By Kathy Bazoian Phelps
Below is a summary of Ponzi scheme activity reported for June 2026. There were at least 9 new Ponzi schemes revealed this month, 4 guilty pleas, and more than 135 years of prison sentences. 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.
Misam M. Abidi, 47, of Tennessee, was indicted on charges that he was running a cryptocurrency Ponzi scheme through Star Credit Holdings. He guaranteed high rates of return and represented that he had a significant reserve fund to make his investors whole if necessary. Prosecutors allege that Abidi diverted $1.9 million of investor funds for himself. Abidi had recently announced he was running for Tennessee governor.
Joshua Allen, of Texas, had a temporary injunction issued against him prohibiting him from selling or transferring assets of his or his companies, Allen Financial Agency and Landzacha Holdings. Allen is alleged to have run a Ponzi scheme through Ferrum Capital LLC and Ferrum IV LLC, along with Michael Cox and Brooklyn Chandler Willy. The injunction covers 35 companies tied to Allen, including RaiderLand Property Management LLC, Hub City Land LLC, 7 Spur Ranch LLC, Hub City Cantina Ltd., Monarch Executive Protection Services LLC, and Monarch Executive Protection Services LLC.
Winston Batino, of Illinois, was charged on allegations that he stole $2 million from about 40 church members, promising them returns from supposed investments in a rehab facility that never existed. He allegedly used the money for personal expenses and gambling.
Christopher W. Burns, 43, landed on the FBI’s most wanted fraudster list in connection with an alleged $10 million Ponzi scheme. He hosted a radio show called “The Chris Burns Show” and falsely promised investors that their money was being placed into peer-to-peer lending programs backed by collateral. Burns disappeared in September 2020.
Christopher Alexander Delgado, 34, of Florida, pleaded guilty to running a $338 million Ponzi scheme through Goliath Ventures aka Gen-Z Ventures. He solicited at least 1,000 investors who lost at least $250 million in the cryptocurrency “liquidity pools” that guaranteed monthly returns.
Rathnakishore Giri, 31, of Ohio, was sentenced to 9 years in prison and 3 years of supervised release for orchestrating a $10 million cryptocurrency Ponzi scheme. Giri falsely represented that he was an expert cryptocurrency trader with a specialty in trading Bitcoin derivatives.
Andrew Jacobus, 64, was sentenced to 20 years in prison in connection with a Ponzi scheme that he ran through Kronus Financial Corporation and Finser International Corporation. The scheme targeted Venezuelan nationals and Catholic dioceses.
Shahid Javed, 41, of New Jersey, was sentenced to 7 years in prison in connection with a $7.7 million Ponzi scheme he ran through East Coast Energy Partners, Prime Petroleum Group LLC, and Petro Traders Group LLC. He promised returns of up to 50% from the supposed purchase and sale of jet fuel.
Santos Kidd had a default judgment entered against him in an SEC action in which he was accused of participating in a Ponzi scheme run by Chimene Van Gundy, the self-proclaimed “Queen of Mobile Homes,” through Outstanding Real Estate Solutions, Inc. The scheme raised $18.5 million from at least 600 investors, and guaranteed returns of 15% to 20% per year. Kidd was a salesperson who distributed offering materials and encouraged investors to invest.
Paaris Kopsaftis, 42, of North Carolina, was indicted on charges that he operated a Ponzi scheme through Blackwater Assets, Inc. in Illinois. He promised returns from investments but instead diverted the funds for his personal use and to repay earlier investors.
Miles Burton Marshall, 74, of New York, was sentenced to four to 12 years in prison in connection with his $50 million Ponzi scheme run through “Eight Percent Fund.” He defrauded 988 investors and did not invest their funds as promised in real estate investments.
Greg Martel, of Canada, was arrested in Georgia on charges relating to a Ponzi scheme he operated called Shop Your Own Mortgage. It is believed that the scheme defrauded more than 1,200 investors out of $149 million. The scheme brought in over $300 million.
Richard L. McNeil, 59, of Pennsylvania, was charged in connection with an alleged $3.8 million Ponzi scheme that defrauded 50 people. He promised monthly returns from various investment opportunities. Some investors received payouts but more than $1.8 million remains owing to the investors.
