A man who has been in prison after being accused of orchestrating a multi-million dollar Ponzi scheme has been given a chance at freedom. A U.S. magistrate agreed to release the 49-year-old man from custody pending the completion of his Ponzi scheme fraud case. The white-collar crime case alleges that the Palm Beach Gardens man was running a fake virtual concierge scam.
This week saw a new wrinkle in the storied Madoff prosecution. According to a new indictment, the Madoff Ponzi scheme actually began in the early 1970s instead of 1992 as alleged in earlier court documents.
Prosecutors apparently reached a plea deal in a massive Ponzi scheme investigation. The deal requires the 62-year-old defendant to plead guilty to 18 criminal counts. According to guilty plea, the Ponzi scheme sold high-yield certificates of deposit to 1,200 investors.
A Ponzi scheme netted a Florida couple some $28 million in profits from 87 victims. The white collar criminal case against the wife has led to a 35 year sentence in federal prison. This despite that fact that her husband, as well as several others recently convicted in similar, larger cases received significantly less prison time. A third person is facing charges in connection with the operation, but he remains outside the country and has yet to be extradicted.
As part of the fallout of Bernie Madoff's massive Ponzi scheme, the court-appointed trustee has been trying to recoup money from a number of mutual fund and hedge fund companies that made billions off of the Ponzi scheme in order to pay back Madoff's victims.
As of recent, the media and the government have been giving a fair amount of attention to financial crimes like investment fraud. Thus, the consequences of being convicted of these crimes can be quite great. This can be seen in a recent fraud case from Florida.
As authorities put a greater focus on pursuing fraud cases, they will start to look to new places to find potential prosecutions. One such place is the internet. Prosecutors have begun to look more closely at internet companies as potential sources of fraud schemes. This is demonstrated by a recent case involving a Florida man.