Ponzi scheme

May 30, 2008 -- SAN DIEGO -- California Attorney General Edmund G. Brown Jr. today announced that Theodore Swain, 60, was sentenced this morning to 24 years in state prison for running a $7 million Ponzi scheme that ripped off 100 investors in Southern California.

“This is the fourth time Swain has been caught ripping people off with his worthless investment schemes,” Attorney General Brown said. “Most recently, he convinced 99 consumers, including a doctor, lawyer and aerospace engineer, to invest tens of thousands of dollars in property which does not exist."

Today, the Honorable Judge Charles Gill sentenced Theodore Swain to 24 years in state prison and ordered him to pay $6.7 million in victim restitution.    » read more »

Recovers More Than $3.2 Million; Company Operated as a Ponzi Scheme

BALTIMORE, MD (December 13, 2007) - Maryland Attorney General Douglas F. Gansler announced today that the Securities Commissioner has reached a settlement with First Cash Express, Inc. and its owner Alvin Ambrose. The Commissioner found that First Cash Express and Ambrose violated the antifraud provisions of the Maryland Securities Act by misrepresenting the company’s history and legal status, and failing to explain the risks associated with an investment in First Cash Express, Inc.    » read more »

November 5, 2007 -- Lee Cash and Joey O’Kelly pled guilty today to charges arising out of a Ponzi scheme operated by the two men that focused on defrauding elderly individuals who thought they were purchasing insurance policies and securities. The two men entered guilty pleas before Judge Horace Johnson today in Walton Superior Court after charges were brought by Attorney General Thurbert Baker and Alcovy District Attorney Ken Wynne.    » read more »