By Kathy Bazoian Phelps
Below is a summary of Ponzi scheme activity reported for April 2025. There were at least 8 new Ponzi schemes revealed this month, 2 guilty pleas, and a single prison sentence of 128 years, plus several others totaling more than 32 years. The average age of the fraudsters was about 50 years old. Please feel free to post comments about these or other Ponzi schemes that I may have missed.
Kenneth W. Alexander II, Robert D. Welsh, and Caedrynn E. Conner, of Texas, were charged by the SEC with operating a Ponzi scheme through the Vanguard Holdings Group Irrevocable Trust (VHG) that defrauded more than 200 investors out of at least $91 million. They promised returns of 3% to 6% per month and the return of the principal within 14 months. The scheme supposedly involved profitable international bond trading. Conner is accused of placing over $46 million of investor funds into VHG through a related investment program he operated called Benchmark Capital Holdings Irrevocable Trust.
Tyler Bossetti, 31, of Ohio, was charged in connection with a real estate scheme that defrauded investors out of more than $11 million. Bossetti is a social media influencer who promised returns as much as 30% from flipping properties. Bossetti and his companies, Boss Lifestyle LLC and Bossetti Enterprises LLC, have multiple lawsuits pending against them related to lost investments.
Russell Todd Burkhalter, 52, was enjoined by the SEC in connection with a Ponzi scheme he ran through Drive Planning LLC. The SEC had alleged that Drive Planning promised to place investor funds into land development deals that generated 10% returns every three months.
Lawrence Coven, 61, of New Jersey, was sentenced to 4½ years in prison in connection with a scheme he ran through Sunrise Enterprises LLC. He promised returns to investors from short-terms loans to borrowers who could not obtain standard loans. He guaranteed returns of 10% to 15% and told investors their investments were risk-free. There were more than $1 million in losses.
Vincent Dispoto Jr., 67, pleaded guilty to charges relating to a Ponzi scheme run through Giddeon Financial Services, a purported investment services firm, and Liberty Mortgage Services, a purported mortgage company.
Francius Marganda, 42, was sentenced to 18 years in prison and ordered to pay $8.5 million in restitution and $7.5 million in forfeiture in connection with a $24.5 million Ponzi scheme that defrauded over 200 investors, predominantly Indonesian and Indo-American victims. Marganda had fled the country and was extradited to the U.S. from Singapore in 2023. He had promised investors returns from programs called Easy Transfer and Global Transfer that were supposedly short-term, high- interest loan programs that would pay returns as high as 200%.
Ramil Palafox, 59, was charged by the SEC in connection with a $200 million Ponzi-like cryptocurrency scheme run through PGI Global. The scheme targeted 90,000 investors with promises of daily returns from 3% to 200% on crypto and forex investments. The SEC is also pursuing recovery from his wife, Marissa Mendoza Palafox, and his brother-in-law, Darvie Mendoza. The company, also known as PGI Global UK Ltd, was shut down in England in 2022.
Pablo Silverio Rebollido, 47, of Florida, was charged with allegations that he was running a Ponzi scheme through E-Card Merchant and E-Card Lending LLC. E-Card was purportedly in the business of providing short-term financing known as MCAs in which businesses would receive a cash advance in exchange for a percentage of E-Card’s credit card sales or daily bank deposits. Over 70 investors are believed to have invested more than $40 million.
Swapnil Rege, 50, and his wife, Reema Rege, 48, of New Jersey, were indicted on charges that they engaged in a $2 million fraudulent scheme. They promised returns of 21% to 80% to be generated through their investment company, Swapster Capital LLC.
Roberto Gustavo Cortes Ripaldi, 58, of New York, was sentenced to 10 years in prison and ordered to pay $130 million to over 110 victims in connection with a scheme run through Biscayne Capital. He and Ernesto Heraclito Weisson Pazmino were accused of causing more than $155 million in investor losses.
Maurice Eugene Smith, of Georgia, pleaded guilty to charges that he run a Ponzi scheme that defrauded George Mason’s men’s basketball program. Smith was the travel agent for the team in 2024, who stole $160,000 from the team as part of his long-running college sports Ponzi scheme.
INTERNATIONAL PONZI SCHEME NEWS
Brazil
Joel Ferreira de Souza was sentenced to 128 years, and Gesana Rayane Silve and Victor Veronez were sentenced to 27 years and 15 years, in connection with a Ponzi scheme known as Braiscompany. They raised approximately $190 million from 20,000 investors and promised returns from crypto trading. Braiscompany’s mastermind and owner, Antonio Inacio Da Silva Neto, and his partner, Fabricia Farias Campos, were arrested in Argentina and extradited to Brazil last year and were sentenced to 88 years and 7 months and 61 years and 11 months, respectively.
England
A Ponzi scheme known as Emeraude Friends, run by a Parisian businessman known as Pascal Z, 65, was shut down. Investors were promised annual returns of 12% to 27%, and 492 investors are believed to have lost €106 million.
Grenada
Authorities warned of a scheme run through Creators Alliance, along with other online entities such as Ride Bnb, Rain BnB and BullionX.
India
Vinod Kumar, 31, was arrested in connection with an alleged scheme that defrauded 150 victims that promised returns of up to 28% per month. The investment platform was known as Dollar Win Exchange.
Malaysia
Authorities seized and froze assets linked to a Ponzi scheme known as Pelaburan MBI. Eight people were arrested in connection with the scheme.
Nigeria
Crypto Bridge Exchange (CBEX) was shut down by angry investors who stormed the firm’s office, and arrests followed. CBEX operated a digital trading platform and is registered as a crypto trading exchange. The CEO is Yahaya Ibrahim. The incident was triggered by the sudden crash of the platform that wiped out user account balances. Adefowora Abiodun Olanipekun, Emmanuel Oku, and four others were arrested. Authorities allege that the scheme was operated through a front company, ST Technologies International Limited.
Zimbabwe
Kunaishe Madongorere of Morelife Zimbabwe, was found guilty in connection with a scheme that defrauded investors out of $200,000.
