Archives For Investment Scams

Abbe Edelman, 50, Livingston, New Jersey, admitted his role in a real estate investment scheme that bilked victims out of more than $5 million. Edelman falsely claimed that he had long-standing relationships with banks that provided him unique access to purchase foreclosed properties below market prices and could guarantee an easy resale and profit for investors.

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Charles A. Bennett, 56, Manhattan, New York, was arrested on securities and wire fraud charges stemming from his scheme to defraud over 30 investors of more than $5 million through a Ponzi scheme that he perpetrated for more than five years.

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Alex Schleider, 49, Lakewood, New Jersey, man was sentenced to one year and one day in prison for his part in a real estate investment fraud scheme that defrauded real estate investors of more than $1 million by persuading them to fund the purported purchase of an apartment complex, Belle Glade Gardens.

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Barry J. Graham, 59, and Ricky Lynn Stokes, 54, both of Ft. Myers, Florida, pled guilty to conspiracy to commit bank fraud, in violation of Title 18, United States Code, Section 371, before U.S. Magistrate Judge Lurana S. Snow in Key West.  The charges stem from the defendants’ participation in a $300 million Ponzi scheme involving the sale of vacation rental units to approximately 1,400 investors in the Florida Keys and elsewhere.

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Octavio Lombardo, a/k/a Otto Lombardo, 67, was arrested on wire fraud charges stemming from his advance fee loan scheme, which allegedly defrauded victims of more than $1 million.

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Sixteen people have been charged for operating a fraudulent telemarketing scheme that involved losses of over $20 million to more 290 victims in 46 states and Canada, including Michigan.

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David Andrew Glynn, 47, Charleston, West Virginia, was sentenced in federal court in Charleston to two and a half years in prison for conspiring to defraud timeshare owners throughout the United States and Canada by promising buyers in exchange for a fee. Continue Reading…

Melvin Russell “Rusty” Shields, 45, Granite Falls, North Carolina, and Michael Sims, 60, Gilroy, California, the founders of the S3 Partners, were sentenced to prison for investment fraud and fraudulently obtaining millions of dollars from banks by submitting forged and fraudulent invoices and loan closing documents.

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John Packard, 64, Long Beach, California, one of the owners of a now-defunct Southern California real estate investment firm, pleaded guilty to perpetrating a fraudulent scheme that ended with the bankruptcy of the company, in which investors and banks collectively lost more than $110 million.

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George Christo George, 55, Las Vegas, Nevada, pleaded guilty to mortgage fraud in a case involving defrauding several Northern Nevadans together of more than $238,000 through elaborate schemes that included bogus real estate deals with a fictitious wealthy sheikh and investments in a luxury downtown Reno, Nevada high rise.

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