April 2026 Ponzi Scheme Roundup

By Kathy Bazoian Phelps

Below is a summary of Ponzi scheme activity reported for April 2026. There were at least 7 new Ponzi schemes revealed this month, 4 guilty pleas, and more than 28 years of prison sentences. The average age of the fraudsters was about 54 years old. Please feel free to post comments about these or other Ponzi schemes that I may have missed.

Matthew James Addy, 47, was sentenced to 51 months in prison for running a Ponzi scheme that defrauded victims out of nearly $750,000. He used the money to repay more than $2 million to victims of a previous con that had landed him in prison for 4 years more than a decade ago.

Jose Bello, 38, of Florida, was charged in connection with an alleged Ponzi scheme that promised returns to investors from supposed short-term, high return loans for real estate transactions or storm damage repair. Authorities allege he raised at least $5.7 million and caused losses of at least $1.8 million. 

Tyler Bossetti, 31, of Ohio, was sentenced to 6 years in prison and ordered to pay more than $12.5 million in restitution in connection with a real estate program he promoted as a social media influencer through Boss Lifestyle LLC. He guaranteed 30% returns in short periods of time. He received $23 million from more than 140 investors and more than $11 million was lost. 

The estate of John R. Brodacki, III and Castle Hill Financial Group LLC were sued by the SEC on charges that they engaged in a $1.68 million Ponzi scheme that defrauded at least 18 clients. They were acting as investment advisors but were not registered and were making Ponzi-like payments.

Vincent J. Camarda, 62, pleaded guilty to charges that he ran a Ponzi scheme as an investment officer. He is the ex-CEO of A.G. Morgan Financial Advisors and used investor funds on plastic surgery for himself and luxury goods.

John Farahi, 54, of California, was indicted on charges that he ran a $20 million Ponzi scheme. He allegedly ran the scheme through New Point Financial Services, which he claimed generated returns from low-risk investments in certificates of deposit, corporate bonds, and deeds of trust. He lost at least $15 million and used funds to support his luxurious lifestyle. David Tamman, New Point’s corporate counsel, was also indicted on charges that he obstructed the SEC investigation.

Jose Fernandez had a final judgment and sanctions ordered against him in the SEC action alleging that he ran a Ponzi scheme through Avail Progression, LLC and Elite Generators, LLC. The scheme raised at least $4.3 million and promised guaranteed profits from foreign exchange trading. 

Joel Richard Frank, of Washington, and his companies, naming Equilus Group, Inc. dba Equilas Financial Group and Equilus Capital Partners, LLC, were charged by state regulators with securities violations tied to a $39 million alleged scheme. They used multiple funds to run the scheme, including Cheney Park Commons I, Cheney Park Commons II, OldTown Commons, and ECP Opportunities Fund I and Meadow Wood DST.

Edwin Brant Frost IV, 68, of Georgia, the former president of First Liberty Building & Loan LLC, was charged in connection with the alleged Ponzi scheme that raised at least $140 million from at least 300 investors. Frost solicited investor to invest in short-term small business loans and promised between 8 and 18% returns. He spent more than $5 million on personal expenditures. Frost pleaded not guilty to the charges.

David Hardcastle, 61, pleaded guilty to charges relating to two fraud schemes, Bitwise Industries and Voyager Pacific Capital Management. The schemes caused $45 million in losses. Hardcastle admitted to his role in a $20 million high interest loan scheme through Bitwise in which loans were made to Startop Investments LLC, an entity he operated with Andrew Adler. Hardcastle also pleaded guilty to the Voyager Pacific scheme, which was a real estate investment firm. John Giarmarco and Vanessa Lung-Medlock were sued by the SEC, along with Hardcastle, in connection with the Voyager scheme.

Jean Joseph aka Jon, 55, and his wife, Janalie Camille Bingham, 55, of Florida, pleaded guilty to charges that they were running a scheme that raised more than $50 million from investors. They ran the scheme through Wells Real Estate Investment LLC. Joseph was convicted of wire fraud in 2019 but continued to direct the real estate fraud scheme while in custody.  The couple falsely represented that investors would receive returns from the acquisition and improvement of residential and commercial real estate, and they represented that they had a $450 million real estate portfolio. They used more than $2 million for personal expenditures.

