Archives For Investment Scams

 Twin Falls Title and Escrow (TFTE) is the subject of a cease and desist order for fraudulently using the identity of a legitimate Idaho entity to promote unlawful escrow activity by altering a copy of the Certificate of Assumed Business Name filed by First American Title Company, Inc.

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Anshoo Sethi, 30, Chicago, Illinois, a property developer, was indicted on federal charges for allegedly exploiting a U.S. visa program to fraudulently raise approximately $160 million from some 290 Chinese nationals who invested in the project while seeking U.S. residency.

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Brian Matthew Rich, 40, Laguna Beach, California, and Marcus Alan Avritt, 42, of Seal Beach, California, were sentenced by U.S. District Judge Robert J. Conrad, Jr. to prison for their roles involving computer theft from a nation-wide online mortgage broker.  Rich and Avritt avoided paying the victim company an estimated $745,152 for the stolen mortgage leads.

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Daniela Spiridon, 43, St. Charles, Missouri, was sentenced to 78 months in prison involving a real estate scheme related to the purchase and sale of REO properties. In addition to the prison sentence, she was also ordered to pay $2,499,988 restitution and a fine of $5,000.

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John Paul Donico, 65, Erie, Pennsylvania, is the subject of an eight-count indictment for his alleged role in fraudulently obtaining $350,000 from a construction company by promising to obtain financing, which he never obtained.

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Richard Hollern, 39, Grand Ledge, Michigan pled guilty before U.S. District Judge Robert Holmes Bell to a conspiracy to commit bank fraud in connection with his ownership in CDC Investments.

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Stanley M. Paulic, 41, Aurora, Ohio, and Steven R. Long, 45, Mather, California, were indicted on charges they defrauded approximately 60 people out of more than $6.5 million through a fraudulent Arizona real-estate development investment.

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Bonnie Lynn Recinos, aka Bonnie Farr, 54, Mesa, Arizona, pleaded guilty to conspiracy to commit mail and wire fraud for her role in soliciting investors in various real estate projects then misappropriating their funds for her personal use.

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James Monahan, 44, New York, New York, owner of real estate investment company Panam Management Group, Inc., and a former sergeant in the New York City Police Department, was sentenced to 58 months in prison for obtaining approximately $4.7 million from investors for a real estate development project he claimed to be constructing and then misappropriated those funds. The real estate project was never developed and investors lost all of their money.

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Jonathan Lee Oliver, 41, Missoula, Montana, was sentenced to 100 months in prison for diverting construction funds he received from investors in eastern Montana and North Dakota, and using the money for himself.
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