Tag: Ponzi scheme

US Adds ‘Cryptoqueen’ to Most-Wanted List Over Alleged $4 Billion Fraud

NEW YORK—A German citizen accused of defrauding investors out of $4 billion by selling a fake cryptocurrency called OneCoin has been added to the FBI’s list of its ten most-wanted fugitives, U.S. officials said on Thursday. Ruja Ignatova, also known as “Cryptoqueen,” was charged in 2019 with eight counts including wire fraud and securities fraud…


Former Solar Company Executive Sentenced to 6 Years in Prison for Billion-Dollar Ponzi Scheme: DOJ

A California man who took part in a billion-dollar Ponzi scheme through a fake solar power supply company has been sentenced to six years in prison and ordered to pay $624 million in restitution, the Department of Justice (DOJ) has announced. Robert A. Karmann, 55, a certified public accountant, was hired by DC Solar, a company based in Benicia in the…


Actor to Plead Guilty to Running Hollywood Ponzi Scheme

LOS ANGELES—A Los Angeles actor who appeared in low-budget horror and science-fiction movies is expected to plead guilty today to running a $650 million Ponzi scheme. Zachary Joseph Horwitz, who used the name Zach Avery in film credits, allegedly bilked investors who thought their money would finance distribution rights for movies that would run on…


Actor Pleads Guilty to Running Hollywood Ponzi Scheme

LOS ANGELES—A Los Angeles actor who appeared in low-budget horror and science-fiction movies pleaded guilty on Oct. 4 to running a $650 million Ponzi scheme. Zachary Joseph Horwitz, who used the name Zach Avery in film credits, allegedly bilked investors who thought their money would finance distribution rights for movies that would run on HBO…


Bernie Madoff, Disgraced Ponzi Schemer, Dies at 82

NEW YORK—Bernard Madoff, who was convicted for running the largest known Ponzi scheme in history, died on Wednesday in prison where he was serving a 150-year sentence, the Federal Bureau of Prisons said. He was 82. Madoff for decades presented himself as a successful and trusted Wall Street kingpin while secretly engaging in investment fraud,…


American Complicity: Export Money—Import Chaos

Commentary The American people are finally beginning to understand the connection between chaos in the United States and phony promises of wealth from China. American investors, industrialists, money managers, and their enabling politicians have poured American assets into communist China for decades—almost killing our manufacturing base; always chasing the promise of greater financial return in…


Opinion: American Complicity: Export Money—Import Chaos

Commentary The American people are finally beginning to understand the connection between chaos in the United States and phony promises of wealth from China. American investors, industrialists, money managers, and their enabling politicians have poured American assets into communist China for decades—almost killing our manufacturing base; always chasing the promise of greater financial return in…