John Jay Kersey, 65, of Ohio, was sentenced to 5 years in prison in connection with an $8.6 million Ponzi scheme run over 20 years. Kersey was a financial advisor and convinced his clients to move the investments into other funds, but stole the funds for his own benefit. He pleaded guilty to the scheme last year. 

Taino Lopez aka Tai, 48, was sued by the SEC on charges that he was running a $112 million Ponzi scheme. Tai is a YouTuber who sold get-rich-quick advice courses. He co-founded Retain Ecommerce Ventures with Alex Mehr, and they raised more than $230 million for hundreds of investors. May Burkenroad, Lopez’s cousin, was also named in the lawsuit.

Jay Lucas, 71, was charged by the SEC on allegations that he raised $50 million from more than 200 investors in a Ponzi scheme run through Lucas Brand Equity LLC. He was previously criminally charged in connection with the scheme.

Arsen Lusher, 50, of New Jersey, was sentenced to 3½ years in prison and ordered to pay more than $8.7 million in restitution in connection with a trucking Ponzi scheme. He promised returns of 30% to 40% from the purchase of the trucks. He raised more than $40 million, and investors lost almost $9 million.

Sudheesh Nambiar, 39, California, was charged by the SEC on accusations that he was running a $43 million Ponzi-like scheme as a day trader through Spartan Trading. The scheme allegedly defrauded more than 400 investors and promised them 70% of the profits. He lost approximately $21 million in trading losses and launched a separate fund called Spartan Trading Capital Fund, LP, raising about $900,000 from 9 investors.

Gary Rathbun, of Ohio, died by suicide, prior to his appearance at trial on charges relating to the Northwest Capital Ponzi scheme. Rathbun, along with four others, were facing charges that they ran a decades-long Ponzi scheme. Rathbun’s wife, Nancy Rathbun, pleaded guilty to the charges earlier this year. James Delverne, Doug Miller and Richard Scheich have all each previously pleaded guilty as well. 

Ronald Roach, 59, of California, was sentenced to 5½ years in prison for his role as the accountant for DC Solar. He lied to investors to help DC Solar hide the lack of third-party lease revenue in the scheme. Others involved in the scheme are Jeff Carpoff, 55, Joseph Bayliss, and Ari Lauer, 61.

James Wellesley aka Andrew Fuller and Andrew Templar, was sentenced to 10 years in prison in connection with a wine Ponzi scheme that defrauded 140 victims out of $97 million. He claimed to be an executive broker for fine wine collections and, along with Stephen Burton, solicited investors to invest in Bordeaux Cellars. They claimed that Bordeaux Cellars brokered loans between investors and high net worth wine collectors that would be fully collateralized by high-value collections of wines. 

INTERNATIONAL PONZI SCHEME NEWS 

China

Liu Bi’an was sentenced to life imprisonment for his role as the mastermind behind a Ponzi scheme that raised more than $4.6 billion. The scheme was run through Zhongzhan Huaxin Group and affiliated companies. Liu and 15 others were found guilty in connection with the scheme that promised high returns and guaranteed principal and interest. In addition to the life sentence, Liu was stripped of his political rights for life and all of his personal property was confiscated.

March 2026 Ponzi Scheme Roundup

By Kathy Bazoian Phelps

Below is a summary of Ponzi scheme activity reported for March 2026. There were at least 4 new Ponzi schemes revealed this month, 4 guilty pleas, and more than 35 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.

Van Laurence Barker, 33, was accused of running a Ponzi scheme through his rehab companies, Lighthouse Estates and Red Door Legacy, and his rental company Starpoint Holdings. More than $1.1 million was invested into the alleged scheme. Barker is in federal custody on unrelated child pornography and other charges.

Jeffrey Crawford, of Ohio, was sentenced to 4-5 years in prison for running a Ponzi scheme that defrauded victims out of nearly $3 million. Crawford previously pleaded guilty to the scheme that involved home building. He falsely claimed construction milestones had been met and contractors had been paid while he instead diverted funds to other projects and his personal expenses.

Nathaniel Darnell was fined $500,000 for his role in the First Liberty Building & Loan scheme that allegedly defrauded approximately 300 investors out of at least $140 million. 

