By Kathy Bazoian Phelps
Below is a summary of Ponzi scheme activity reported for January 2025. There were at least 5 new Ponzi schemes revealed this month, 3 guilty pleas, and 2 convictions. Ponzi schemers received more than 66 years of prison sentences this month and the average age of the fraudsters was about 48 years old. Please feel free to post comments about these or other Ponzi schemes that I may have missed.
Henry Abdo, 47, of Florida, pleaded guilty to charges relating to a $6 million Ponzi scheme run through Titanium Capital LLC. Abdo claimed the investment was zero-risk and generated profits from fees on foreign currency transactions. The scheme defrauded over 200 investors and promised a return of 15%.
Seth Adam Despiano aka Marcus Lazaro and Steven Baron Sr., 43, who is already in prison for running $24 million Ponzi scheme and is serving a nearly 13-year prison sentence, has been indicted for allegedly running more fraudulent schemes from prison. Despiano is accused of posing as a broker from his prison cell and using fake identities to market and sell property that did not exist.
Natalie Cochran, 44, was found guilty of murdering her husband, Michael Cochran, while she was running a Ponzi scheme. Natalie defrauded investors, including Michael’s parents, out of millions of dollars. She pleaded guilty in 2021 and was sentenced to 135 months in prison. Prosecutions alleged that she poisoned her husband with insulin so he would not find out about the $2 million scheme she was running.
John K. Eckerd, Jr., 60, of Texas pleaded guilty to charges relating to a $14 million scheme involving the sale of tires. Jason E. Adkins, 47, was previously convicted and sentenced in connection with the scheme.
Travis Ford, 35, of Oklahoma, pleaded guilty to charges in connection with a cryptocurrency scheme run through Wolf Capital Crypto Trading LLC. Ford promised returns of 1-2% per day, or approximately 547% per year. A total of $9.4 million was raised from approximately 2,800 investors.
Cedric Dewayne Griffin was arrested in connection with an alleged Ponzi scheme that defrauded 103 victims out of approximately $5.9 million. The scheme was run through G8 Equity and G8 RE Capital for about two years. The SEC had previously filed an action against him for running the real estate scheme that targeted the African-American community.
Alan J. Hanke, 60, had his sentencing delayed due to health issues. Hanke ran an $8 million Ponzi scheme.
Antonia Perez Hernandez, 49, was sentenced to 2½ years in prison for her role in promoting the $14 million Ponzi scheme run through Forcount. The cryptocurrency scheme defrauded fellow Latinos for over three years and was run with Francisley da Silva, known as the bitcoin “sheik.” Juan Tacuri was sentenced to 20 years in prison last year.
Peter P.D. Leach, 63, a former Rhode Island personal injury attorney, was sentenced to 2 years and 9 months in connection with a Ponzi scheme he ran through his attorney IOLTA account. He forged client signatures and deposited client settlement checks into his account, promising clients he would pay their medical expenses and other bills.
John Lopez, 71, of Arizona, was found guilty in September 2024 of running a Ponzi scheme that received $21.4 million and involved the sale of precious metals. U.S. Marshals began selling bars and coins of gold and silver.
Murray Todd Petersen, 73, of California, was convicted on charges relating to an $850,000 diamond Ponzi scheme he ran through Petersen & Lowe LLC. Petersen sold overpriced diamonds with fraudulent appraisals and told investors to wait one to two years before trying to sell them. He promoted a fake China investment program guaranteeing 5% to 8% returns to cover investor demands for cash-outs at inflated appraisal prices.
Robert F. Rothluebbers, 68, of Missouri, was sentenced to 14 months in prison and ordered to pay $287,000 in restitution in connection with a scheme that involved the supposed purchase and sale of R-22 refrigerant in bulk. Rothluebbers promised 50% profits to investors.
Allen Stanford was ordered to pay a $5.9 billion civil fine in connection with the massive Ponzi scheme he ran through Stanford Financial Group. Former CFO James Davis was ordered to pay $17.66 million, and former chief accounting officer Gilberto Lopez was ordered to pay $3.42 million for their roles in the scheme. Stanford had sold fraudulent high-yielding certificates of deposit through his Antigua-based Stanford International Bank.
Joel Wilson, 31, was arrested in Germany in connection with an alleged Ponzi scheme that he ran in Michigan.
INTERNATIONAL PONZI SCHEME NEWS
India
Indian cricketers Shubman Gill, Sai Sudharsan, Rahul Tewatia, and Mohit Sharma were accused in connection with a ₹ 450 crore Ponzi scheme run by in Bhupendrasinh Zala, who was arrested. The scheme was run through BZ Financial Services of Zala.
Sarvesh Surve and Victoria Kowlenko, Taufiq Riya aka John Carter, Tanya Kastova and Valentina Kumar were arrested in connection with an alleged scheme run through Platinum Hern Pvt Ltd. The firm operated under the name Torres Jewellers Company. Investors were promised high returns, including 48% annually on gold, 96% on silver, and 520% on moissanite. Two Ukrainian nationals, Artem and Olena Stoin, have been identified as the masterminds behind the Torres Jewellery Ponzi scheme. Abhishek Gupta, 54, an accountant who audited the books has also been arrested and is accused of facilitating transfers of funds. Platinum CEO Tausif Riyaz was also arrested
Hariprasad Venugopal, 44, and Pranav Raorane, 43, were arrested on allegations that they defrauded approximately 3,000 investors through four different firms, Moneyedge Investment, Moneyedge Fincorp, Moneyedge Realtors, and Moneyedge Capital. The scheme promised 24% annual returns.
Jawahar Lal Shah was arrested on charges that he was involved in a Ponzi scheme run through Mahua Joint Liability Group Dairy Products and Agro Industries Ltd, Mahua Joint Liability Group Development Cooperative Society Ltd, and Mahua Gavy Prasankaran Swavlambi Sahkari Samiti Limited.
Vietnam
Tran Minh Quan, 41, Nguyen Trung Nam, 42, Luong Hoia Nam, 39, and Nguyen Xuan Toan, 32, were arrested on allegations they were running a scheme through BITNINER. The scheme involved cryptocurrency and mining packages and defrauded more than 200 investors out of almost 4 billion VND.
