By Kathy Bazoian Phelps
Below is a summary of Ponzi scheme activity reported for May 2025. There were at least 7 new Ponzi schemes revealed this month, 6 guilty pleas, and prison sentences of 48 years. The average age of the fraudsters was about 43 years old. Please feel free to post comments about these or other Ponzi schemes that I may have missed.
Henry Abdo, 48, was sentenced to 15 years in prison and ordered to pay $375,479 in restitution in connection with a $6 million Ponzi scheme run through Abdo’s company, Titanium Capital LLC. The scheme involved a purported foreign exchange platform that guaranteed fixed returns for investors based on supposed proprietary software. The scheme solicited funds from over 200 investors.
Christopher Aubin, 30, and his girlfriend, Ashley Corcoran, 27, of Rhode Island, were sued by the SEC on allegations that they were running a $2.5 million Ponzi scheme through Anchor State Capital LLC, formerly known as Anchor State Investments LLC, and Anchor State Properties LLC, that defrauded approximately 20 investors out of hundreds of thousands of dollars. Investors were promised returns from supposed short-term, high-interest rate loans.
Efrain Betancourt, Jr., 26, of Florida, pleaded guilty to charges relating to a $66 million Ponzi scheme run through his payday loan company, Sky Group USA, LLC. Sky Group purportedly was in the business of funding small-dollar short term loans to consumer borrowers.
Marcus Todd Brisco, 28, the CEO of Rolly Receipts LLC, was ordered to pay $2 million for his involvement in a $146 million Ponzi scheme run through Yas Castellum LLC and Yas Castellum Financial LLC. Co-defendants are Tin Quoc Tran, Francisco Story, Fredirick Safranko, Michael Sims, and SAEG Capital General Management LP. Brisco ran two fraudulent commodity pools involving retail foreign exchange and commodity transactions.
Patrick Britton-Harr, 41, of South Carolina, was indicted in connection with an alleged scheme through AeroVanti and affiliated entities that was a private car club offering members access to jets. “Top Gun” members each paid $150,000 upfront to secure block flight hours. In return, Britton-Harr allegedly promised to use their money to purchase specific aircraft, in which the Top Gun members would have a securitized interest. Britton-Harr allegedly recruited nearly 100 Top Gun members, who collectively paid nearly $15 million in upfront payments. He did not buy the aircrafts, however, but misappropriated the funds to buy yachts, jewelry and to pay other living expenses.
Charles “Chas” Carrier, owner of C&C Residential Properties, had his home-flipping franchise of HomeVestors of America accused of operating a Ponzi scheme. Carrier allegedly issued multiple loans against the same properties, some of which he did not own, and failed to record deeds of trust to secure the loans.
Terrence Chalk aka “Dr. Cash,” 62, of Florida, was sentenced to 3 years in connection with a scheme known as Terrence Cash. Chalk marketed his scheme through wealth seminars that he held primarily at Black churches and held himself out as a man of faith. Approximately 28 investors invested approximately $4.8 million.
Elana Cohen-Roth, 81, of California, was sentenced to 12 years in prison for running a Ponzi scheme that defrauded investors on promises of returns of 10% with no risk. Cohen-Roth is a retired IRS agent.
Cory J. Dawkins, of Iowa, was ordered to pay over $2.4 million in restitution in connection with a Ponzi scheme he ran through Elite Wealth Partners and EWP Permian Basin Fund II, LLC.
Milendophe Duperier, 33, and Vanessa Joseph, 26, of Massachusetts, pleaded guilty to charges that they defrauded investors out of more than $3.2 million in a scheme that promised returns from small business loans.
David Gentile was sentenced to serve 7 years in prison for the $1.8 billion scheme run through GPB Capital Holdings. Gentile ran the scheme with Jeffry Schneider, who was sentenced to 6 years in prison.
Andrew H. Jacobus was accused by the SEC of running a Ponzi scheme that defrauded about 40 investors, mostly Venezuelan nationals, out of more than $17 million. His companies, Kronus Financial Corporation and Finser International Corporation, were also named in the lawsuit. Jacobus and his companies raised approximately $39.7 million from advisory clients who thought they were investing in securities, including the Corfiser SIMI Fund, later known as the Kronus High Yield Fund, and IPO stocks.
