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Investment Fraud

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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
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NJ FEDS: Miracle-Aspirin Investment Scam Sends Long Island Man To Prison For 4½ Years NJ FEDS: Miracle-Aspirin Investment Scam Sends Long Island Man To Prison For 4½ Years
NJ Feds: Miracle-Aspirin Investment Scam Sends Long Island Man To Prison For 4½ Years A Long Island man must spend the next 4½ years in prison for scamming investors out of $3.5 million through what he claimed was a revolutionary new aspirin, federal authorities in New Jersey said. Donald A. Milne III, a 57-year-old repeat offender from Massapequa, defrauded more than 70 victims from throughout the country, U.S. Attorney Philip R. Sellinger said. All thought they'd invested in what he touted as a “fast-acting form of powdered aspirin that could instantly stop heart attacks and strokes," Sellinger said. Milne used the money instead for a Caribbean vacation, boating expe…

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by Jerry DeMarco
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NY Con Man Admits Scamming $3.5M From Elderly Investors In NJ, Elsewhere For Heart Attack Pill NY Con Man Admits Scamming $3.5M From Elderly Investors In NJ, Elsewhere For Heart Attack Pill
NY Con Man Admits Scamming $3.5M From Elderly Investors In NJ, Elsewhere For Heart Attack Pill A convicted con artist from Long Island admitted in federal court in Trenton on Monday that he scammed investors in a purportedly revolutionary new aspirin -- most of them elderly -- out of $3.5 million that he used as his own personal piggybank. Donald A. Milne III, a 57-year-old repeat offender from Massapequa, defrauded more than 70 victims from throughout the country who though they'd invested in Instaprin, which he touted as a “fast-acting form of powdered aspirin that could instantly stop heart attacks and strokes," Acting U.S. Attorney Rachael A. Honig said. He used the money instead…

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by Jerry DeMarco