Prosecutors Bring Charges Over Massive Ponzi Scheme
The post Prosecutors Bring Charges Over Massive Ponzi Scheme appeared on BitcoinEthereumNews.com. A police mug shot of Italian-born American swindler Charles Ponzi (1882 – 1949) after his arrest for forgery under the name of Charles Bianchi, Montreal, Canada, 1909. Ponzi later served 14 years in jail in the US after the collapse of his fraudulent investment scheme, whereby early investors were paid from the investments of later investors. Such frauds have since been known as Ponzi schemes. (Photo by Pictorial Parade/Archive Photos/Getty Images) Getty Images Prosecutors in the U.S. Attorney’s Office for the Southern District of New York have brought conspiracy, securities fraud, wire fraud and other charges against Paul Regan alleging he masterminded a Ponzi investment scheme that scammed more than 330 investors out of more than $63 million. In addition to these criminal charges the SEC also filed civil securities fraud charges against Regan related to the same activities. Regan sold his phony investments through his companies Next Level Holdings LLC, Yield Wealth Ltd and Yield Capital Management. Among the products he sold were The Super High-Yield Term Deposit LP and the Mega High-Yield Term Deposit LP Super High- Yield Term Deposit LP was a limited partnership that purported to offer investors fully insured deposits with annual percentage yields of up to 14 percent. The Mega High-Yield Term Deposit was represented to be a private fund offering investors insured term deposits with annual percentage yields of up to 14% He claimed that the term deposits and limited partnership interests would provide guaranteed annual returns as high as 14% for three-to-ten-year terms. The basis for these payments he claimed would come from profits generated by the purchase and sale of unrefined, Columbian sourced precious metals as well as term deposits that generated profits by investing in health insurance policies purportedly issued under the Affordable Care Act and guaranteed by the federal…
The post Prosecutors Bring Charges Over Massive Ponzi Scheme appeared on BitcoinEthereumNews.com.
A police mug shot of Italian-born American swindler Charles Ponzi (1882 – 1949) after his arrest for forgery under the name of Charles Bianchi, Montreal, Canada, 1909. Ponzi later served 14 years in jail in the US after the collapse of his fraudulent investment scheme, whereby early investors were paid from the investments of later investors. Such frauds have since been known as Ponzi schemes. (Photo by Pictorial Parade/Archive Photos/Getty Images) Getty Images Prosecutors in the U.S. Attorney’s Office for the Southern District of New York have brought conspiracy, securities fraud, wire fraud and other charges against Paul Regan alleging he masterminded a Ponzi investment scheme that scammed more than 330 investors out of more than $63 million. In addition to these criminal charges the SEC also filed civil securities fraud charges against Regan related to the same activities. Regan sold his phony investments through his companies Next Level Holdings LLC, Yield Wealth Ltd and Yield Capital Management. Among the products he sold were The Super High-Yield Term Deposit LP and the Mega High-Yield Term Deposit LP Super High- Yield Term Deposit LP was a limited partnership that purported to offer investors fully insured deposits with annual percentage yields of up to 14 percent. The Mega High-Yield Term Deposit was represented to be a private fund offering investors insured term deposits with annual percentage yields of up to 14% He claimed that the term deposits and limited partnership interests would provide guaranteed annual returns as high as 14% for three-to-ten-year terms. The basis for these payments he claimed would come from profits generated by the purchase and sale of unrefined, Columbian sourced precious metals as well as term deposits that generated profits by investing in health insurance policies purportedly issued under the Affordable Care Act and guaranteed by the federal…
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