Monday, 25 May 2015
Last updated 2 days ago
Oct 7 2009 | 10:00am ET
The latest Ponzi scheme isn’t a hedge fund fraud, but allegedly a defrauder of hedge funds.
According to prosecutors, a pair of scam artists took in a number of smaller hedge funds and private equity firms as part of an $80 million Ponzi scheme. Federal prosecutors in New York have charged Vance Moore II and Walter Netschi with running a fraud that promised victims it would invest their money in automatic teller machines.
According to the indictment, Netschi told investors that he placed ATMs in high-traffic retail areas. He then had the investors sign an agreement with a phony company allegedly run by Moore, which was supposed to service, process and maintain the ATMs.
The two claimed to have purchased some 4,000 ATMs, but about 90% of those were either fake or owned by other companies, prosecutors said. Meanwhile, the promised returns in excess of 20%.
Both men have been charged with wire fraud and conspiracy.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…