Archives For Investment Scams

Douglas L. Swenson, 65, Eagle, Idaho, Mark Ellison, 65, Boise, Idaho, David D. Swenson, 36, Boise, and Jeremy S. Swenson, 41, Meridian, Idaho—each DBSI principals, were convicted by a federal jury on multiple fraud charges stemming from their public representation that DBSI was a profitable company when they knew that DBSI’s real estate business activities were universally unprofitable.

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William D. “Butch” Dickson, 58, Jackson, Mississippi, was indicted by a federal grand jury on April 8, 2014, on six counts of bankruptcy fraud, six counts of bank fraud, and five counts of wire fraud for relocated his businesses to Panama and Costa Rica and instructing his customers to submit their monthly mortgage payments to addresses in Las Vegas, Nevada, and Miami, Florida.

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Furman Otis Clark Jr., 65, On April 8, 2014, was convicted by a Nassau County, Florida, jury of organized fraud for his role in a fraudulent land development scheme. The scheme was intended to swindle investors out of more than $250,000.

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Benny Chetcuti, Jr., Walnut Creek, California, has been indicted and charged with wire fraud, stemming from Chetcuti’s real estate investment business.

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Fraudsters are advertising by mailings and phone calls, including a mailing titled “Payment Reduction Notification.” The scammers are using documents that have a Making Home Affordable logo and appear to set out a payment plan to reinstate the loan or modify the loan terms.

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Samuel Ray Palasota, 53, Houston, Texas, has been ordered to federal prison following his convictions on multiple counts of mail and wire fraud.

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Jonathan Lee Oliver, 41, Missoula, Montana, pleaded guilty before U.S. District Judge Donald W. Molloy to Wire Fraud, Money Laundering, and Structuring.

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Scott H. Summerhays, 55, formerly of South Lake Tahoe, currently in custody in Reno, Nevada, who fraudulently convinced 11 persons to loan him a total of $3.6 million for the purchase of a golf course near Gardnerville, Nevada, pleaded guilty to 24 federal felony charges.

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Jamal E. Lawson, Sr., 44, Duluth, Georgia, who victimized others in a so-called advance-fee loan fraud scheme, was sentenced to more than four years in federal prison after being convicted at trial.

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Darryl Burke, 50, and Vicki Garland, 50, both of Delray Beach, Florida, were convicted by a federal jury of bank fraud and wire fraud conspiracy, after a two and half week trial before U.S. District Judge James I. Cohn.

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