The SEC has just filed an emergency action against a $6 million Ponzi scheme that targets seniors and small business owners. The SEC has obtained a temporary restraining order and freeze of asset filing against Neil Burkholz of Boca Raton, and Frank Bianco of Pembroke Pines, Florida. The two individuals targeted and defrauded at least 55…
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The largest Ponzi scheme in the crypto world, as Leaprate reported not long ago, is OneCoin. While there are many fake ICOs, OneCoin stands out as the largest one - defrauding the global economy of approximately $4 billion in under 5 years. While the founder, Ruja Ignatova, and her brother are the main "heroes" of…
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Bitcoin is finally in a bit of a correction mode, down some $1,500 after attacking the $9,000 level, but a 17% drop is nowhere near the 30%+ correction that analysts have been prophesizing for weeks. In the past, anytime that Bitcoin has failed to deliver on its promise, whether monthly, weekly, or now daily, a…
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There are absolutely a lot of dubious ICOs out there - more than 70% of all ICOs created and funded in 2017 and 2018 are gone, and with them, the money of the investors. The problem is that while there is always risk with investing, especially in something as speculative as an ICO, founders should…
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The Securities and Exchange Commission (SEC) has announced that a federal court in Florida has fined Woodbridge Group of Companies LLC and its former owner Robert H. Shapiro $1 billion. They have been charged with operating a Ponzi scheme that targeted retail investors. Woodbridge and its 281 related companies will have to pay $892 million…
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The Commodity Futures Trading Commission (CFTC) has just announced that it has filed a complaint against Dro Kholamian and his company, Blue Star Trading, LLC. Blue Star Trading has fraudulently solicited potential clients to trade through accounts they would manage leveraged off-exchange FX currency and commodity futures contracts, but instead the company has misappropriated those funds. According to CFTC, Kholamian…
Read moreThe Securities and Exchange Commission (SEC) has informed the public that it has charged a former New York-based investment adviser and his daughter with conducting a multi-million dollar Ponzi scheme. The individuals have defrauded local community members as well as members of their family and close friends. The official announcement by SEC reads as follows:…
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The Financial Markets Authority (FMA) has just issued a public warning against a scam company called OneCoin Limited. OneLife Network Limited and OneCoin Limited Trading name: OneLife, OneCoin Address: OneLife Network Limited, 2118 Guava Street, Belama Phase I, Belize City, Belize OneCoin Limited, 6a “P. R. Slaveykov” Sqr., Sofia 1000, Republic of Bulgaria Website: www.onelife.eu,…
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The CFTC has announced that a New York federal court has ordered New York corporation Gelfman Blueprint, Inc. (GBI) and its Chief Executive Officer Nicholas Gelfman of Brooklyn, New York, to pay in total over $2.5 million in civil monetary penalties and restitution in what was the first anti-fraud enforcement action involving Bitcoin filed by the CFTC. James McDonald,…
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The Securities and Exchange Commission (SEC) has announced it has obtained a court order halting an ongoing Ponzi-like scheme that raised more than $345 million from over 230 investors across the U.S. The SEC also obtained an emergency asset freeze and the appointment of a receiver. A SEC complaint unsealed yesterday alleges that Kevin B.…
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