Archives For Ponzi Scheme

Michael John Mangan, 43, owner of multiple Minnesota-based businesses, has been indicted and charged with four counts of wire fraud and three counts of mail fraud for allegedly stealing over $1 million of real estate investment funds and loans.

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Fred Davis Clark, Jr., a/k/a Dave Clark, 56, and Cristal R. Clark, a/k/a Cristal R. Coleman, 41, both formerly of Monroe County, Florida, were charged in a superseding indictment with conspiracy to commit bank fraud and multiple counts of bank fraud, in connection with a $300 million fraud scheme involving the sale of vacation real estate units to approximately 1,400 investors in the Florida Keys and elsewhere.

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Christopher Jackson, 46, Elk Grove, California, was sentenced to 30 years in prison; Michael Bolden, 60, Sacramento, California, was sentenced to 20 years in prison; and Victor Alvarado, 53, Sacramento, was sentenced to 10 years in prison for their roles in the Diversified Management Consultants real estate Ponzi scheme. .

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Robert Timothy Koger, 48, formerly of Oakton, Virginia, the president of an international brokerage firm, was sentenced to 11 years in prison for conducting a wide-ranging set of fraud schemes involving the sale of several properties. Koger located legitimate buyers at fair market price, then he recruited straw buyers with whom he arranged the sale for considerably less than the legitimate buyers in exchange for a kickback when the straw sold the property to the legitimate buyer.

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Aldo Joseph Baccala, Petaluma, California, who ran a Ponzi scheme that defrauded victims more than $17 million, was sentenced to 20 years in state prison and ordered to pay a fine of $6.4 million at a hearing in Sonoma County, California.

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Martin A. Pool, 44, Atlanta, Georgia, and Armand R. Franquelin, 57, Liberty, Utah, pleaded guilty to securities fraud and money laundering in U.S. District Court in Salt Lake City, Utah. The defendants admitted persuading investors to direct funds to their company, The Elva Group, in return for promissory notes with a promise of monthly interest payments at annual rates between 8 percent and 20 percent.

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Randy Poulson, 42, Woolwich Township, New Jersey, the owner and operator of Equity Capital Investments LLC, is charged with allegedly scamming distressed homeowners into giving him their houses and then soliciting fake real estate investments from private investors, secured by those same properties, that netted him more than $3 million in illicit profits.

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Abbe Edelman, 50, Livingston, New Jersey, was arrested at his home by federal law enforcement officers on charges that he allegedly ran a real estate investment scheme that bilked victims out of $4 million.

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Adam J. Manson, 42, Old Westbury, New York, pleaded guilty to conspiracy to commit securities fraud for engaging in a $96 million Ponzi scheme with co-defendant and former investment fund manager Brian R. Callahan.  The defendants diverted millions of dollars of investor funds towards the Panoramic View, an unprofitable 117-unit beachfront resort and residence development.

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Henry Thomas Hammond, 57, Ponte Vedra Beach, Florida, formerly of Liberty, Missouri, has been indicted by a federal grand jury for a $6.2 million series of investment fraud schemes.  The defendant allegedly promised real estate investors an exorbitant rate of return, but instead, deposited investors’ funds into his personal bank account to make vacation home payments, and for elaborate hunting excursions

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