September 18, 1997 |
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.
April 3, 2002 |
Two California men who raised $152 million in a Ponzi scheme and then became victims themselves in an unrelated banknote scam face prison after pleading guilty to criminal charges, federal prosecutors said. Ernest F. Cossey faces 57 to 71 months in prison after pleading guilty to one count of conspiracy to commit mail fraud and one count of filing a false tax return, said the office of the U.S. attorney for the Southern District of California in San Diego.
September 7, 2002 |
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.
January 15, 2003 |
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
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.
November 6, 1991 |
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.
November 5, 1991 |
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.
January 8, 1985 |
Joel D. Nelson, the jaunty Hollywood Hills promoter accused of bilking investors out of about $20 million, was sentenced in Los Angeles this morning to 15 years in a federal penitentiary. Nelson, 50, who had remained a fugitive for 2 1/2 years before his arrest last June in San Antonio, Tex., pleaded guilty four months ago to five of the 35 mail-fraud counts filed against him by a federal grand jury in December, 1982. U.S. District Judge Consuelo B.
March 24, 1987 |
Federal law-enforcement authorities are conducting what they call "a significant" tax and fraud investigation said to focus on a Ponzi scheme that may have bilked San Fernando Valley investors. The investigation is being conducted by the Internal Revenue Service and the Los Angeles Strike Force of the U. S. Justice Department's Organized Crime and Racketeering Section, according to Special Attorney Edwin J. Gale, who heads the strike force.