By Kathy Bazoian Phelps
Below is a summary of Ponzi scheme activity reported for December 2025. There were at least 15 new Ponzi schemes revealed this month, 1 guilty plea, 1 criminal conviction, and about 18 years of prison sentences. The average age of the fraudsters was about 52 years old. Please feel free to post comments about these or other Ponzi schemes that I may have missed.
David Bradford, 53, of Georgia, pleaded guilty to a $300 million Ponzi scheme run through Drive Planning LLC. Drive Planning marketed several investments, including the “Cash Out Real Estate Fund,” or “CORE Fund,” promising “100% Passive Income from Tax Liens.” Drive Planning guaranteed investors a return of 10% every six months or a 22% return per year for up to three years. The founder of the scheme, Russell Todd Burkhalter, still faces charges in connection with the scheme.
Jordan Chirico, 41, of Indiana, was charged in connection with a $200 million Ponzi scheme involving water vending machines. As an investment fund manager, Chirico directed investor funds into Water Station Management LLC, a company in which he as an investor. The investor dollars allowed Chirico to cash out his investment, and Water Station eventually collapsed, having sold investors water vending machines that did not exist.
Travis Ford, 36, and his company, Wolf Capital Crypto Trading LLC, were sued by the CFTC on allegations that they were running a $10 million Ponzi scheme. The alleged scheme promised daily returns of up to 3.5% and attracted over 3,000 investors.
David Gentile had his 7-year sentence commuted by President Trump. Gentile was convicted in connection with a Ponzi scheme run through GPB Capital Holdings.
Nathan Gauvin, 26, of Canada, was charged by the SEC, along with his three companies, Blackridge, LLC, Gray Digital Capital Management USA, LLC, and Gray Digital Technologies, LLC. The scheme involved crypto trading and raised over $42 million from investors and $800,000 in credit from lenders. Gauvin represented that Gray Fund had a cumulative return since inception of 4,384%. He was also criminally charged.
Jay Lucas, 71, of New Hampshire, was accused of running a $50 million Ponzi-like scheme through Lucas Brand Equity. Lucas promised returns from investments in early-stage health and wellness companies. He diverted money to Immunocologie, much of which was used for personal expenses and vacations.
Matthew Melton, 61, of Colorado, was extradited from the United Kingdom to the U.S. to face allegations in connection with an alleged Ponzi scheme run through Price Physics, an investment fund that Melton represented used a proprietary algorithm to invest in futures contracts to generate monthly returns of 10%. He defrauded at least 20 investors and used some of the $3.4 million he brought in on personal expenses.
Magdaleno Mendoza, 56, was sentenced to 6 years and 11 months and ordered to pay almost $800,000 in restitution and forfeiture in the amount of $1.5 million for his role in the IcomTech Ponzi scheme. The cryptocurrency scheme was run with David Carmona, Marco Ruiz Ochoa, Gustavo Rodriguez, David Brend, Juan Arellano, and Moses Valdez. Mendoza was a promoter of the scheme who helped prey on Spanish-speaking victims.
Robert Narvett was convicted of running a Ponzi scheme that defrauded approximately 70 investors out of more than $2 million. The CFTC had also previously sued Narvett for fraud and misappropriation, and he was permanently banned from trading.
Matthew Neet, 43, of Georgia, was charged in connection with an alleged $940,000 ticket fraud scheme. Neet offered investors and football fans fraudulent property investment opportunities and offered to sell tickets for football games when he had no intention of providing tickets.
Steve Parish, 54, Richard Dean, 66, and Joshua Owen, 39, were charged in Kansas in connection with an alleged Ponzi scheme run through Premier Global Corp, DDI Advisory Group, LLC, and Premier Factoring, LLC. The scheme involved the supposed purchase of factored invoices.
Kevin Patel, of New Hampshire, was accused of violating state financial laws in connection with an alleged Ponzi scheme run through Royal Investments that brought in $386,000.
Mina Tadrus had a final judgment entered against him in connection with a Ponzi scheme he ran through Tadrus Capital LLC and Tadrus Capital Fund, L.P. The scheme targeted members of the Egyptian Coptic Christian community and raised more than $5 million from at least 31 investors. Investors were promised guaranteed returns from algorithmic trading.
INTERNATIONAL PONZI SCHEME NEWS
Australia
Joseph Papalia, 75, was sentenced to 11 years and 8 months in jail in connection with a Ponzi scheme that stole $9.6 million from 41 investors. The scheme ran from 2007 to 2021. He represented that he had contracts with big-name companies like Walmart, Kmart and Rio Tinto to import products.
India
Bijoy Pandit, and 3 others, were arrested in connection with an alleged Rs 200 crore Ponzi scheme.
Four Chinese nationals, Zou Yi, Huan Liu, Weijian Liu, and Guanhua Wan, were charged, along with 13 other individuals and 58 companies, for their involvement in a cyber fraud Ponzi scheme.
Authorities raided 21 premises in connection with an alleged cryptocurrency scam run by 4th Bloc Consultants. The scheme involved professional-looking websites that mimicked legitimate crypto exchanges but that had fake dashboards and account balances.
Kazakhstan
Authorities are investigating Sincere Systems Group Ltd, an alleged Ponzi scheme operating under the guise of a British investment fund. The company claimed to manage foreign exchange assets and engage in digital mining and trade. It also claimed to own its own crypto assets, SWP and SWCT.
New Zealand
Alexander Kokouri Tuira aka Alex Tuira, and his former partner Aroha Awhinanui Tuira, were sentenced to 6 years, four months, and five years, two months, respectively, in connection with a Ponzi scheme. The scheme defrauded 55 investors out of nearly $4 million.
Nigeria
The SEC flagged Glorious Wealth Fund as a Ponzi scheme. Glorious Wealth claimed to be a licensed investment platform offering investments in Nigerian stocks and other financial investments.
An alleged Ponzi scheme run through EMAAR was revealed. The scheme defrauded more than 4,000 Nigerians.
The SEC sought to seize bank accounts belonging to Crypto Bridge Exchange aka CBEX and 25 other defendants alleged to have operated a digital asset Ponzi scheme that defrauded Nigerians out of N1.3 trillion.
Philippines
Authorities shutdown Seek Explore Sports Association, Inc. and issued a P1 million fine on allegations that the company was running a Ponzi scheme. Investors were promised commissions of 17%.
Portugal
The IR Group was revealed as a Ponzi scheme that defrauded foreign nationals out of €37 million who were seeking golden visas through property investments. The scheme promised returns between 7% and 10% from luxury developments that were nonexistent.
Thailand
Nana Rybena was arrested on charges that she ran a Ponzi scheme that defrauded investors out of 190 million baht in four virtual businesses. She promised monthly returns of between 4% and 7%.
