If six highly regulated financial institution fell for a multi-million dollar Ponzi scheme, explain to me again how you are too smart and sophisticated to fall for one.
The list of institutional investors who have fallen victim to financial scams is too long to include here, but it includes Lehman Brothers, the City of Detroit, Carnegie Mellon University, and the New York Mets.
With regulators closing in and civil lawsuits piling up, Bangaru fled to the United States in July 2005.
Unfortunately, even if every judge handed out the maximum sentence to every convicted investment fraudster prosecuted in his or her court, there would still be enough operating fraudsters to cost every investor his or her life savings many times over.
According to prosecutors in Santa Ana, California, Mahmoud Karkehabadi (aka Mike Karkeh) orchestrated a multi-million Ponzi scheme, telling prospective investors that their money would go to finance movies starring the likes of Flavor Fav and mixed martial artist Quinton “Rampage” Jackson.
This case reminds us that Ponzi scamsters often work through accountants and insurance agents because those people often have a long list of clients who have trusted them for years.
Please let the SEC know what you think of mandatory arbitration.
The wolves are out there, and their sheep suits are custom-made.
As a rule, pension funds do inadequate due diligence aimed at preventing fraud, recklessness, and incompetence.
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SEC Finds Two Alleged Oil and Gas Frauds
We’ve seen quite a few oil and gas frauds lately. Be aware that they are on the rise.