Christopher Alexander Delgado, 34, of Florida, was arrested on allegations that he ran a $328 million investment fraud through Goliath Ventures aka Gen-Z Ventures. The scheme supposedly gave investors access to cryptocurrency and bitcoin mining opportunities, promising monthly returns from “cryptocurrency liquidity pools.” Goliath Ventures filed bankruptcy reflecting at least 1,500 victims. 

Maria Dickerson aka Dulce Pino and Dulce Brubaker, 49, of California, pleaded guilty to charges that she ran a Ponzi scheme through Creative Legal Fundings of CA. Dickerson misrepresented that that the operations were associated with a multinational casino. She promised at least 10% returns per month and lured in over 100 investors who invested $1million.

Evangelos Drosos, 51, of New Jersey, pleaded guilty to charges relating to a $10 million Ponzi scheme he admitted running between 2013 and 2025. Drosos solicited funds from investors promising returns from a variety of investments. Investors lost approximately $3 million. He then orchestrated a check kiting scheme after the Ponzi scheme failed. 

Brent Shane Haigler, 43, of North Carolina, was sentenced to 2 years and 9 months in prison in connection with a real estate scheme. He defrauded at least 25 victims out of $1.5 million. 

Bin Hao and his company Qidian LLC, of Florida, had a judgment entered against them in the SEC case against them relating to a Ponzi scheme that they ran. The scheme raised at least $10.3 million and promised returns of 8% to 25% from real estate loans. 

Randy Hough, of Georgia, was fined and is the subject of a criminal referral for his role in the First Liberty Building & Loan Ponzi scheme. He is being asked to leave his seat on a school board as a result of his alleged involvement in the $140 million scheme.

Timothy France Johnson, 63, pleaded guilty to charges relating to a Ponzi scheme he ran as a promoter of preseason NBA games. He collected more than $3 million from investors, promising zero risk and a guaranteed return. He falsely represented that, as a third-party promoter, he would use investor funds to obtain venues and fund the marketing and promotion of the games. 

Ari Lauer, 61, was sentenced to 11 years and 5 months in prison for his role in the $912 million DC Solar Ponzi scheme. Lauer had pleaded guilty to actions taken in his role as outside counsel for the scheme. DC Solar purported to sell mobile solar generators to provide emergency power to cellphone towers and lighting at sports events. Ronald J. Roach, 57, pleaded guilty this month to charges relating to the scheme.  Jeff Carpoff, 55, was previously sentenced to 30 years in prison and his wife, Paulette Carpoff, 52, was sentenced to 11 years. 

Marat Likhtenstein, 65, of New York, was indicted a second time in connection with a Ponzi scheme. He was indicted last year for allegedly stealing $1.2 million from 10 investors in a Ponzi like scheme. He has now been indicted on separate charges that he allegedly stole $852,000 from 5 other investors. He promised investors return as high as 30% from business opportunities he claimed he was not able to discuss.

RAD Diversified filed for bankruptcy, estimating liabilities between $50 million and $100 million and listing more than 5,000 individual investors. Regulators are investigating the operations which have been alleged to be a Ponzi scheme.

Ralph Rogers III aka Tres Rogers, 63, of Illinois, was sentenced to 6½ years in prison in connection with a scheme that defrauded investors. He promised returns from purported business opportunities in fiber optic cable installation, computer chip manufacturing for Tesla and a fitness recovery study. Instead of investing the money, he used the money from his personal benefit and to make Ponzi scheme payments to investors.

Sanjay Singh was ordered to pay over $51 million in restitution in connection with the Ponzi scheme run through trucking company Royal Bengal Logistics, Inc. Singh was sentenced to 23 years in prison in 2025 in connection with the Ponzi scheme that targeted approximately 2,000 investors mostly in the Haitian-American community. More than $158 million was raised from investors on promises of returns from a thriving trucking business. 

Brooklynn Chandler Willy, 46, of Texas, pleaded guilty to running a Ponzi scheme through Queen B Advisors LLC dba Texas Financial Advisory and Chandler Capital Holdings. Willy convinced investors to in invest in Ferrum Capital and other investment companies run by co-defendants Joshua Allen and Michael Cox. 

