By Kathy Bazoian Phelps
Below is a summary of Ponzi scheme activity reported for March 2025. There were at least 2 new Ponzi schemes revealed this month, 1 guilty plea, 1 conviction, and the average age of the fraudsters was about 56 years old. At least 35 years of prison sentences were imposed. Please feel free to post comments about these or other Ponzi schemes that I may have missed.
Gregory Altieri, 57, of New York, was sentenced to 2½ years in prison in connection with a Ponzi scheme involving the buying and selling of jewelry. The SEC first charged Altieri in 2020, alleging that he raised over $69 million from at least 80 investors. He promised returns ranging from 30% to 100%
Denny Thakorbhai Bhakta, 42, of California was sentenced to 235 months in prison in connection with a scheme that involved $35 million. He solicited funds through his companies, Fusion Hotel Management LLC and Fusion Hospitality Corp. and promised returns from the purchase of discounted blocks of hotel rooms from Hilton and the sale of those rooms for a profit to United Airlines and other companies.
Elana Cohen-Roth, 80, of California, was convicted in connection with a Ponzi scheme that targeted the elderly community. She took in more than $4.8 million, promising “lucrative high-yielding investment opportunities.” Cohen-Roth is a former IRS agent.
Corey J. Dawkins, of Illinois, was ordered to pay $2.3 million in restitution to 15 investors who lost funds in Dawkins’ oil and gas Ponzi scheme. The scheme was run through Elite Wealth Partners and EWP Permian Basis Fund II, an investment company with no operating history.
Joseph Giuttari, of Rhode Island, was sentenced to 4 years and 7 months and was ordered to pay $4.6 million in restitution and fines in connection with a Ponzi scheme he ran through Hybrid Capital Group, LLC, THE FENS CO., LLC, and Realty Funding Advisors, LLC. Giuttari held himself out as a mortgage broker specializing in short terms loans financed by third parties. He said he would match borrowers with private lenders looking for high rates of return.
John Robert Leake, 43, of Texas, was sentenced to 2½ years in prison and ordered to pay $5.3 million in restitution in connection with his Ponzi scheme in which he brought in more than $8 million from at least six victims. Leake falsely represented that he was involved in profitable luxury real estate investments, gold mines in Alaska and Ghana, and other ventures. Leake previously played college football at Clemson University and later signed with the Tennessee Titans.
Marat Likhtenstein, 64, of New York, was charged on allegations that he stole $1.24 million from 10 investors in an alleged Ponzi scheme. He promised investors 20% returns from business opportunities that he could not explain to his investors. He was a licensed financial advisor and insurance agent at the time.
Ahmet Neidik, 65, of New Jersey, was sentenced to 18 months in prison for his role in a $50 million Ponzi run by John K Eckerd, Jr., 61, and Jason E. Adkins, 47. Neidik pleaded guilty in connection with the purported transportation, logistics, and importing/exporting business. Eckerd previously pleaded guilty, and Adkins was previously convicted and sentenced. The scheme defrauded 50 investors.
Alcides Roman, 66, of Missouri, pleaded guilty to charges that he ran a Ponzi scheme through Roman in Control LLC. The losses are approximately $2 million.
Thomas John Sfraga aka TJ Stone, 56, of New York, was sentenced to nearly 4 years in prison in connection with a $2 million Ponzi scheme run through Vandelay Contracting Corporation, a phony company modeled after an episode of Seinfeld.
Kenny Dirk Van Der Spek aka Kenny Vanderspek, 35, a Belgium national of Utah, was charged in connection with an alleged $5 million Ponzi scheme that defrauded approximately 75 investors. Van Der Spek was the owner of K & K Strategies LLC, whose purpose was to teach about stock trading. He convinced people to invest in K & K, representing that is was a hedge fund. He spent at least $3 million on real estate purchases, a personal chef, investor payouts, and other personal expenses.
INTERNATIONAL PONZI SCHEME NEWS
Canada
Regulators permanently revoked the license of Gregory Martel and his company, My Mortgage Auction Corp. aka Shop Your Own Mortgage, on account of the massive Ponzi scheme they ran.
India
Harsatinder Pal Singh Hayer, the son-in-law of the former Pearls Group chairman and managing director Nirmal Singh Bhangoo, was arrested. The case involves claims against PACL India Limited, PGF Limited.
Nigeria
Authorities have issued a warning about 58 companies allegedly running Ponzi schemes in the country.
South Korea
Authorities charged Mirae Asset Financial Services and PS Pine Service in connection with the PS Financial Ponzi scheme. Insurance planners were used to raise 111.3 billion won for 415 investors through PS Pine Service and 29.3 billion won from 350 investors through Mirae Asset Financial. They sold PS Financial products by claiming high returns if investors invested in “short-term bonds issued by corporations” or “lending company loan management products.”
