Additional Ponzi Scheme Discovery
The Ponzi Tracker “….. takeaway from the data was that over 25% of the uncovered Ponzi schemes had a significant nexus to cryptocurrencies, many of which touted purported high returns from digital asset trading. Perhaps unsurprisingly, these schemes were more likely to have a worldwide reach and accordingly involved significant sums of money. Indeed, despite comprising approximately 25% of the discovered schemes in 2022, the total investor funds at risk in those crypto-related schemes was nearly $3 billion – over half of the total $5 billion for the 57 schemes busted in 2022. Given the swoon in cryptocurrency prices that began in mid-2022 as well as the continuing regulatory scrutiny, it may not be surprising to see this trend continue into 2023.”
>> Read the full story and view the database of alleged Ponzi scheme discoveries here.
“Below is a summary of Ponzi scheme activity reported for March 2023. This month revealed at least 13 new Ponzi schemes, 5 guilty pleas and over 30 years of new prison sentences. The average age for the alleged Ponzi schemers was approximately 48.”
- Matthew Beasley, 50
- Wynn Charlesbois
- Ryan Crawford aka Brody, 30, of Florida
- Garrett Elder, 30, of Alaska
- Yossi Engel, 35, was indicted on charges that he ran a $47 million Ponzi scheme that defrauded mostly Orthodox Jews.
- John Erasmus Frimpong, 42
- Daniel Eric Jay, 46
- Min Woo Kang aka Kevin Kang, of Florida
- Gregory D. Lone, 55
- Aaron Cain McKnight, 48, and his entities, BPM Global Investments LLC and BPM Asset Management LLC
- Franklin Ray, 51, of Michigan
- Pablo Renato Rodriguez pleaded guilty to charges relating to a crypto Ponzi scheme run through AirBit Club.
- David Schamens, 65, of North Carolina
- Noel Strachan, of Florida
- David J. Varrone, 56
- Stephen Keith Woodard, Sr., of Hawaii
- John J. Woods, 58, of Georgia
The above list is from March 2023 Ponzi Scheme Roundup posted by Kathy Bazoian Phelps, Senior Counsel in Ponzi Scheme Litigation and Bankruptcy Matters. Full details on these Ponzi’s can be found here https://theponzibook.blogspot.com