Stefan Ciopraga and YieldTrust.ai were sued by securities regulators in Montana, Texas, and Alabama on allegations that they were perpetrating a Ponzi scheme. They claimed that the decentralized application called YieldBot is “powered by cutting-edge artificial intelligence” and is “capable of executing 70 times more trades with 25 times higher profits than any human trader could.” The scheme promised returns of 2.2% per day.

INTERNATIONAL PONZI SCHEME NEWS 

Canada

Bertram Earl Jones was sentenced to 11 years in prison in connection with a $50 million Ponzi scheme that defrauded 158 investors.

India

Ayush Varshney was arrested for his role in the GainBitcoin Ponzi scheme.

Nigeria

Adonu Kingsley Ifeanyi was arraigned on charges that he operated a Ponzi scheme that involved N10 billion.

Philippines

Authorities revoked the incorporation of Dual Fuel Petroleum Corp. on allegations that it was running a Ponzi scheme. The incorporators are Charles Clifford Matta, Renaissance Matta, Marithe Charenai Matta, Mark Harvey Matta and Cecilio Flores.

Valtoro Spartan Consultancy Corp., Recson Land Ventures and Realty Development Corp. were shut down as illegal investment schemes. Valtoro’s incorporators, Kelly Reno Escaner Velayo and Jether Llavan Marañon, along with Corporate Secretary Kyle Matthew Castro Jarque, were also found liable for investment fraud. They promised returns of up to 912.50% in as little as 15 days.

February 2026 Ponzi Scheme Roundup

By Kathy Bazoian Phelps

Below is a summary of Ponzi scheme activity reported for February 2026. There were at least 7 new Ponzi schemes revealed this month, 10 guilty pleas, 2 criminal convictions, and more than 55 years of prison sentences. The average age of the fraudsters was about 46 years old. Please 

Christian Montiel-Caleit, 45, of Mexico, was indicted in Utah on charges that he was running a $1 million Ponzi scheme that defrauded 30 investors. He promised 100% returns in 12 months from flipping vehicles and real estate, creating entertainment events and issuing high-interest loans.

Matthew Campbell, 43, of California pleaded guilty to a $9 million real estate Ponzi scheme. He operated the scheme through Preferred Property LLC and Ampez Rehab Investments LLC and promised returns from the supposed buying, renovating, and selling of properties.

Joel Castellanos, of Florida, settled the SEC’s claims against him in connection with an alleged $196 million Ponzi scheme run through MJ Capital Funding LLC, MJ Taxes and More, Inc., and Johanna M. Garcia. The scheme defrauded at least 1,222 investors through a fraudulent securities offering. Castellanos was accused of selling unregistered securities and helping to raise more than $25 million for the Ponzi scheme.

Timothy Nathaniel Darnell, of Georgia, was accused of steering $6.6 million, mostly from senior citizens, into the First Liberty Building & Loan scheme. Darnell was barred from serving as an investment adviser and was ordered to pay a $500,000 civil penalty.

Christopher Alexander Delgado, 34, of Florida, was accused of running an alleged $328 million investment fraud through Goliath Ventures aka Gen-Z Ventures. The scheme supposedly gave investors access to cryptocurrency and bitcoin mining opportunities, promising monthly returns from “cryptocurrency liquidity pools. 

Evangelos Drosos, 51, of New Jersey, pleaded guilty to charges that he ran a Ponzi scheme that defrauded victims out of more than $10 million. Drosos ran the scheme through ADMS Management LLC, Dinastia Corporation dba WRD Consulting and Investment Group Inc., Drosos Lorenzo & Associates P.C., and Leventes LLC.

Milendophe Duperier, 33, and Vanessa Joseph, 26, of Massachusetts, agreed to plead guilty to a $3.2 million Ponzi scheme that promised returns from securities trading. The scheme ran for 5 years, and the pair took out small business loans which they used to make what appeared to be returns on investments.

Devin Ward Elder, 47, of Texas, pleaded guilty to charges relating to a $69.5 million Ponzi scheme that defrauded 345 investors. Elder ran the scheme through DJE Texas Management Group LLC and had 17 real estate investment offerings, including investments in multifamily apartment complexes, industrial flexible workspace units, land and commercial building projects. 