Brandon Dutch Mendenhall, 46, was indicted on charges that he operated RAD Diversified Reit and other real estate investment funds that were engaged in a mortgage fraud Ponzi scheme.
Marlon Moore, 39, and LaShonda Moore, 38, of Texas, were sentenced to 40 years each in prison in connection with a $30 million Ponzi scheme they pitched through livestream broadcasts called “Blessings in No Time” that promised 800% returns.
John Sterling Myers, 41, of Illinois, was indicted on charges that he operated a Ponzi scheme involving options trading through Sterling Capital Investments, LLC and Sterling Capital Management LLC. The scheme allegedly stole $3.6 million of the $4 million raised from at least 28 investors. He promised returns of 16% to 54% per year. Separately, the SEC filed a complaint alleging securities violations.
Joseph Nantomah aka The Black Mentor, pleaded guilty to running a scheme in which he promised returns from fix and flip real estate deals. He obtained almost $3 million from at least 32 investors and targeted the Nigerian-American community.
Stanley Pophal, 64, of Wisconsin, pleaded guilty to charges that he defrauded 190 investors out of $14.25 million in a Ponzi scheme run through Bright with Silver, Inc. (formerly known as DBA Fromm Bros., Inc.). Pophal promised returns from investment opportunities in cryptocurrency, real estate flipping, artificial intelligence technology, gold, silver and emeralds. He promised a guaranteed rate of return of at least 20% from his connections in the finance, commodities, and real estate sectors.
Consuelo Carrasco Ramirez aka Consuelo Zeferina, 54, of California, was indicted in connection with an alleged Ponzi scheme involving an avocado business. She promised returns from a supposed profitable wholesale avocado business. She is accused of stealing approximately $380,000.
Paul Regan, 49, pleaded guilty to running a Ponzi scheme that raised more than $60 million from over 300 investors. He ran the scheme through Next Level Holdings and Yield Wealth and claimed to operate international gold mining and trading ventures. He also represented that he generated profits by purchasing health insurance policies at discounted prices. Regan recorded his calls with investors for training purposes and in one stated that the risk of losing money was about as likely as being attacked by a saber-toothed tiger or stepped on by a dinosaur.
Margaret Sanders and her company, Sanders Family Office LLC, agreed to settle an SEC lawsuit alleging that they had raised $40 million from investors for a real estate company, Wells Real Estate Investment, LLC, that was operating a $56 million Ponzi scheme. The scheme was run by Janalie C. Bingham and her husband, Jean Joseph.
INTERNATIONAL PONZI SCHEME NEWS
Canada
Navdeep Boparai, 62, was arrested and charged in connection with an alleged $1.4 million Ponzi scheme run through his company BLM Canada Corporation. He promised guaranteed returns from investments in private mortgages, a condominium development, and a legal trust.
Dubai
David Merino was arrested on allegations that he was operating a Ponzi scheme through FX Winning. The scheme is considered the largest crypto-related scheme in Spain, which involved over €460 million and defrauded approximately 15,000 investors. The scheme operated in approximately 30 countries and is under investigation in the U.S.
England
Daniel Edwin Robert Pugh was enjoined from performing any regulated activity as a result of his operation of a Ponzi scheme for which he was sentenced to 7 years and 6 months.
South Africa
Andrew Paul Futcher, 62, was sentenced to 15 years in prison in connection with a Ponzi scheme that he ran through Ablaze Trading CC. He lured in R9.2 million and promised investors a monthly return of 10% from trading on the stock market.
India
Adityaraj Capital Private Limited was raided on allegations that it was running a Ponzi scheme. More than 35,000 investors were defrauded in the scheme that promised 5% per month. Others named were Adityaraj Commodities Private Limited, Adityaraj Securities Private Limited, and company founder and CEO, Balraj Mane.
Thailand
A Frenchman identified as Mr. Dugan, 38, was arrested on charges that he was running a Ponzi scheme that defrauded European victims out of 7.5 billion baht. The scheme involved others – the gang of five – who promised returns of 15% per month and a 10% bonus for recruiting new investors. There were about 900 victims.
