Current Ponzi Schemes & Reference Information

1. Gurudeo “Buddy” Persaud

Ponzi Scheme Information

Orlando broker
astrology-based investment methods
reportedly told his clients that he would be investing their money in debt, stock, futures, and real estate markets. In reality, he has subscribed to the idea that gravitational forces affect human behavior and, in turn, the stock market
worked with at least 14 investors between July 2007 and January 2010 and according to the SEC complaint, he told them that the fund was risk-free.
he misappropriated around $415,000 — nearly half of the investment money — for his own personal use. The claim goes on to say that Persaud worked in “typical Ponzi scheme fashion” by repaying earlier investors with money he brought in from new investors.
White Elephant Trading Company

References

Ponzi Scheme Information

victims were spread out across eight US states and Canada, although most were concentrated near Lakeland, Florida.
sentenced to 19 years and 7 seven months in federal prison for mail fraud, money laundering, and engaging in an illegal monetary transaction
court also ordered Risher to forfeit a 2007 Lexus, a 2008 Lexus, a 2008 Smart Car, ten pieces of diamond and other jewelry, and a painting, which are traceable to proceeds of the offenses
court also entered a money judgment in the amount of $12.4 million – proceeds obtained by Risher, as part of the charged criminal conduct
Risher pleaded guilty on September 9, 2011
private equity fund, referred to as the Preservation of Principal Fund.
funds would be held at Penson Financial Services, Inc.
At least 106 victim-investors transmitted more than $21 million for investment in the purported fund.
http://www.justice.gov/usao/flm/press/2011/dec/20111207_Rischer.html
http://www.sec.gov/news/press/2011/2011-171.htm
http://www.fbi.gov/tampa/press-releases/2011/convicted-felon-sentenced-for-his-role-in-more-than-21-million-ponzi-scheme

Ponzi Scheme Information

$530,000 from a number of cinema-loving backers for his apparently fake plans to update and expand the Heights moviehouse and two others he owned in Pennsylvania.
he used the money on personal expenses and to keep his struggling theaters afloat
http://www.brooklynpaper.com/stories/33/48/bh_heightscinema_2010_11_26_bk.html
http://www.stopfraud.gov/news/news-11232010.html

Ponzi Scheme Information

operate from a base in Fountain Green, Utah
offer investors the opportunity to invest in limited liability companies (LLCs) in order to share ownership of large apartment communities in eight states
SEC alleges that the Jacobsons represent that they buy apartment complexes with low occupancy rates at significantly discounted prices. They then renovate them and improve their management, and aim to resell them within five years
Investors are said to share in the profits derived from rental income at the apartment complexes as well as the eventual sales.
the Jacobsons raised more than $220 million from approximately 225 investors through a complex web of entities under the umbrella of Management Solutions, Inc.
http://www.sec.gov/news/press/2011/2011-266.htm
http://www.sec.gov/litigation/litreleases/2011/lr22195.htm

Ponzi Scheme Information

Ponzi Scheme Information

sentenced in U.S. District Court in Seattle to 18 years in prison, and three years of supervised release for Wire Fraud, Money Laundering and Bankruptcy Fraud
The amount of restitution, $140 million
founder of the Meridian Group of investment funds. The funds represented that $245 million in investor money was invested in real estate contracts and real estate
http://www.justice.gov/usao/waw/press/2012/feb/berg.html
http://www.fbi.gov/seattle/press-releases/2012/mercer-island-man-sentenced-to-18-years-in-prison-for-ponzi-scheme-and-bankruptcy-fraud

Ponzi Scheme Information

SEC alleges that more than 400 investors were attracted to the funds by promises that profits from mortgage investments would yield annual returns of 7.5 percent or more.
Small Business Capital Corp.
raised $42 million by selling securities issued by Investors Prime Fund LLC and SBC Portfolio Fund LLC – two mortgage investment funds they controlled.
http://www.sec.gov/news/press/2012/2012-125.htm