Ponzi Schemes Year In Review: Volume II

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Ponzi Schemes Year In Review: Volume II

Throughout the year, the Frankowski Firm has investigated a number of Ponzi schemes. Thousands of investors have lost millions of dollars by unwittingly putting their money into Ponzi schemes all across the country. This second installment of our Year In Review summarizes many of the Ponzi schemes that have been uncovered over the past year.

Philippe Bourciquot was charged this year for his role in an alleged $3.1 million Ponzi scheme aimed at Haitian-Americans. Bourciquot made radio appearances to solicit investments by promising guaranteed monthly returns of eight percent, defrauding three hundred investors in the process.

Stephen Caputi had his sentence reduced. He had originally pleaded guilty for his part in the Scott Rothstein Ponzi scheme, admitting to posing as a TD Bank official on three different occasions to defraud investors. His five year sentence was reduced to 40 months and three years probation; his restitution was reduced from $29.1 million to $6.77 million.

Robert Cassandro received fifteen months to four years for his connection to a $11 million Ponzi scheme defrauding his own friends and relatives. He promised returns in investments in 30 single family homes he was building and pledged the houses as security for the loans.

Linda Deavers was convicted on charges pertaining to a $3.5 million Ponzi scheme aimed at Floridian investors. Her scheme operated through Angel Annie Humanitarian Trust LLC, promising massive returns from special European trading programs.

Archie Larue Evans was sentenced to seven years in prison and ordered to pay $3.7 million to his victims for his role in a Ponzi scheme run through Gold & Silver LLC that defrauded investors out of $2.5 million. Evans had persuaded church members in the Tilly Swamp Baptist Church in which he was a pastor to investor in Gold & Silver LLC, promising quarterly interest payments of between 105% and 12%. Evans carried a gun into the courthouse for his sentencing, but it was confiscated, and Evans may now face charges as a felon in possession of a firearm and for having a firearm in a federal courthouse.

If you or someone you know has lost money as a result of an investment or Ponzi scheme, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies.

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