Category Archives: Ponzi Schemes
Texas Man Indicted in Ponzi Scheme Case, Falsely Touted Connection to NBA
On April 11th, 2024, the Department of Justice (DOJ) announced that Timothy France Johnson—a man from West Texas—has been indicted by a federal grand jury on investment fraud charges. Mr. Johnson is accused of operating a multi-million Ponzi scheme that falsely touted a connection to the National Basketball Association (NBA). In reality, the investment… Read More »
Seventeen Charged By SEC in Cryptocurrency Ponzi Scheme (Florida Investors Affected)
On March 14th, 2024, the Securities and Exchange Commission (SEC) announced securities fraud charges in a massive—$300 million—Ponzi scheme case. The primary company involved in the alleged fraud scheme—CryptoFX LLC of Houston, TX—is accused of targeting investors from the Latino community. In total, the SEC estimates that 40,000 investors have been affected, including many… Read More »
SEC Charges Man With Running Miami-Based Real Estate Ponzi Scheme Targeted at Chinese-American Investors
On September 29th, 2023, the Securities and Exchange Commission (SEC) announced securities fraud charges against Bin Hao. Mr. Hao owned and controlled Qidian LLC. The SEC alleges that he fraudulently raised more than $10 million from at least 60 different investors. Mr. Hao reportedly targeted Chinese-American investors to carry out a Miami-based real estate… Read More »
Florida Investors Among those Affected By Ponzi Scheme
On September 25th, 2023, the Securities and Exchange Commission (SEC) announced securities fraud charges against Matthew Motil—a podcaster who self-labeled as “The Cash Flow King.” Mr. Motil stands accused of fraudulently raising $11 million from more than 50 different investors, including several investors in Florida. The SEC alleges that Mr. Motil was operating a… Read More »
Florida Resident Charges With Ponzi Scheme Targeted at Church Members
On July 27th, 2023, the Securities and Exchange Commission (SEC) announced securities fraud charges against a Florida resident. Brent Seaman stands accused of perpetrating a $35 million Ponzi scheme. Notably, the investment fraud scheme was targeted at members of church congregations. This type of investment fraud is sometimes referred to as “affinity fraud.” In… Read More »
SEC Charges Convicted Investment Fraud Artist in Real Estate Ponzi Scheme
On June 23rd, 2023, the Securities and Exchange Commission (SEC) announced securities fraud charges against Wilson Baston—a man previously convicted of investment fraud—for his role in an alleged real estate Ponzi scheme. A number of different investors were affected, including investors in Florida. In this article, our Miami Ponzi scheme attorney discusses the charges… Read More »
SEC Charges Florida Residents As Part Of Nearly $6 Million Ponzi Scheme
On May 4th, 2023, the Securities and Exchange Commission (SEC) announced charges in a nearly $6 million Ponzi scheme case. The federal agency alleges that Cedric Dewayne Griffin defrauded more than 100 investors out of at least $5.9 million. Notably, regulators contend that Mr. Griffin’s scheme—which used real estate as a hook—was targeted at… Read More »
SEC Takes Enforcement Action Against $20 Million South Carolina Ponzi Scheme, Investors In Florida Affected By Fraud
In April of 2023, the Securities and Exchange Commission (SEC) publicly confirmed the filing of securities fraud charges against South Carolina’s Michael J. French and two companies that he owned and controlled: MJF Holdings, LLC and MJF Capital, LLC. Mr. French is accused of using these companies to perpetuate a $20 million Ponzi scheme…. Read More »
Florida Man Sentenced To Prison For Role Ponzi Scheme Investment Fraud Scheme
According to a report from the Miami Herald, David J. Varrone, a businessman from Broward County, Florida, is headed to prison for his role in a Ponzi scheme. His wife, Sherry D. Varrone also faces sentencing for the investment fraud case later this year. Mr. Varrone stands accused of swindling more than three dozen… Read More »
SEC Charges Firm In $600 Million Real Estate Ponzi Scheme, Linked To Florida
On October 13th, 2022, the Securities and Exchange Commission (SEC) announced securities fraud charges against a New Jersey-based real estate development firm and four of its executives. The SEC alleges that more than 2,000 investors were affected by a $600 million real estate Ponzi scheme. The securities fraud scheme has links to real estate… Read More »
