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Ponzi Scheme

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NY Man Admits To $5M Investment Fraud Scheme Targeting Friends, Family: Feds NY Man Admits To $5M Investment Fraud Scheme Targeting Friends, Family: Feds
NY Man Admits To $5M Investment Fraud Scheme Targeting Friends, Family: Feds A Westchester County man has pleaded guilty to running a years-long investment fraud scheme that prosecutors say swindled more than $5 million from his own friends and family. Joseph D’Ambrosio, 66, of Bronxville, admitted to one count of investment adviser fraud during a hearing before US District Judge P. Kevin Castel on Thursday, July 17, the US Attorney’s Office for the Southern District of New York announced.   According to prosecutors, D’Ambrosio operated a private investment vehicle known as Hereford Holdings from at least 2010 through December 2024. He portrayed the fund a…

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by Ben Crnic
News
Wife Of Notorious NJ House Flipper Indicted After Smashing Phone In Husband's Federal Case Wife Of Notorious NJ House Flipper Indicted After Smashing Phone In Husband's Federal Case
Wife Of Notorious NJ House Flipper Indicted After Smashing Phone In Husband's Federal Case A New Jersey woman has been indicted in a federal case tied to her husband, a notorious house flipper, after she destroyed her cell phone as law enforcement tried to seize it during a fraud investigation, officials announced. Jennifer Iturralde Pina, 43, of Franklin Lakes, was indicted on a charge of destruction of records in a federal investigation, U.S. Attorney Alina Habba announced Thursday, July 3. The case stems from a federal investigation involving her husband, Cesar Humberto Pina, 45 — a real estate influencer better known as “Flipping NJ.” Pina gained national attention through r…

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by Cecilia Levine
Sports
Pickleball Company Owner Scammed Hundreds, Owes $47M In Debts: DOJ Pickleball Company Owner Scammed Hundreds, Owes $47M In Debts: DOJ
Pickleball Company Owner Scammed Hundreds, Owes $47M In Debts: DOJ A pickleball company owner accused of running a Ponzi-like scheme won't be able to walk away from more than $47 million in unpaid debts, authorities said. Rodney Grubbs agreed to waive his right to bankruptcy discharge, the Department of Justice announced on Wednesday, June 11. Grubbs was the owner of Indiana-based All About Pickleball LLC, also known as Pickleball Rocks. Creditors can continue to go after him for repayment, even after his bankruptcy case is closed. "The USTP is committed to addressing fraudulent and abusive conduct that threatens the integrity of the bankruptcy …

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by Chris Spiker
News
FBI In NY Still Searching For ‘Cryptoqueen’ Missing After $4B Scam FBI In NY Still Searching For ‘Cryptoqueen’ Missing After $4B Scam
FBI In NY Still Searching For ‘Cryptoqueen’ Missing After $4B Scam She promised the next Bitcoin. What investors got instead was a $4 billion black hole—and a fugitive who hasn’t been seen since 2017. Ruja Ignatova, the woman once known as the “Cryptoqueen,” remains one of the world’s most elusive fugitives and is currently on the FBI’s 10 Most Wanted list.  The founder of the fraudulent cryptocurrency OneCoin, Ignatova is accused of orchestrating a massive Ponzi-style scheme that duped investors around the globe out of billions. Authorities say the scam began in 2014, when Ignatova launched OneCoin Ltd., a Bulgaria-based company that marketed itself…

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by Joe Lombardi
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$4.3B Now Recovered For Madoff Ponzi Scheme Victims, DOJ Says $4.3B Now Recovered For Madoff Ponzi Scheme Victims, DOJ Says
$4.3B Now Recovered For Madoff Ponzi Scheme Victims, DOJ Says More than $4.3 billion has now been recovered for victims of Bernie Madoff’s massive and infamous Ponzi scheme, the Justice Department announced, as part of a decade-long effort that has compensated over 40,000 people worldwide for nearly 94 percent of their losses. The DOJ says  its 10th and final distribution from the Madoff Victim Fund (MVF), provided more than $131 million to over 23,000 victims. The latest distribution marks the culmination of a decade-long effort to recover and return forfeited funds tied to Madoff's fraudulent investment empire. Most victims, primarily small inv…

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by Joe Lombardi