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Ponzi Scheme

All articles tagged with #ponzi scheme

Kituwah Sues Emmitt Smith Over $2.5 Million Solar Loan Allegations
business1 hour ago

Kituwah Sues Emmitt Smith Over $2.5 Million Solar Loan Allegations

Kituwah LLC, the tribal investment arm of the Eastern Band of Cherokee Indians, filed a Delaware Chancery Court suit accusing Emmitt Smith, his partner David Mosley, and their company 4 13 Solutions of diverting a $2.5 million loan for a Texas solar project to an unrelated entity and not repaying it by the due date; the suit alleges misrepresentation and six causes of action, with the loan balance now over $3 million including roughly $600,000 in interest, and seeks at least $2.5 million plus costs and further relief.

via Front Office Sports|
#business#delaware-chancery-court#emmitt-smith
Atlanta CEO jailed for Georgia's largest Ponzi scheme
law-and-crime17 days ago

Atlanta CEO jailed for Georgia's largest Ponzi scheme

Todd Burkhalter, founder and CEO of Drive Planning in Atlanta, was sentenced to 20 years in prison for running what prosecutors call Georgia's largest Ponzi scheme, defrauding more than 2,000 investors of about $400 million from 2020 to 2024; funds financed an extravagant lifestyle, including a $2 million yacht and a $2.1 million Cabo San Lucas condo, with restitution exceeding $230 million; two other Drive Planning executives were also sentenced.

via upi.com|
#fraud#georgia#investors
Georgia CEO’s $380M Ponzi Scheme Ends in 20-Year Prison Sentence
business17 days ago

Georgia CEO’s $380M Ponzi Scheme Ends in 20-Year Prison Sentence

Todd Burkhalter, founder of Drive Planning LLC near Atlanta, was sentenced to 20 years in federal prison for orchestrating a $380 million Ponzi scheme that defrauded more than 2,000 investors to fund a lavish lifestyle (yachts, private jets, Cabo condo, luxury purchases). The scheme, active from 2020 to 2024, used fake collateral and real estate–backed investments (REAL and CORE Fund) to lure retirement funds and savings, with prosecutors calling it Georgia’s largest Ponzi case. Two of his executives received lighter sentences after pleading guilty or being convicted, including COO David Bradford (four years) and Julie Edwards (two years).

via New York Post|
#business#drive-planning-llc#georgia
Canadian Producer Jason Cloth Indicted in $100 Million Film-Finance Fraud
business1 month ago

Canadian Producer Jason Cloth Indicted in $100 Million Film-Finance Fraud

Canadian financier and producer Jason Cloth was indicted in Chicago on seven counts of wire fraud for allegedly diverting over $100 million from investors through Creative Wealth Media and related entities, funds used for other projects and to repay prior investors. Cloth had stepped down as co-head of C2 Motion Picture Group in 2024 amid fraud allegations and was arrested in Los Angeles; the case ties to Bron Studios’ bankruptcy and several lawsuits accusing him of shuffling investments. He faces up to 20 years in prison on each count and potential forfeiture of at least $12.25 million.

via The Hollywood Reporter|
#bron-studios#business#creative-wealth-media
Hollywood Producer Indicted in $100 Million Investment Fraud Scheme
business1 month ago

Hollywood Producer Indicted in $100 Million Investment Fraud Scheme

Hollywood producer Jason Cloth, known for Joker, was indicted in Chicago on seven counts of wire fraud for allegedly running a Ponzi-like scheme that defrauded investors of more than $100 million through Creative Wealth Media Finance Corp., using funds for other ventures including Canadian real estate and to pay back earlier investors; he was arrested in Los Angeles and faces up to 20 years per count, with at least $12.25 million in forfeiture sought.

via ABC7 Los Angeles|
#business#doj#fraud
Producer Behind Joker and Longlegs Faces $100M Ponzi Fraud Charges
legal1 month ago

