VICTIMS OF PONZI SCHEME MAY BE ENTITLED TO COMPENSATION

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Our office has handled multiple claims involving Ponzi schemes.  While the perpetrator may be overseas or jailed, claims may be made against other participants.   Call about possible compensation.

1. Example of Ponzi Scheme

The Securities and Exchange Commission and Department of Justice said Wednesday they have halted a $364 million Ponzi scheme that targeted hundreds of investors across the U.S. by promising them riches off the purchase and sale of consumer debt.”We allege defendants engaged in a brazen fraud, deceiving investors to perpetuate their wrongdoing and line their pockets with ill-gotten gains,” said Kelly Gibson, the associate regional director of the SEC’s Philadelphia office. The Department of Justice filed its charges in the case in a Maryland federal court.

A federal grand jury indicted three men on charges of conspiracy, wire fraud, identity theft and money laundering, the Department of Justice said. They raised the millions of dollars through wealthy family investment offices, individuals and small businesses, targeting restauranteurs, doctors, lawyers, professional athletes, talent agents, retirees and others.

About $197 million of the money was used to pay earlier investors in order to deceive investors that their money had been used as promised, the SEC said in its complaint. A Ponzi scheme typically promises high rates of return with little risk.  According to papers filed, the three men  told investors they would use the money to invest in consumer debt portfolios, generating profit by collecting on the payments people made on their debt or by selling the portfolios to third parties, prosecutors said. They each face the potential for decades in prison.   Ponzi Scheme Article 

We are currently handling claims in the Callahan Manson Ponzi scheme.
www.justice.gov/usao-edny/pr/long-island-investment-fund-manager-sentenced-12-years-imprisonment-96-million-ponzi    Callahan Ponzi Scheme

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Victims may be entitled to compensation.  Call for a free consultation

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