Business Crime: Receivers to distribute more than USD700 recovered from ponzi-scheme operators
Any fraudster in the USA faces prosecution by state or federal law enforcement - but play in the corporate or financial world and regulators of one sort or another pounce as well. That's what Paul Greenwood’s and Stephen Walsh found when the Commodity Futures Trading Commission and the Securities and Exchange Commission banged on their doors.
Most Recent - This Section
Business crime: old frauds are like bad oysters - they just keep on coming backBusiness Crime: Director charged with using company's assets as security for personal loan
Business Crime: Director faked investment purposes
Business Crime: senior officer pleads guilty to USD1 m embezzlement
Business Crime: Federal Court in Florida orders defendants to pay more than USD17 Million for Committing Fraud
Most Recent - Whole Site
The Risk Professional: Green Capital Consulting GroupLegal Professional: Baker Mac lawyer guilty of money laundering and securities fraud
Sales and Marketing: shooting oneself in the foot
Business Crime: Dear Mrs Kate Dave: Yes, please. Send it now.
The Risk Professional: Is your data secure enough for the UK's ICO?
Most Recent - BankingInsuranceSecurities.Com
Sanctions: USA PATRIOT Act designation 20120522Sanctions: OFAC Update 20120515
Sanctions: OFAC update 20120508
Sanctions: OFAC Update 20120517
Sanctions: OFAC Update 20120517 - 2
The CFTF and SEC did not mess around. They went to court and secured an order that a receiver be appointed and froze all the assets they could find.
Now the receiver has collected a substantial amount - and announced a preliminary distribution of more than USD790 million. That represents approx. 85% of the estimated USD1,300 million that the pair - and their conspirators - are alleged to have taken in proceeds of a ponzi scheme relating to a pool fund.
Efforts to trace other assets are continuing and the civil action by the regulators names a number of third parties alleged to have received funds.
Download PDF version of this page