Producer Behind Joker and Longlegs Faces $100M Ponzi Fraud Charges

Jason Cloth, the Beverly Hills producer behind Joker and Longlegs, has been charged in a federal $100 million Ponzi scheme involving Creative Wealth Media Finance Corp, allegedly deceiving investors with false projections and using funds for other ventures including real estate; arrested in Los Angeles, Chicago prosecutors’ indictment seeks at least $12.25 million in forfeiture, and Cloth faces seven counts of wire fraud with potential penalties up to 20 years per count.

via Deadline|
#fraud-charges#jason-cloth#joker
Joker-Linked Financier Indicted in $100 Million Ponzi Scheme
business1 month ago

Joker-Linked Financier Indicted in $100 Million Ponzi Scheme

Jason Cloth, a Hollywood financier with producing credits on Joker and Babylon, was indicted in Chicago on seven counts of wire fraud for allegedly raising about $100 million from investors and diverting it to a Canadian real estate venture instead of funding film projects; his firm Creative Wealth Media Finance had previously faced Ontario Securities Commission actions and bankruptcy in Canada, and investors have filed suits alleging he swindled funds. The indictment seeks reimbursement of $12.25 million; Cloth has faced other legal actions including a Florida judgment, and the FBI is seeking additional victims.

via Variety|
#business#film-industry#finance
Joker-Backed Producer Arrested in $100 Million Ponzi Scheme
business1 month ago

Joker-Backed Producer Arrested in $100 Million Ponzi Scheme

Hollywood producer Jason Cloth, a financier behind Joker projects and head of Creative Wealth Media, was arrested in Los Angeles on seven counts of wire fraud in a federal indictment alleging a years-long $100 million Ponzi scheme that defrauded investors by misrepresenting investment performance and diverting funds to personal ventures, including a Canadian real estate project. Prosecutors say new investor money was used to pay earlier investors; Cloth previously faced a $19.6 million Florida verdict in 2024 over a related fraud case. The indictment seeks at least $12.25 million in forfeiture and carries up to 20 years in prison per count; the FBI is probing potential victims.

via New York Post|
#business#fraud#hollywood
Ex-RHOBH Star Faces Multimillion-Dollar Ponzi Allegations
business2 months ago

Ex-RHOBH Star Faces Multimillion-Dollar Ponzi Allegations

Former RHOBH star Brendan Fitzpatrick is accused in several lawsuits of running a Ponzi-like scheme through Carbonatik, a Sri Lanka-based mining venture that allegedly promised 120% returns and fabricated documents to attract investors, with claims totaling more than $80 million; separate actions include a $74 million Greek property project and other suits, and a receiver has been appointed for Carbonatik as Fitzpatrick and his partners deny the allegations.

via New York Post|
#brendan-fitzpatrick#business#carbonatik
Orlando crypto CEO’s $328M Ponzi scheme alleged to fund lavish life and real estate
crime-and-public-safety6 months ago

Orlando crypto CEO’s $328M Ponzi scheme alleged to fund lavish life and real estate

The DOJ accuses Christopher Delgado, 34, founder/CEO of Orlando-based Goliath Ventures, of running a $328 million Ponzi scheme from 2023 to 2026 that misused investor funds—only about $1 million went into a crypto liquidity pool while the rest paid earlier investors, financing lavish events and four luxury homes in Windemere, Winter Park, Kissimmee, and Sanford; Delgado was arrested on wire fraud and money-laundering charges and had public ties to charities and local politics.

via Orlando Sentinel|
#crime-and-public-safety#cryptocurrency#money-laundering
Chinese Cryptoqueen Jailed in UK Over $6.6 Billion Bitcoin Scam
world9 months ago

Chinese Cryptoqueen Jailed in UK Over $6.6 Billion Bitcoin Scam

A Chinese woman, Zhimin Qian, was sentenced to over 11 years in the UK for running a Ponzi scheme that defrauded over 128,000 people in China, amassing 5 billion pounds in Bitcoin, and living an extravagant lifestyle in Europe. Authorities recovered 61,000 Bitcoin in the largest cryptocurrency seizure in the UK, and she was convicted of money laundering and criminal property transfer.

via AP News|
#bitcoin#cryptocurrency-seizure#fraud