Brant Frost V, of Georgia, was fined $500,000 in connection with his investment fraud run through First Liberty Building and Loan. He was also barred from working as a broker or investment advisor. Frost’s father, Brant Frost IV, and First Liberty was accused of running a Ponzi scheme that defrauded 300 investors out of $140 million.

Xiao Hu aka Mark Hu, 55, formerly of New Jersey, was indicted on charges that he ran a Ponzi scheme through Skyline Technologies USA LLC. Skyline was purportedly a technology company that was developing and using artificial intelligence trading products. Investors were promised returns of 10% to 22% and lost more than $1 million.

Andrew Hamilton Jacobus, 64, was sentenced to 20 years in connection with a $94 million Ponzi scheme that defrauded more than 150 investors, many of whom were Venezuelans. He ran the scheme through Finser International Corp. and Kronus Financial Corp. and promised annual returns of 12% to 15% on certificates of deposit and other fixed-income securities.

Patrick James and Edward James were indicted on charges relating to an alleged Ponzi scheme run through First Brands Group LLC. They are accused of defrauding lenders by promising returns from a supposedly successful international auto parts business. The brothers maintain that they are innocent. Peter Andrew Brumbergs has pleaded guilty to the scheme. Related companies Cardone Industries, Brake Parts and AutoLite have begun winding down, while First Brands is in bankruptcy. 

Charles Lawrence Jr. entered into a consent judgment with the SEC and will pay nearly $4 million in connection with a $5 million fraudulent scheme run through Landes Prive LLC.

Marat Likhenstein, 65, was charged by the SEC on allegations that he operated a Ponzi scheme that targeted the Russian-American Jewish communication. The scheme raised more than $4.1 million from at least 15 investors, promising them large returns through his “side business.” Likhenstein was also identified in connection with the scheme.

Christopher Knight Lopez, 40, of Texas, pleaded guilty to charges relating to a scheme that he ran with his brother, Jayson Lopez, 43, that defrauded more than 40 victims out of more than $17 million. The scheme was run through Knight Nguyen Investments, Knight Advisory and Planning, Aevum Holdings Inc., Exempt Management LLC, and Ping An Financial Services Pte. They claimed access to $2 billion in U.S. Treasury bonds and represented that they could use these funds to finance clients’ businesses if the clients paid large advance fees. Jayson Lopez previously pleaded guilty, and Nadir Abdel Torres, 46, also previously pleaded guilty and admitted to helping the brothers obtain forged letters and bank statements.

John Masanotti Jr., 71, of Connecticut, was sentenced to 7.5 years in prison in connection with a $4 million Ponzi scheme run through Middlesex Group LLC. He promised returns from supposed investments in foreign currencies or companies that were going public.

Warith Deen Muhammad, 39, of Virginia, was convicted on charges relating to a Ponzi scheme run through Niagara Gold and Silver LLC. He promised guaranteed returns of 5% to 10% within 30 days from trading precious metals. More than 12 investors invested more than $1.5 million. He used much of the money to fund a lavish lifestyle.

Todd Douglas Mulliner, 61, of California was arrested on allegations that he was running a Ponzi scheme that involved stock options trading.

Ramil Ventura Palafox, 61, a U.S. and Philippine citizen, was sentenced to 20 years in prison in connection with the $200 million bitcoin Ponzi scheme run through Praetorian Group International. The scheme defrauded over 90,000 investors and promised investors daily returns of .5% to 3%. Investors lost at least $62.7 million.

Matthew Shane Perkins, 47, of Utah, pleaded guilty to charges that he ran a $89 million Ponzi scheme that defrauded over 200 victims. He falsely claimed he was a successful day trader. He ran the scheme through Forged Oak LLC and had an arrangement with RentDue Capital LLC which raised funds for the scheme.

Sergei Potapenko, 40, and Ivan Turõgin, 40, were sentenced to time served in connection with a cryptocurrency Ponzi scheme run through HashFlare. More than $577 million was invested, and authorities seized assets valued at more than $450 million.

Nancy Rathbun, the spouse of Gary Rathbun, a former Northwest Capital manager, pleaded guilty to charges of attempted money laundering. Others who have pleaded guilty to the scheme are James Delverne, Doug Miller, and Richard Scheich. 

