Judge orders Ponzi-like currency scheme investigated
The High Court wants police and prosecutors to investigate an online Ponzi-like scheme called One Coin One Life that is run by two men identified as Steve Mwendwa and Emmanuel Gatobu. Justice James Makau ordered that the investigations focus on how seasoned lawyer Jane Nyaboke Njagi lost Sh867,000 to the fraud.
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GSPartners collapsing, South African YouTube channel blamed …
The long and the short of it is Josip Heit was behind Karatbars International's transition from gold pyramid scheme to crypto shitcoin Ponzi. After scamming a bunch of people through a pump and dump launch, Heit split from Karatbars and went off to launch his own MLM crypto Ponzi scheme. GSPartners is the same shitcoin Ponzi business model ...
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Visualized: The Biggest Ponzi Schemes in Modern History
The Biggest Ponzi Schemes in Modern History. Some things simply sound too good to be true, but when money is involved, our judgement can become clouded. This is often the case with Ponzi schemes, a type of financial fraud that lures investors by promising abnormally high returns. Money brought in by new members is used to pay the scheme's ...
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Nigeria: SEC Raises the Alarm Over Rise in Ponzi Schemes
In his remarks, AGA-Africa Board member, Mr. Markus Green, stated that due to the COVID-19 pandemic, businesses are operated online with criminals taking advantage to attract people to Ponzi schemes.
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B.C. involved in Ponzi scheme ordered to pay nearly $1M
The B.C. Securities Commission has issued nearly $1 million in penalties and repayment orders against three local fraudsters involved in an international Ponzi scheme that …
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South African Ponzi King banned for 30 years – Daily Investor
City Press reported that the investment scheme involved over 2,000 clients who invested over R3 billion. It added that many investors trusted Warriner with their life savings, and many high-profile financial advisers placed large amounts into the scheme. Initially, details about Warriner, BHI Trust, and the scheme were sketchy.
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SEC.gov | SEC Halts Pyramid/Ponzi Scheme Targeting …
SEC Halts Pyramid/Ponzi Scheme Targeting Spanish and Portuguese Communities For Immediate Release. 2015-139. ... SEC alleges that DFRF Enterprises, named for its founder Daniel Fernandes Rojo Filho, claimed to operate more than 50 gold mines in Brazil and Africa, but the company's revenues came solely from selling membership interests to ...
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Investor ALert Ponzi schemes Using virtual Currencies
fraudulent investment schemes that may involve Bitcoin and other virtual currencies. Ponzi Schemes Generally. A Ponzi scheme is an investment scam that involves the payment of purported returns to existing investors from funds contributed by new investors. Ponzi scheme organizers often solicit new investors by promising to
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Who Was Charles Ponzi? What Did He Create?
2012: Allen Stanford conducted a Ponzi scheme through his Stanford International Bank that scammed investors out of $7 billion. 2008: Tom Petters stole $3.65 billion through his firm, Petters Co. Inc.
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Gold mine Ponzi scheme: 2 B.C. women fined by securities …
B.C. women fined for participating in global Ponzi scheme involving fake gold mines. Tessa Vikander CTVNewsVancouver.ca Reporter. Contact. Published Tuesday, April 20, 2021 3:33PM PDT
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Bitcoin Ponzi Schemes: What Are They & How To …
A Ponzi scheme is an investment scam that relies on trickle-down investing, much like a pyramid scheme. In most cases, an investor will make a cash payment to the scheme managers in exchange for the promise …
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Gold 'scam' robs SA of billions, says SARS
A SARS investigation has uncovered an alleged multibillion-rand VAT fraud scheme based on illicit gold exports. The details have emerged in a highly sensitive tax case that exposes a shadowy underworld of Krugerrands, …
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Court rules MTI a Ponzi scheme
The Western Cape High Court has declared Mirror Trading International (MTI) a Ponzi scheme, and all agreements with its roughly 200 000 members void from the outset.
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BHI Ponzi scheme: Craig Warriner sentenced to 25 years in jail
bhi bhi trust craig warriner pyramid scheme fraud ponzi scheme. heading description username Show Comments () Most read. SA demands Taiwan move its embassy out of Pretoria ... Gold. 2,721.21-0.0% Silver. 33.71 +0.0% Brent Crude. 73.06-1.9% Top 40. 79,155 +0.7% ... Find public sector tender opportunities in South Africa here.
