Cay Clubs Founder Convicted of Operating $300 Million Ponzi Scheme

The founder of Cay Clubs, a timeshare-leasing venture that government officials said was really a $300 million real estate Ponzi scheme, has been found guilty of bank fraud, making false statements to a financial institution and obstruction of an official investigation by a federal jury in Key West, Florida. Fred Davis Clark, also known as … Continued

Former NBA Player Convicted of Real Estate Ponzi Scheme

Former NBA player Tate George has been convicted of fraud in what prosecutors said was a real estate Ponzi scheme that cheated other current and former NBA players. George, 47, who played for the New Jersey Nets and Milwaukee Bucks, operated the real estate development firm The George Group.  Federal prosecutors said that George persuaded … Continued

SEC Charges Texan with Running $114M Ponzi Scheme

A Houston-area businessman has been charged with running a $114 million Ponzi scheme by the U.S. Securities and Exchange Commission (“SEC”) that involved seeking investments for research into technology that would prevent drowsy driving accidents. Frederick Alan Voight, 58, of Richmond, Texas, and his company, DayStar Funding LP, are accused of raising more than $114 … Continued

Ohio Couple Charged in $70 Million Ponzi Scheme

A married couple in Ohio is facing civil and criminal charges for what prosecutors say was a massive Ponzi scheme that took at least $70 million from almost 500 victims.  William M. and Connie M. Apostelos have each been charged with one count of conspiracy to commit mail and wire fraud, eight counts of mail … Continued

Meet the Perpetrators of the Top 10 Ponzi Schemes in History

From a recent posting at, meet the perpetrators of the top 10 Ponzi schemes in history, starting with the man who started it all: Charles Ponzi Almost one century ago, Charles Ponzi concocted a scheme whereby he promised unwitting investors that he would deliver a 50% return on their money in 45 days, or … Continued

DollarMonster a Monster of a Ponzi Scheme

The Securities and Exchange Commission has filed charges against a Georgia man it says operated a Ponzi scheme using a website to lure individuals into investing in a nonexistent hedge fund, raising more than $1.15 million in the process. According to the SEC complaint, James A. Evans, Jr., of Villa Rica, Georgia, used the business … Continued

SEC Says Texas Man Sold $11.8M in Fake Oil Securities

GC Resources, LLC and its owner, Brian J. Polito, have been charged in the U.S. District Court for the Northern District of Texas with securities fraud in a Ponzi scheme involving oil wells the company never owned. According to the SEC complaint, Polito operated a legitimate business through GC Resources until late 2011 when he … Continued

SEC Targets Former NFL Player in Ponzi Scheme Fraud Complaint

Former NFL cornerback Will Allen and Susan Daub, his business associate at Capital Financial Partners, are the target of a federal fraud complaint filed on April 1, 2015, in Boston by the Securities and Exchange Commission, alleging they used investor funds for personal expenses and to fund other business ventures as part of a Ponzi … Continued

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