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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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Virginia Ponzi Schemer Who Bilked Investors Out Of $15M Learns His Fate: Feds Virginia Ponzi Schemer Who Bilked Investors Out Of $15M Learns His Fate: Feds
Virginia Ponzi Schemer Who Bilked Investors Out Of $15M Learns His Fate: Feds A Loudoun County man who bilked investors from up and down the East Coast out of millions of dollars will spend years behind bars. Aldie resident Babu Ramaraj, 47, who owned DAB Inspection and Consulting Services, a small home contractor with modest revenues doing patio and deck projects, was sentenced to more than seven years in prison for causing upwards of $15 million in losses, federal authorities announced. His victims were primarily in Virginia, Maryland, North Carolina, New Jersey, and Missouri. According to court documents, Ramaraj claimed to investors and potential …

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by Zak Failla