Ismael Sanchez was found liable in Texas for operating a $300 million cryptocurrency Ponzi scheme that targeted more than 40,000 investors. The scheme was run through CryptoFX that guaranteed returns of 15% to 100% from crypto and foreign-exchange investments.

Jeffrey Slothower was sentenced to 6 years in prison and ordered to pay $1.16 million in restitution in connection with a scheme to defraud his clients at his advisory firm, Battery Private Inc. He promised returns from investments in bonds backed by homeowner association fees.

Cari Channing Spence, 40, of Texas, pleaded guilty to his role in a Ponzi scheme run through AEI Financial. He promised returns of 10% to 12% from stock trading that specialized in “meme stocks.” He obtained approximately $2.1 million from investors.

Mina Tadrus, of Florida, was sentenced to 2½ years in prison and ordered to pay $4.2 million in restitution in connection with a Ponzi scheme run through Tadrus Capital. The scheme raised more than $5.7 million and promised returns of 30% from supposed AI-driven high-frequency trading models that could consistently outperform the markets.

Jed Wood, Joshua Link, Tia Link, Taylor Bang, and Royana Thomas were indicted on charges relating to the Texas cattle-buying investment scheme run though Agridime LLC. The alleged Ponzi scheme involved the supposed purchase and raising of cattle, and meat processing business. Agridime promised over 2,000 investors 15% to 32% returns and raised between $191 million and $220 million.

INTERNATIONAL PONZI SCHEME NEWS 

England

Declan Nowell, 31, pleaded guilty to charges that he defrauded more than 600 people out of £9 million in a Ponzi scheme run through his investment company, Investing4You. The scheme promised returns from trading foreign currencies online.

India

The plea agreement of Armen Atian was rejected by the Court. Atian had plead guilty in connection with a jewelry and precious stone scheme run through Platinum Hern Pvt Ltd that promised 6% to 12%. Authorities report that 14,964 investors suffered a loss of Rs 148.89 crores.

New Zealand

Authorities warned that BG Wealth/DSJ Exchange was a Ponzi scheme and, in cooperation with authorities in Tonga, has removed more than 800 websites relating to the scheme. The scheme is part of a larger scheme run through TXEX.

Nigeria

Bamu Gift Wandji was arrested on charges that he operated a fake cryptocurrency investment platform known as Polyfarm. 

Authorities warned against investing in AURUM BOT and ModMount Services Limited as they are unlicensed, promising guaranteed and unrealistically high returns. 

Venezuela

Rosa Maria Gonzalez was arrested as a suspect in Argentina’s Generación Zoe cryptocurrency scheme. The scheme defrauded investors out of at least $120 million. Generación Zoe promised returns of up to 7.5%. González had claimed that the trading algorithm she developed had quantum security features and could yield 70% monthly returns.

January 2026 Ponzi Scheme Roundup

By Kathy Bazoian Phelps

Below is a summary of Ponzi scheme activity reported for January 2026. There were at least 11 new Ponzi schemes revealed this month, 6 guilty pleas, 2 criminal convictions, and more than 42 years of prison sentences. The average age of the fraudsters was about 44 years old. Please feel free to post comments about these or other Ponzi schemes that I may have missed. 

Satish Appalukutty, of California, was charged by the SEC on allegations that he defrauded at least 100 investors out of at least $37 million. He ran the scheme through Lorven Funds and Lorven Advisors LLC, soliciting many of his investors through a Hindu temple he attended. He promised returns ranging from 8% to 62.5% annually from the purchase of well-known stocks at a discount and the purchase of private pre-IPO stocks. He alleged misappropriated approximately $6.7 million for is personal expenditures and used approximately $4.4 million for his software startup, Vistalytics Inc.

Todd Burkhalter, 54, of Georgia, pleaded guilty in connection with the Ponzi scheme run through Drive Planning LLC that defrauded more than 2,000 people out of $380 million. Gerado “Gerry” Linarducci, 61, of Indiana, was charged in connection with the scheme. David Bradford pleaded guilty last month. Drive Planning marketed investment opportunities like the “Real Estate Acceleration Loan” (REAL) and the “Cash Out Real Estate Fund” (CORE). Burkhalter promised guaranteed returns of 10% every three months but never used the funds for the purposes he claimed. Instead, he bought a yacht, a luxury condo, luxury vehicles, jewelry and chartered private jets.