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Standard Bank ordered to freeze accounts of …
The scheme is reckoned to have 190 000 members in South Africa. If all 190 000 members paid R25 000, the scheme would have roped in R4.75 billion in SA alone.
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Louis Liebenberg claims there's no evidence to support …
The liquidator-collective alleged that Liebenberg was insolvent and had engaged in fraudulent activities through Tariomix, including operating an unlawful Ponzi scheme.
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Gold mine Ponzi scheme ruined B.C. residents' lives, …
A B.C. Securities Commission panel has found three B.C. residents conspired in an international Ponzi scheme that defrauded 137 fellow British Columbians of nearly $1.5 million.
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B.C. residents handed nearly $1M in fines for role in gold mining Ponzi
"In reality, none of the investments were used for gold mining, DFRF received no proceeds from gold mining, and DFRF's only source of money was investors," the BCSC investigation revealed. The scheme raised over US$15 million from more than 1,400 investors, according to the U.S. Securities and Exchange Commission (SEC).
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Gold Mines, VAT Scams and Money Laundering – How Can …
21 Oct. In recent investigations, the South African Revenue Service (SARS) has uncovered a massive VAT fraud scheme involving illegal gold mining operations. Fraudsters …
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Six secrets uncovered by Al Jazee ra's Gold Mafia investigation
No matter where you buy your gold and regardless of the country's stamp on it, the very nature of the gold trade makes it extremely difficult to guarantee where it originated from. The investigation showed how gold smuggled from Zimbabwe makes its way to Dubai and, according to experts …
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How one African man's gold scheme cost his …
How one African man's gold scheme cost his American victims millions of dollars. Cassell Kuoh, a miner, was by all accounts was a Liberian success story.
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amaBhungane | The #Laundry, City of Gold: How 'fake' mines …
The gold, alleges Kotzee, came from illegal mining. As he notes, "evidence is that illegal gold buyers, who procure the unwrought gold from individuals that steal the product …
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MTI's dwindling pool of assets
The liquidators say they are entitled under Sections 26 and 32 of the Insolvency Act to demand repayment of any withdrawals from MTI as it was declared an unlawful Ponzi scheme in the Western...
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8 Cryptocurrency Scams & How to Avoid Them
3. Crypto Ponzi schemes. A crypto Ponzi scheme is one that offers high returns by using capital infusions from new investors to pay the promised gains. Just like traditional Ponzi schemes, crypto Ponzi schemes deceive investors into …
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Former Lawyer Gets 12.5 Year Prison Sentence For $2 Million …
A former tax attorney convicted of operating a $2.5 million South African Ponzi scheme was sentenced to serve over twelve years in federal prison. Brian Ray Dinning, 48, of Suffolk, ia, received the sentence from U.S. District Judge Raymond A. Jackson after previously pleading guilty to two counts of wire fraud. Notably, while prosecutors sought a …
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R43 million Ponzi scheme money frozen
The National Prosecuting Authority (NPA), South African Police Service (SAPS), the Financial Intelligence Centre (FIC), the South African Revenue Service and the South African Reserve Bank have been engaged in a massive joint effort to deal with the consequences of the Ponzi scheme linked to Barry Tannenbaum.
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Britannica Money: Where your financial journey begins
Find all you need to know about retirement, investing, and finance, without the jargon or agenda. Get guidance, insight, and easy-to-understand explanations, verified to Britannica's standards.
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SEC Enforcement Actions Against Ponzi Schemes
Ponzi schemes inevitably collapse, most often when it becomes difficult to recruit new investors or when a large number of investors ask for their funds to be returned. ... Merendon Mining Inc. - SEC charged six individuals and four companies with perpetrating a $300 million Ponzi scheme on investors in a purportedly successful gold mining ...
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Gold mine Ponzi scheme ruined B.C. residents' lives, …
A B.C. Securities Commission panel has found three B.C. residents conspired in an international Ponzi scheme that defrauded 137 fellow British Columbians of nearly $1.5 million. Between 2014 and 2015, Sabrina Ling Huei Wei and James Bernard Law, of Vancouver, and Justin Colin Villarin, of Surrey, solicited B.C. investors, organized events and ...
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B.C. involved in Ponzi scheme ordered to pay nearly …
Gold mine Ponzi scheme ruined B.C. residents' lives, commission hears Oct 7, 2022 11:08 AM Why it may take 'several years' for the B.C. Securities Commission to collect more fines
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