Adam Jonathan Lowe, 43, of Pennsylvania, was sentenced to more than 6 years in connection with the Ponzi scheme run through Diamond Desk Corp. and PetersenLowe, LLC. Murray Todd Petersen, 73, was sentenced to 9 years in connection with the scheme. Scott Schager, 63, received 5 years of probation. The scheme involved fancy-colored diamonds that Petersen would sell using deceptive appraisals and promised 5% to 8% returns to investors.
Lillian Arielle Markowitz, 40, of California, was sentenced to 2 years in prison following a plea agreement for running a Ponzi scheme through My Donor Cycle, Surrogacy Beyond Borders and Expecting Surrogacy. Markowitz took hundreds of thousands of dollars from escrow accounts set up for her clients to pay for surrogacy services.
Kenneth W. Mattson, 63, of California, was charged by the SEC on allegations that he ran a $46 million Ponzi scheme through his real estate investment business, LeFever Mattson. Mattson allegedly defrauded approximately 200 investors by selling them fake interests in real estate investment limited partnerships. Mattson was also indicted. Mattson offered “off book” investments in Divi Divi Tree LP, among other investments.
Joel J. Natario and Jefferson Scott “Patch” Baker were charged by the SEC on allegations that they were running a $10 million Ponzi scheme that defrauded 23 investors. The scheme involved a purported small-business loan venture.
Matthew Piercey, 48, of California, pleaded guilty to charges related to a $35 million Ponzi scheme. Piercey solicited as an investment advisor in Family Wealth Legacy and Zolla. He falsely promised returns from a trading fund known as “Upvesting Fund.” Piercy tried to evade arrest by attempting to escape in a submersible device, referred to as a “sea scooter” in a lake.
William Lamar Rhew, III, of North Carolina, pleaded guilty to charges relating to a $20 million Ponzi scheme run through his company, Chadley Capital, LLC. Rhew represented that he would buy accounts receivable at a discount, sell them for a profit, and provide consistently high rates of return in excess of 20% per year. At least 117 investors were defrauded.
Richard Scheich, of Ohio, pleaded guilty to charges in connection with a Ponzi scheme that involved $72 million of fraudulent investments. Scheich is believed to have defrauded investors out of $9 million.
Joshua Schuster was indicted on charges relating to an alleged $10 million Ponzi-like scheme relatign to real estate development projects in New York. The alleged scheme was run through Silverback Development. Schuster has pleaded not guilty.
Matthew J. Turnipseede, 51, of Nevada, was sentenced to 5 years in prison and ordered to pay approximately $4.7 million in restitution for running a $7.4 million sports betting Ponzi scheme. He defrauded 72 investors. Turnipseede ran the scheme through his betting companies, Edgewize and Moneyline Analytics.
INTERNATIONAL PONZI SCHEME NEWS
Brazil
Authorities arrested more than 50 people in connection with Operation Fantasos, a cryptocurrency crime organization. Over $280 million was seized. The mastermind of Trade Coin Club, Douver Torres Braga, was extradited from Switzerland to the U.S. earlier this year.
India
Rabindra Prasad Singh, father of accused Amardeep Singh and Sandeep Singh, and Susma Raj, the wife of Sandeep Singh, were arrested in connection with the Falcon Ponzi scheme. They were arrested on charges that they engaged in a scheme that defrauded approximately 34,000 investors. They promised monthly returns of 11% and commissions for adding new members.
Authorities charged Platinum Hern Pvt. Ltd. with running a Ponzi scheme that allegedly defrauded more than 14,000 victims.
Nigeria
Authorities arrested Sakariya Sadiq, 26, for his involvement in an alleged Ponzi scheme and for holding 20 people against their will. The scheme was known as Quest International Company.
Authorities issued a warning about TOFRO.com, which holds itself out as a cryptocurrency trading platform. The platform is not registered to solicit investments.
Authorities issued a warning about PWAN and PWAN MAX, which are not registered to solicit investments or to operate in the Nigerian capital markets.
Thailand
Ngo Thi Theu aka Madam Ngo, 30, a Vietnamese woman wanted by Interpol for her involvement a cryptocurrency scheme, was arrested in Thailand. The scheme promised monthly returns of 20% to 30% from investments in cryptocurrency and foreign exchange trading platforms. The scheme defrauded more than 2,600 individuals.