Ricardi Celicourt and Brisly Guillaume were ordered to pay the SEC more than $1.48 million for their role in the Royal Bengal Logistics Ponzi scheme. The scheme raised approximately $112 million from 1,500 investors and targeted Haitian-Americans. Sanjay Singh was sentenced to 23 years in prison last year in connection with the scheme.

Wynn A.D. Charlebois, 55, of North Carolina, was sentenced to 6 years in prison and ordered to pay more than $5.7 million in restitution for orchestrating a Ponzi scheme through his companies, WC Private, Wilcox Hybrid, Damon Investments, and others. He promised returns from risk-free investments, subscription agreements, and loans. He defrauded more than 40 victims out of approximately $6 million.

Mark Dente, of Ohio, took the Fifth Amendment against self-incrimination during trial relating to an alleged scheme he ran through AEM Services LLC. AEM Services LLC purported to manage a portfolio of real estate investments, and Dente sold investors securities in this portfolio in the form of promissory notes and LLC interests. He is accused of defrauding investors out of $200 million.

Sylvein William Maximilian D’Habsburg XVII, 49, of California, pleaded guilty to defrauding elderly church parishioners and others in a Ponzi scheme that took in at least $5.9 million. He ran the scheme through Wild Rabbit Technologies LLC and BAI Intelligence LLC, claiming he had artificial intelligence technology that could predict the future and detect a COVID-19 infection based solely on a video recording. He also claimed he had received $500 million in funding from high profile sources.

Travis Ford and his company Wolf Capital Crypto Trading were sued by the CFTC based on accusations that they were operating a fraudulent cryptocurrency investment pool. They collected at least $10.1 million from more than 3,375 participants. Investors deposited stablecoins after being promised daily returns ranging from 1% to 3.5% per day. That would equal annual returns of between 365% and 1,277.5%. Ford admitted to using Photoshop to create fake trade screenshots and portfolios value. Ford pleaded guilty to related charges last year and was sentenced to 5 years in prison.

Siddharth Jawahar, 38, pleaded guilty to charges relating to a Ponzi scheme run through Swiftarc Capital LLC. Jawahar invested $10 million of the $35 million of investor the funds into a single investment called Philip Morris Pakistan (PMP). He also used the following entities as part of his scheme. Swiftarc Fund LP; Swiftarc LLC; Swiftarc Holdings; SJ Investment Holdings LLC; Order of Magnitude Ventures LLC; Extra Sensory Perception Inc.; Swiftarc Growth Fund LP; Swiftarc Opportunities Fund LP; SJ Investment Holdings LLC; SV Labs SPV 1 LP; Swiftarc Venture Labs Fund GP LLC; SJDB Ventures LLC; Swiftarc Ventures LLC; Swiftarc Venture Labs Fund LP; Swiftarc Telehealth Labs Fund LP; NI Stubbs LLC; and Swiftarc Beauty Fund LP.

Robert Leake, a former NFL player, was sentenced to two and a half years in prison for running a Ponzi scheme that defrauded victims out of more than $5 million. He promised returns from luxury real estate investments, gold mines in Alaska and Ghana, and other ventures. He also fraudulently offered personal guarantees.

Matthew Melton, 61, of Colorado, was extradited from the United Kingdom to face charges relating to an alleged Ponzi scheme run through his investment fund, Price Physics. Melton promised returns of 12% per month from investments in futures contracts using a proprietary trading algorithm.

Bernardo Mendia-Alcaraz, his private equity firm, Toltec Capital LLC, and relief defendants Edith F. Ramirez Cano and Fondo Toltec S de RL de CV, had final judgments entered against them in an action filed by the SEC. The SEC accused them of running a Ponzi scheme that raised approximately $3.3 million from investors.

Doug Miller and James Delverne, of Ohio, pleaded guilty to charges relating to their role in a Ponzi scheme run through Northwest Capital. The scheme brought in approximately $72 million from at least 200 people. Richard Scheich pleaded guilty to the scheme last year. The following entities were also associated with the scheme: Briarfield Capital, ThunderRoad Partners, TRF Fund 1, TRF Fund 2, Kings Point Leasing and Winding Creek Partners.

