By Kathy Bazoian Phelps
Below is a summary of Ponzi scheme activity reported for June 2025. There were at least 8 new Ponzi schemes revealed this month, 5 guilty pleas, and prison sentences of 44 years. The average age of the fraudsters was about 49 years old. Please feel free to post comments about these or other Ponzi schemes that I may have missed.
Andrew Adler, 31, of Connecticut, was sentenced to 3 years and five months in prison and ordered to pay more than $9 million in restitution in connection with the California-based Bitwise Industries Ponzi scheme. Adler and his business partner, David Hardcastle, 61, syndicated about $20 million in loans to make to Bitwise and altered documents to lure in investors. Bitwise’s CEOs, Jake Soberal and Irma Olguin Jr., were previously sentenced to 11 years and nine years in prison, respectively, for carrying out the $115 million scheme.
Jesse Allen Black, 52, of North Carolina, was charged on allegations that he defrauded 46 investors out of more than $600,000 through his company, Triad Carports and Metal Structures, Inc.
Tyler Bossetti, 31, of Ohio, pleaded guilty to charges in connection with a $20 million Ponzi scheme. Bossetti is a social media influencer who hosted the “All for Nothing” podcast. He publicized his real estate investment programs through his Boss Lifestyle LLC, O Percent, and related companies. He promised large returns from short-terms investments. He brought in more than $23 million, and investors lost more than $11 million.
James “Jimmy” Bulger, 60, of Alabama, was found guilty of running an $8.4 million Ponzi scheme. Bulger largely stole from elderly victims, and he used the victims funds to pay for his lavish lifestyle and to build a mansion.
Robert Cappelletti, 58, was accused of running a Ponzi-like fraud involving the sale of bonds to jump start a $4 billion project to create an upscale development. He ran a housing agency and sold bonds to fund a supposed $4 billion project to transform rundown shopping plazas.
Dwayne Golden, 57, was sentenced to 8 years and 1 month in connection with a $40 million cryptocurrency scheme that promised guaranteed returns from trading in digital assets. Golden operated the scheme with co-defendants William White, 54, Gregory Aggesen, 58, Marquis Demacking Egerton aka Mardy Eger, 58, through EmpowerCoin, ECoinPlus, and Jet-Coin.
Andrew Jacobs was charged by the SEC on allegations that he was running a Ponzi scheme that targeted Venezuelan investors through Catholic parishes. Jacobs brought in $17 million, and the victims lost over $3 million.
Anna Kline fka Jordana Weber, 35, of Nevada, was sentenced to 10 years in prison and ordered to pay $3.4 million in restitution in connection with a $7 million Ponzi scheme that offered lending services to small business owners. Kline would require victim borrowers to pay a fee of 5% of the loan amount prior to the loan being funded and would then delay funding for bogus reasons.
Jon Patrick Kubler, 52, was charged in North Carolina with running a Ponzi scheme that defrauded approximately 30 investors out of $14 million. He promised returns from investments in companies that owned commercial real estate properties. He ran the scheme through Aksarben Evolution LLC and Green Saddle LLC.
Joshua Link and Jed Wood had default judgments entered against them and Agridime LLC was ordered to pay approximately $103 million in restitution in connection with a beef and cattle Ponzi scheme. The CFTC had alleged that Agridime was engaged in a $191 million Ponzi scheme that promised returns of 15% to 32% from supposedly buying and selling cattle.
Miles Burton Marshall, of New York, was charged on allegations that he defrauded investors out of $50 million in a Ponzi scheme. The approximately 1,000 victims were clients of Marshall’s tax preparation and insurance agency business, The Eight Percent Fund. He promised returns from property investments but used the funds to pay his personal expenses. The scheme ran for 30 years.
Stanley Pophal, 63, of Wisconsin, was charged in connection with running an alleged Ponzi scheme that defrauded 128 investors out of $15.8 million. Pophal promised guaranteed returns from promissory notes.
Kris Roglieri, 45, of New York, was indicted on charges relating to an alleged Ponzi scheme involving a commercial lending business run through Prime Capital LLC. He has been in custody since May 2024. Kimberly Humphrey, 41, of Virginia, pleaded guilty to charges relating to her role in the Prime Capital Ventures scheme. Christopher Snyder, Humphrey’s brother, previously pleaded guilty in connection with the scheme as well. Humphrey was accused of defrauding the government through two pharmacies she operated through the Medicaid and Tricare healthcare program.
Sanjay Singh, 45, of Florida, was sentenced to 23 years in prison in connection with a $158 million Ponzi scheme run through Royal Bengal Logistics Inc. The scheme promised investors large returns from a trucking business that supposedly had a large fleet of semi-trucks and trailers to help build a maintenance facility. Instead, Singh used the funds to buy a Mercedes, make renovations on his home and day trade in the stock market. Approximately 2,000 investors lost about $54 million.
Ricky Southers and Jessica Caverly were indicted on charges that they ran a scheme through Southers Construction that defrauded customers through home improvement projects.
INTERNATIONAL PONZI SCHEME NEWS
Canada
Kevin Carmichael, 54, and Michael Aonso were charged in connection with an alleged Ponzi scheme run through Strike Holdings Inc. that defrauded investors out of $31 million. Both men pleaded guilty and Carmichael was sentenced to 4 years in prison. They promised returns from trading using an algorithmic trading strategy and diverted more than $11 million for their personal use.
India
Ankit Jain, Hetul Ranka and Omkar Singh were arrested on allegations that they were running a Ponzi scheme through AJ Enterprises. They promised 18% monthly returns.
Nigeria
Authorities warned that the investment program known as Punisher Coin aka $PUN has characteristics of a Ponzi scheme and that promoters are not authorized to operation.
Adonu Kingsley Ifeanyi was arraigned on charges that he ran a scheme through S. Mobile Netzone Limited that involved over N10 billion.
Authorities warned that CMTrading, a cryptocurrency and commodities trading platform, is engaged in fraudulent activities commonly associated with Ponzi schemes and is not registered to operate.
South Africa
Pastor Colin Davids, 56, and Derek Bredenkamp, 58, were found guilty in connection with the Ponzi scheme run through Platinum Forex CC. The scheme promised monthly returns of 2% to 8% and guaranteed the return of the investment amount.
