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Ponzi Schemes

BUSINESS
May 12, 2001 | LIZ PULLIAM WESTON, TIMES STAFF WRITER
Federal regulators pounced on EarthLink co-founder Reed E. Slatkin on Friday, raiding his offices and persuading a federal judge to freeze his bank and brokerage accounts to prevent Slatkin from hiding investors' money or destroying documents. The actions turn what had been a civil matter--with investors accusing Slatkin of running a 16-year Ponzi scheme--into a criminal investigation. Moreover, documents filed Friday revealed several Hollywood names on Slatkin's list of investors. At 8 a.m.
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BUSINESS
September 6, 1995 | JAMES S. GRANELLI, TIMES STAFF WRITER
Two former salesmen for convicted swindler Steven D. Wymer's municipal investment operation were sued by securities regulators Tuesday over their role in allegedly helping Wymer's Newport Beach companies bilk $105 million from cities from Orange County to Iowa. Former marketing director James A. Pearce, 49, of Newport Beach, and salesman Steen Ronlov, 50, of Northglenn, Colo., outside Denver, were accused of receiving a total of nearly $2.3 million in ill-gotten gains.
CALIFORNIA | LOCAL
August 21, 2002 | DAVID ROSENZWEIG, TIMES STAFF WRITER
A Los Angeles businessman has agreed to plead guilty to defrauding more than 200 friends, relatives and associates through a $21-million Ponzi scheme, federal prosecutors said Tuesday. Gary A. Eisenberg, 64, who operated Advance Finance Inc. and Advance Finance Holding Inc. in Beverly Hills, was charged with four counts of securities and mail fraud.
BUSINESS
May 21, 1993 | DAVID W. MYERS, TIMES STAFF WRITER
A Redondo Beach man was indicted and arrested Thursday for allegedly bilking more than 1,500 Southern California investors out of more than $30 million in what prosecutors said is one of the largest real estate scams in California history. In a 50-count indictment, the U.S. attorney's office charged Morris D. English Jr.
BUSINESS
November 5, 2004 | Kathy M. Kristof, Times Staff Writer
A federal judge in San Diego froze $500 million in bank and investment accounts managed by Xelan Inc., which is accused of perpetrating a massive tax fraud and Ponzi scheme, authorities said Thursday. In a civil complaint filed Tuesday but unsealed Thursday, law enforcement officials claimed that the San Diego company lured doctors into a fraudulent tax scheme, which allowed them to write off millions of dollars in bogus deductions for supposed benefit plans and charitable contributions.
NATIONAL
September 21, 2007 | Tom Hamburger, Robin Fields and Chuck Neubauer, Times Staff Writers
The U.S. attorney here on Thursday charged enigmatic Democratic fundraiser Norman Hsu with masterminding a massive Ponzi scheme that defrauded investors from New York to California out of more than $60 million, while pressing many to make campaign contributions to Sen. Hillary Rodham Clinton and other politicians. The case, which came together with surprising speed, includes Hsu's confession to the FBI that his investment deals were "phony," officials said in unsealing the charges.
BUSINESS
January 11, 2002 | JAMES S. GRANELLI, TIMES STAFF WRITER
Some early speculators in an Orange County teenager's $1-million Internet sports-betting scheme may have to cough up their gains, legal experts say. That's partly because some of Cole A. Bartiromo's "investors" openly acknowledge that they figured the 17-year-old's plan was illegal, but hoped to reap a bonanza before the scam collapsed.
CALIFORNIA | LOCAL
April 17, 1998 | BARRY STAVRO, TIMES STAFF WRITER
Stanley Glickman, a principal in one of the San Fernando Valley's biggest real estate Ponzi schemes, has pleaded guilty to 17 felony counts in a case involving more than $1.2 million in losses to investors, the district attorney's office said Thursday. Glickman and his father-in-law, Elliot Fine, from 1970 to the early 1990s ran Property Mortgage Co. in Sherman Oaks.
BUSINESS
May 20, 2004 | E. Scott Reckard, Times Staff Writer
Evangelical Christians lost tens of millions of dollars to Gregory Setser, a Bible-quoting promoter from Rancho Cucamonga. But not faith healer Benny Hinn -- he made $156,000. Reed E. Slatkin, a Santa Barbara investment advisor who co-founded EarthLink Inc., cheated investors out of $240 million over 15 years. Actor Peter Coyote wasn't complaining, though -- Slatkin made him a profit of nearly $1 million. Dozens of wounded investors have haunted court proceedings for James P. Lewis Jr.
BUSINESS
May 9, 1998 | DAVAN MAHARAJ, TIMES STAFF WRITER
Donald Hill Williams Jr., the real estate developer who operated one of the state's largest Ponzi schemes targeting elderly investors, agreed Friday to plead guilty to 11 counts of investment fraud. He faces about three years in federal prison. Williams also promised to repay $30.5 million to 2,500 investors of his now-defunct Anaheim Hills firm, according to a plea agreement with federal prosecutors. The agreement, filed in U.S.
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