LaShonda Moore, 38, and Marlon Moore, 39, of Texas, were convicted of running a multi-million Ponzi scheme during the pandemic. They ran an illegal chain-referral Ponzi scheme called BINT, "Blessing in No Time,” and offered 800% returns for every $1,400 investment. They also promised a refund if investors were unsatisfied. The scheme defrauded 10,000 people.

Matthew M. Motil, 42, of Ohio, entered into a final consent judgment with the SEC in connection with a scheme that defrauded investors with promises of returns from low-risk, high- return promissory notes that were to be collateralized by mortgages. He was sentenced to 70 months in prison last year.

Michael Anthony Lucci, 32, and his wife, Emily Marie Lucci, 30, were arrested on allegations that they were running an automotive title fraud scheme that involved more than $500,000.

Brett Schraber, of Minnesota, was accused of running a $100 million Ponzi scheme through his entities: EZ Capital, LLC; EZ Cash, LLC; EZ Ca$h, Inc.; BP Financial, LLC; Burnsville Check Cashing, LLC; EZ Holdings, LLC, Fridley Financial, LLC; Northfield Financial, LLC; North Shore Funding, LLC; and Orchard Investments, LLC. He promised returns from a scheme in which he said he was giving workers their workers compensation funds early as a lump sum in exchange for receiving their settlement later. A judge froze his assets, and he died by suicide the next day.

Carl Channing Spence, 40, of Texas, pleaded guilty to charges relating to a Ponzi investment scheme run through AEI Financial that took in approximately $2.1 million. He promised victims 10% to 12% for investments in popular stocks.

Caleb Joseph Ward, Jeremy George McNutt, and Geosyn Mining, LLC were charged by the SEC on allegations that they were running a $5.6 million cryptocurrency mining Ponzi scheme. They raised funds from more than 60 investors and offered them returns from investment contracts called “rental agreements” for crypto mining machines. Investors were promised 99% to 101% of the crypto mined by their rented hardware. They also offered GSYN tokens, claiming these digital tokens were backed by the company’s fleet of miners. Chester Wildey was a promoter for the scheme for which is received substantial commissions.

INTERNATIONAL PONZI SCHEME NEWS 

Algeria

Authorities accused OCM, a digital platform, of defrauding thousands of people in a Ponzi scheme.

England

The individuals operating 79th Group, a suspected £200 million Ponzi scheme were adjudged bankrupt. The sold “loan notes” to investors through third-party brokers and promised high returns that were secured by property developments.

India

Priti Rane, and her husband, Sachin Rane, and Sagar Karivdekar, were accused of running a Ponzi scheme. Investors were promised monthly returns of 4% to 5%.

Several cryptocurrency schemes were shut down, including UMT, UBIT, Ultraverse and MMMC. Nagireddy Sudheer Naidu, Mangi Soma Raju, 41, Gurala Srikanth, and Allipalli Venkata Ramesh Babu were arrested in connection with the schemes.

Raj Kundra was accused of being linked to Amit Bhardwaj and the Gain Bitcoin Ponzi scheme. The scheme promised returns from cryptocurrency mining.

Nigeria

Authorities are investigating Enoch Adeoye and a cryptocurrency platform operating under Agape Trade and Agape Thrift. Approximately 950 investors invested in the scheme.

Philippines

Authorities shut down Seek Explore Sports Association Inc. and fined the company P1 million. Investors were promised substantial returns and commissions of up to 17%.

Singapore

Soh Jian Kun, 33, pleaded guilty to charges relating to a Ponzi scheme run through Cortina Watch. He stole approximately $500,000 from 14 victims in a scam that involved supposed “hard to obtain” watches. Kun never obtained luxury watches, however.

South Korea

Chairman Lee, CEO Ahn, and Chairman Oh were sentenced to 12 years in prison each in connection with the Popcornsoft. They were accused of deceiving investors by holding seminars promising guaranteed returns of 15% from domestic and international futures trading through an AI trading program. Popcornsoft was fined 50 million Korean wan.