FINRA
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BULLETIN: SEC Says Boston Church Scammed By Fraudster While Dual Probes Were Under Way; Federal Judge Freezes Assets Of Arnett L. Waters; A.L. Waters Capital LLC And Moneta Management LLC Also Charged
BULLETIN: Arnett Lanse Waters, 62, of Milton, Mass., was “permanently barred” on March 9 “from association with any” Financial Industry Regulatory Authority member for failing to provide testimony” in a FINRA probe, the SEC said. This ban occurred after Waters — in 1993 — was “censured and barred for two years by the New York [...]
UPDATE: JSS Tripler 2 And Associated Scams Get More Bizarre By The Day: After Purported Bout With Dengue Fever, ‘Dave’ Purportedly Gets Married; Cashouts Now Reportedly Delayed Due To Wedding And Script Glitch — As Members Encouraged To Carry Out Blog-Posting ‘Tasks’
This will be a familiar refrain to many readers of the PP Blog: In July 2010, the Blog reported that the Financial Industry Regulatory Authority (FINRA) had launched a public-awareness campaign about HYIP fraud. FINRA called the HYIP sphere a “bizarre substratum of the Internet.” Just a month earlier — in June 2010 — the [...]
Day After SEC Announces Judgments Totaling $4.2 Million Against Serial HYIP Pitchman, Another Serial Pitchman — ‘Ken Russo’ — Makes ‘I Got Paid’ Post On TalkGold For JSS Tripler/JustBeenPaid; Separately, McAfee’s ‘Site Advisor’ Declares JBP Pages ‘Dangerous’
In a 29-page court order announced yesterday by the SEC, U.S. District Judge George Caram Steeh of the Eastern District of Michigan laid out the case of willful blindness against serial HYIP pitchman Matthew John Gagnon. That case now has resulted in court-ordered judgments of more than $4.2 million against Gagnon, who also was named [...]
BULLETIN: CFTC Moves Against Alleged Texas Forex Fraudster Christopher B. Cornett; Agency Says Huckster Is Convicted Felon Once Banned By NASD; 5 International Law-Enforcement Agencies Assisted In Probe
BULLETIN: The CFTC has gone to federal court in Texas, alleging that Christopher B. Cornett of the town of Buda was operating a Forex- pool fraud and misappropriation scheme that gathered more than $14 million in phases between June 2008 and October 2011. Cornett has been charged civilly with fraud, which allegedly operated through entities [...]
ALERT! On Heels Of SEC’s Complaint Against Alleged Latvian Hacker Accused Of Manipulating Stock Prices By Hijacking Brokerage Accounts, FINRA Warns Of Plots Targeting Email Accounts
“Investors who suspect that their email account has been hacked should immediately notify their brokerage firm and other financial institutions, and anyone who suspects they have been defrauded should file a complaint with FINRA.” — Gerri Walsh, vice president for Investor Education, Financial Industry Regulatory Authority, Jan. 26, 2012 The Financial Industry Regulatory Authority (FINRA) [...]
‘DAVE’ UPDATE: JSS Tripler 2 (T2) Blocks Public Access To Forum; Purported ‘Admin’ Claims Members Distorting ‘The Facts’ As He Announces ‘Scan’ Of Member-Critics On MoneyMakerGroup; Faith Sloan Chides Legendary Huckster ‘Ken Russo’ With ‘Oopsies’
UPDATE: “Dave,” the purported “admin” of an increasingly bizarre HYIP known as JSS Tripler 2 (T2), has blocked public access to the T2 forum. T2, which purportedly was born after a meeting of Ponzi-forum minds, is using payment processors notoriously friendly to Ponzi and fraud schemes. The “program” is trading on the name of a [...]
SEC Names 3 Defendants In Alleged $16 Million Credit-Card ‘Merchant Portfolio’ Ponzi Scheme Targeted At Mormons; Records Show Schemes Within Schemes Dating Back Years
EDITOR’S NOTE: If you’re keeping a Bubba Blue notebook on how to have a Ponzi scheme as opposed to shrimp, here is an entry: an alleged “merchant portfolio” Ponzi scheme. Ponzi and fraud schemes often use impressive-sounding terminology to separate people from their money. Schemes typically mushroom to consume millions of dollars when investors — [...]
MoneyMakerGroup Ponzi Forum ‘Temporarily’ Closes ‘JustBeenPaid’ Thread After Bickering Between Former Club Asteria Pitchman And Pitchman For ‘New’ Program Trading On JustBeenPaid’s Name
We’ve mentioned it before — and we’ll mention it again. In July 2010, the Financial Industry Regulatory Authority (FINRA) described the HYIP sphere as a “bizarre substratum of the Internet.” It was as good a description as any, and here is yet another case in point: The MoneyMakerGroup Ponzi forum said today that it “temporarily” [...]
UPDATE: Club Asteria, Cherry Shares, ‘JustBeenPaid’ Promoter ’10BucksUp’ Falsely Claims PP Blog Posts As ‘ISPY’ On MoneyMakerGroup Ponzi Forum; HYIP Apologist Taunts U.S. Law Enforcement In Bizarre Post
The bizarre descent into chaos of a failing “program” that claimed to be moving to “offshore” servers and once made its participants swear they were not government spies or media lackeys has gotten stranger yet. Poster “10BucksUp,” who’s now flogging the JustBeenPaid “program,” falsely claimed on the MoneyMakerGroup Ponzi forum today that the PP Blog [...]
UPDATE: Club Asteria Pitchman And TalkGold Promoter ’10BucksUp’ Declares That Filing An AlertPay Dispute To Recover Money From Yet-Another Tanking HYIP Scheme ‘Drastic’ Measure That Will Cause ‘All’ Members To ‘Suffer’
You can’t make this stuff up . . . A Club Asteria pitchman flogging multiple HYIP schemes on the TalkGold Ponzi forum says that late-entry members of a teetering “program” known as “JustBeenPaid” are engaging in hurtful and “drastic measures” if they file disputes with AlertPay. Filing a dispute means that “all members will suffer,” [...]
UPDATE: CONSOB, Italy’s Securities Regulator, Issues New Order In Probe Related To Club Asteria; Findings And Effect Not Immediately Clear; Google Translation Software Calls CONSOB A ‘Bag’; Yahoo Calls Club A ‘Starfish’; PP Blog Awaits Official Government Translation
Dear Readers, The PP Blog became aware last night that CONSOB, Italy’s equivalent of the U.S. Securities and Exchange Commission (SEC), had issued a new order on Monday in its investigation into certain claims made online in Italy about the purported Club Asteria business “opportunity.” Club Asteria has been widely promoted online as a “passive” [...]