FraudBaron.com

Young gets 10 years in Mobile Billboards Ponzi case

bizjournals.com | 1/11/10 | $70 million | suspect:  Michael Young

Michael L. Young has received a 10-year prison sentence for his role in the $70 million Mobile Billboards Ponzi scheme, according to a written statement issued by the office of the U.S. Attorney for the Eastern District of North Carolina.

Stanford Trial Wont Start Until Jan 2011

bizjournals.com | 12/21/09 | suspect:  R. Allen Stanford

R. Allen Stanford’s day in Houston federal court will take place in a little more than a year, according to news reports. U.S. District Judge David Hittner has decreed that Stanford’s trial on charges that he led a $7 billion fraud scheme would begin in January 2011, according to news reports.

Petters Convicted in Ponzi Scheme

detroit.fbi.gov | 12/7/09 | suspect: Tom Petters

 Tom Petters, 53, of Wayzata, Minn., was convicted of orchestrating a $3.65 billion Ponzi scheme.  Petters, who was originally indicted in December 2008, was found guilty of 10 counts of wire fraud, three counts of mail fraud, one count of conspiracy to commit mail and wire fraud, one count of conspiracy to commit money laundering and five counts of money laundering.

More News from the Petters Trial

reuters.com | 11/23/09 |

Minnesota businessman Tom Petters made a final push on Friday to convince a federal jury he was not responsible for a $3.65 billion Ponzi scheme that bankrupted his company.

Petters Cross Examined in Fraud Trial

reuters.com | 11/20/09 | suspect:  Tom Petters

Federal prosecutors on Thursday confronted Tom Petters over his claim that after he belatedly became aware of the fraud that bankrupted his company, he tried to repair the damage.

Petters Tells Fraud Trial Jury He ‘Ran too Fast’ With Business

bloomberg.com | 11/18/09 | suspect:  Tom Petters

Petters Group Worldwide LLC founder Tom Petters, charged with being the mastermind of a $3.5 billion Ponzi scheme, began testifying in his own defense at a federal fraud trial in St. Paul, Minnesota.

Two Businessmen Testify in Petters Trial

bizjournals.com | 11/16/09 | suspect:  Tom Petters

Twin Cities financier Irwin Jacobs, testifying Friday in the Tom Petters fraud trial in U.S. District Court in St. Paul, said that Petters had approached him about supplying falsified invoices that overvalued goods Petters was buying.

Madoff Personal Assets Auctioned

ap.google.com | 11/16/o9 |  suspect:  Bernard Madoff

Bernard and Ruth Madoff's belongings fetched several times their estimated values at auction Saturday for a total of about $1 million, twice as much as the auctioneers had hoped for.

U.S. Charges Madoff Programmers

online.wsj.com | 11/16/09 |  suspects:  Jerome O'Hara and George Perez

Federal prosecutors in Manhattan brought criminal charges Friday against two men for allegedly being the technological brains behind Bernard Madoff's multibillion-dollar Ponzi scheme, and suggested charges against others could follow.

Ex-Tax Expert Testifies in Petters Trial

bizjournals.com | 11/11/09 | suspect:  Tom Petters

Tom Petters siphoned millions from Petters Co. Inc. (PCI) for his personal use and filed false tax returns to hide the additional income, according to testimony presented at Petters' fraud trial on Tuesday afternoon.