from Los Angeles schoolteachers was sentenced Friday to 10 years in state prison and ordered to pay $1.2 million in restitution. David Missman, 60, was convicted in July on 48 counts of grand theft, sale of unregistered securities and making a false misrepresentation in the sale of a security. His wife, Karen Missman, 47, who the defense argued played a lesser role in the scheme, was convicted on six counts.
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BUSINESS
September 18, 1997 | P.J. Huffstutter
Federal regulators accused MicroWest Industries Inc. of fraud, saying the Irvine-based company raised more than $4.25 million from unsuspecting investors through promises of high returns in a tele-medicine project. The Securities and Exchange Commission, in a lawsuit filed in federal court in Los Angeles, said MicroWest had promised investors their money would be used to make and market computer equipment to transmit medical images, among other things.
BUSINESS
September 7, 2002 | Bloomberg News
Two California men were arrested by federal agents in connection with a $25-million Ponzi scheme that the men claimed was licensed by the International Monetary Fund and the U.S. Treasury, prosecutors said. John C. Jeffers, 61, of Mentone and John Minderhout, 54, of Yucaipa lured investors with an investment program that they said used funds to finance humanitarian projects around the world, said the U.S. attorney's office in Los Angeles.
BUSINESS
January 15, 2003 | From Bloomberg News
UnionBanCal Corp. must face claims by six investors in Reed Slatkin's Ponzi scheme who claim that California's third-largest bank conspired to conceal the EarthLink Inc. co-founder's fraud. UnionBanCal will have to go to trial on three of four claims over Slatkin's scheme, including aiding and abetting a breach of fiduciary duty and conspiracy to commit fraud, U.S. District Judge Margaret Morrow ruled.
CALIFORNIA | LOCAL
January 21, 2009 | Scott Glover
Citing her "devastating impact on a community that can least afford it," a judge Tuesday sentenced an Altadena woman to more than 12 years in federal prison for orchestrating a $17.8-million Ponzi scheme that preyed largely on middle-class African American investors. Jeanetta M. Standefor, 40, pleaded guilty in September to operating a company that purportedly would earn investors money by salvaging properties that were on the brink of foreclosure.
CALIFORNIA | LOCAL
November 23, 1985
Hiipakka's characterization of Social Security as a Ponzi scheme is troublesome especially with the implication that our senior citizens are the villains. Perhaps a more accurate thought would be that presently we are all victims of taxation. It is difficult to develop total equity in any system or program. The move to an Individual Retirement Account for future retirement planning is a sound plan and does defer current taxes. However, the taxes deferred directly contribute to the budget deficits.
ENTERTAINMENT
October 28, 2013 | By Scott Collins
Now that Suzanne Somers has your attention with claims about all the sex she's having, the former "Three's Company" star-turned-longevity-expert has turned her attention to Obamacare. And she doesn't like what she sees. "Boomers are smart," Somers wrote in a Monday opinion piece for the online version of the Wall Street Journal. "They see the train wreck coming… most I speak with think the Affordable Care Act is a greater Ponzi scheme than that pulled off by Bernie Madoff.
BUSINESS
November 6, 1991 | JAMES F. PELTZ, TIMES STAFF WRITER
An investor in Property Mortgage Co. has filed a lawsuit against the bankrupt mortgage broker's executives, its banks and its accountants, alleging they conspired to help the Sherman Oaks concern operate a Ponzi scheme and sell unregistered securities that defrauded the company's several hundred investors.
BUSINESS
November 5, 1991 | JAMES F. PELTZ, TIMES STAFF WRITER
An investor in Property Mortgage Co. has filed a lawsuit against the bankrupt mortgage broker's executives, its banks and its accountants, alleging that they conspired to help the Sherman Oaks concern operate a Ponzi scheme and sell unregistered securities that defrauded the company's several hundred investors.
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