Ponzi Schemes Year In Review: Volume I

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Ponzi Schemes Year In Review: Volume I

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 Year In Review summarizes many of the Ponzi schemes that have been uncovered over the past year.

Monterey, California financial talk show how, Barbra Alexander, was sentenced this year to nine years in prison for her involvement in an $8 million scheme that conned 49 investors out of an estimated $6.3 million. Alexander and Michael Swanson ran APS Funding, which represented that it would provide 12% returns on short-term loans for real estate purchasers.

Jon Anderton was found guilty of contributing to a Ponzi scheme that conned three Hawaiian investors out of $1.2 million dollars.

Bar-K Inc. was accused a representing that it would loan investors’ funds to home buyers and developers and then pay dividends to investors from the loan proceeds while actually operating a Ponzi scheme that defrauded 1,500 Bay Area California residents out of $700 million.

Ron Battistella pleaded no contest to charges arising out of a $1.3 million Ponzi scheme that promised 10% annual returns. Battistella operated a car dealership and promised investors that their investments were backed by the cars in his showroom.

Ex-Lieutenant David Benjamin was found guilty for his participation in the Scott Rothstein Ponzi scheme and was sentenced to five years in prison. Benjamin received an estimated $180,000 for helping Rothstein by having a second lawyer’s ex-wife arrested falsely to gain an advantage in a child custody fight.

Charles B. Blackwelder and his daughter, Cara Lynne Grumme were arrested and charged with operating a $23 million Ponzi scheme, which enticed investors to purchase shares in residential and commercial rental properties and was run through CFS LLC. The scheme defrauded more than three hundred elderly citizens in Indiana.

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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