Fomer Accountant Admits to Money Laundering

According to this article in philly.com Phillip D'Hedouville, a former financial account manager, has admitted to stealign roughly $1.2 million by keeping clients' money that were promised to be invested in the stock market.

Prosecutors said that the scheme operated from August 2006 to January 2008, and Phillip now faces up to 30 years in prison as he pleaded guilty in federal court to charges of mail fraud and money laundering.

Share this article with your social network, just click below to share now!

Share |

Sky Captial Charged for Fraud

According to the New York Times, Sky Capital employees were charged after involving themselves in a $140 million in a fraud scheme taking place between the US and Britain. Other charges included securities, wire and mail fraud. There was $61 million raised from investors between 2002 and 2006. Charges were filed against founder and chief executive Ross Mandell and five others. Read the full story here.

Share this article with your social network, just click below to share now!

Share |

Bank Execs Indicted in Ramsey Town Center Scam

The StarTribune reports that according to an indictment handed out on Wednesday, millions of dollars that lenders thought were going into the Ramsey Town Center project actually went to bank executives who used the money for their own use.

The original project was started nearly a decade ago, and it seems as if the project is nowhere near finished yet. The three defendants named in the indictment face charges of conspiracy, bank fraud, mail fraud, misapplication of bank funds, and money laundering.

Share this article with your social network, just click below to share now!

Share |

Scott Luster sentenced for fraud

Scott Luster, owner of Rate Search Inc, was sentenced six years in prison for mail fraud charges. In addition to defrauding his customers, he failed to pay taxes on $800,000. Read the full story at Fox News Kansas City.

Share this article with your social network, just click below to share now!

Share |

Cosmo fraud amounts increase

According to Bloomberg, Nicholas Cosmo swindled investors out of more money than originally believed. Up from $370 million, investigators found out that he defrauded investors around the world from $413 million. Investors came from many countries such as Hong Kong, Germany and Brazil. He has been in jail since January 26, when he was arrested on federal mail charges.

Share this article with your social network, just click below to share now!

Share |

Illinois Businessman Admits to an Investment Scheme

This article in the Chicago Tribune reports that John Hoole of Marion has pleaded guilty to federal charges of money laundering and mail fraud in U.S. District Court in Benton.
Hoole was accused of using investors’ money to pay back other investors and for personal expenses as well.

He faces up to $250,000 in fines and up to 30 years in prison.

Share this article with your social network, just click below to share now!

Share |

Investment Managers Gets 10 Years in Federal Prison for Money Laundering Charges

According to this post on Business Journal, investment advisor Charles Wesley Rhodes has been sentenced to 10 years in federal prison after pleading guilty to mail fraud and money laundering.

Rhodes raised more than $20 million from investors, but instead of buying stocks and bonds as requested by the investors, he used it for his own personal gain. Some of the companies Rhodes ran were Professional Practice Planning Services Inc., Resource Transactions Inc., Rhodes Econometrics Inc. and the Rhodes Co.

Share this article with your social network, just click below to share now!

Share |

Tampa Tribune employee diverts funds

Charles Wilson and his wife used a fictitious collection agency to collect advertisers debt for the Tampa Tribune. As the credit manager for the newspaper, he collected over $1 million in debts over 10 years by diverting the funds to his account. He and his wife were charged with conspiracy to commit mail fraud. Forbes has more on this story.

Share this article with your social network, just click below to share now!

Share |

Joseph Forte charged with mail fraud

Joseph Forte, the operator of a Ponzi scheme, was charged with mail fraud yesterday by the Security and Exchange Commission. He could face up to 20 years in prison.

He operated his Ponzi scheme by the system mailing quarterly investment reports as the primary method for misrepresenting his trade performance to individual investors.

For more information, read the Philadelphia Business Journal.

Share this article with your social network, just click below to share now!

Share |

Florida man sentenced for conspiring to commit fraud

Graham Kligerman, a resident of Clearwater, Florida, received a jail sentence of 10 years for conspiracy to commit bank, mail and wire fraud. In January of 2004, he began involvement in mortgage forclosure rescue fraud.

In the scheme, more than 50 homeowners facing foreclosure sold their homes to straw purchasers with the expectation that they would lease the homes back to the original homeowners, a release from the Department of Justice said.

These straw purchasers received loans under the pretense that they would purchase the homes from the original homeowners. Instead, they borrowed more money than the first mortgage and delivered the homes’ equity to others involved in the conspiracy, the release said.

Read more here.

Share this article with your social network, just click below to share now!

Share |

Former judge sits on the other side of the bench

A former Pennsylvania state court judge is sitting on the other side of the bench this month, facing charges of six counts of money laundering and three counts of mail fraud. In 2007, Michael Joyce was forced to retire from his position after a grand jury indictment for falsely claiming back and neck pain to receive insurance money. He collected $440,000 from a two car accident, then used the money to purchase a new motorcycle, hot tub, and make down payments on a new house and an airplane. Read more here at the IFB Web News. Joyce faces up to twenty years for each mail fraud charge, 10 years for each money laundering charge and a maximum fine of $250,000.

Share this article with your social network, just click below to share now!

Share |

Couple sentenced in mail fraud case

A couple who took $1.57 million from investors was charged Tuesday in Clifton Park, New York. The husband, Steven O’Brien, received 41 months in prison and the wife, Jeanne, received five years of probation and 24 months of house confinement as sentences. A report in Albany’s Times Union reports the story here. They were charged with one count each of mail fraud. Prosecutors believe they will never be able to reimburse the 20 victims fully, but they must pay $200 a month of 10% of their income due to the fact that they have no assets for authorities to seize.

Share this article with your social network, just click below to share now!

Share |

Man arrested with charges of mail fraud

The Press Republican reports that a Canadian man with federal mail charges was arrested on Wednesday at a US/Canadian border stop. A warrant that was issued for his arrest on charges dealing with an embezzlement scheme worth $33 million. His arrest was a direct result of Customs and Border police running his name. He was sent back to Pennsylvania where his charges are pending.

Share this article with your social network, just click below to share now!

Share |

Hollinger International Executive Convicted

In a recent story at MSNBC, they give details on the recent conviction of ex-media head Conrad Black. He was found guilty of three counts of mail fraud, and one count of obstruction of justice. The jury found him guilty of stealing $3.5 million from share holders. Overlooked during the convictions were nine other charges which had to deal with things from tax fraud to racketeering. He was once the an executive at Hollinger International, which was known for publishing community news papers including the Chicago Sun Times, the Daily Telegraph in London, and the Jerusalem Post in Israel.

Share this article with your social network, just click below to share now!

Share |