Texas man gets 17 years in prison after fake Disney park scam.

A man from Plano, Texas was sentenced to over 17 years in prison for wire fraud. The perpetraitor's name is Thomas W. Lucas Jr. Lucas was convicted of wire fraud and for lying to the FBI. Lucas scammed investors into believing that a new Disney theme park was being built in North Texas. "Lucas [...]

Has anything changed 10 years on from the Lehman Brothers crisis?

September 2018 marked the 10-year anniversary of the Lehman Brothers bank collapse. At the time,  was the fourth largest investment bank in America. But it had almost as much debt ($619 billion) as it had in assets ($639 billion). Dubbed, the “Lehman Weekend”, the world witnessed the largest bankruptcy in US history. It led to [...]

Marijuana investment scam gets disbarred attorney 5 years in prison.

In March 2018, a disbarred attorney was sentenced between two to five years in prison. The former Las Vegas attorney, Easton Harris convinced interested customers to invest in his company. He claimed the money would be invested in his medical marijuana company. Although he had a marijuana business registration, no actual business existed. Harris [...]

Fraud charges for jail officers’ Union Chief with a taste for luxury.

As federal agents tell it, the kickback scheme that led to the arrest of Norman Seabrook, the powerful leader of the New York City Correction Officers’ Union, was hatched one night in late 2013 in a hotel room in the Dominican Republic. According to the agents, the union president had been drinking and was [...]

Former life insurance and accident and sickness insurance agent accused of $50,000 fraud.

Rob Mangat Arrested in Vancouver Ravinderpaul Singh Mangat (a.k.a. Rob Mangat) was a registered mutual funds salesman at Sun Life in Metrotown. In 2010, he lured a Vancouver resident into investing in a “privileged investment group” that he claimed would yield high returns. The investment Mangat did not invest his client’s money into any [...]

London man arrested for fraudulent sale of worthless cryptocurrency.

Cryptocurrency has had a recent surge in popularity, piquing making many people’s interest. To profit from this interest, one man in the UK set up a scam call-center or “boiler room”, selling non-exist ant cryptocurrency to his victims. The police received nine reports of fraud, with a total value of £160,000 ($215,000). Victims stated [...]

Edwin Fujinaga and other MRI International executives accused of $1.5 billion financial fraud.

Edwin Fujinaga Fraud Edwin Fujinaga, Junzo Suzuki, and Paul Suzuki were executives of MRI International, a US-based business that began selling products in Japan in 1998. Between 2009 and 2013, the trio solicited more than $1.5 billion, mainly from Japanese residents, by promising to buy accounts receivable from medical companies at a discount, and [...]

Multi-company owner caught in $9 million investment fraud scheme.

Homero Joshua Garza is one of the most hated personalities in the cryptocurrency market. Between May 2014 and January 2016, Garza defrauded victims in connection with the procurement of virtual currency. He did this through companies he founded and operated; GAW, GAW Miners, ZenMiner, and ZenCloud. The companies sold miners and access to miners, [...]

Bitcoin investment company owner jailed for $1.23 million mass fraud scheme.

Trendon Shavers operated Bitcoin Savings and Trust (BCS&T). Shavers operated his business from his home, offering bitcoin-related investments through the internet.  Using the alias “pirateat40”, Shavers raised over 764,000 bitcoins. At the time, these were worth more than $4.5 million for his company. Using the website Bitcoin Forum, Shavers solicited investment by promising investors [...]

Cossets scam—2 convicted. Each fined 112,000 rupees.

Puneet Nanda and Rajiv Dugala formerly ran Cossets Marketing Private Limited, in the respective capacities of MD and Director. The multi-level marketing company launched in 2001, had 40 centers across India, and had enrolled 300,000 members. Investors made several complaints against the company, accusing it of large-scale fraud. Nanda and Dugala were accused of [...]