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Multi-Million Dollar Ponzi Scheme: Oceanside Man Sentenced, Must Pay $3.3M In Restitution
A Long Island man has been sentenced to over three years in prison for running a yearslong Ponzi scheme and using the proceeds to pay off his gambling debts, officials announced.
John Quadrino, age 57, of Oceanside, was sentenced to 41 months behind bars and ordered to pay $3.3 million in restitution for running a million-dollar Ponzi scheme on Thursday, May 25, according to the Eastern District of New York Attorney’s Office.
Quadrino asserted to potential investors that his companies – Princess Cut Industries, Inc., Sassy Jewelry Buyers, Inc., and Golden Glitter Trading, Inc. – sold diam…
White Plains Man, Partner Sentenced For Roles In $1M Ponzi Scheme
A Westchester County man and his business partner have been sentenced for their roles in a nearly decade-long $1-million Ponzi scheme.
White Plains resident James Doyle, age 74, and Carl Carro, age 61, of Walton, Delaware, were convicted of defrauding investors in New York and throughout the nation.
On Thursday, Jan. 12, Carro was sentenced to four to eight years in prison, and Doyle was sentenced to five years probation, New York Attorney General Letitia James announced.
As part of their respective sentences, Carro and Doyle agreed to pay a total of more than $1 million in judgments …
Decomposed Body Found In Derby Home That Of Ponzi Swindler, Jeffrey Epstein Mentor
A body found in a Connecticut home during a welfare check has positively been identified as Steven Hoffenberg, a longtime mentor of Jeffrey Epstein.
Hoffenberg, the one-time owner of the New York Post and businessman who spent 18 years in prison for a $460 million Ponzi scheme, was found in the New Haven County home around 8 p.m. on Tuesday, Aug. 23, in the city of Derby.
According to the Derby Police, the medical examiner's office confirmed on Friday, Aug. 26, that the badly decomposed body was that of Hoffenberg.
An initial autopsy did not find signs of trauma on the body, the…
Feds: Ponzi Schemer Funded House, Car, More With $6.8M From Investors In NJ, Elsewhere
New Jersey residents were among more than two dozen victims who lost a combined $6.8 million to a North Carolina con man running a Ponzi scheme, federal authorities charged.
David Schamens, 64, of Greensboro, NC, promised annual return rates of 12% to 30% when he began soliciting investments in 2014 in Secaucus-based TradeStream Analytics LTD, as well as in other entities with names such as TD Trading LLC, TFG Trading LLC, and Tradedesk Financial Group Inc., U.S. Attorney Philip R. Sellinger said.
He then launched Tradestream Algo Fund, an algorithm-based trading pool that he clai…
Hudson Valley Man Convicted For Running Multimillion-Dollar Ponzi, Embezzlement Schemes
A Hudson Valley man has been convicted for operating a multimillion-dollar investment club that was actually a Ponzi scheme.
Rockland County resident Ruless Pierre, age 51, of Nanuet, was convicted in Manhattan federal court of securities fraud, wire fraud, and structuring charges on Thursday, May 27.
According to the allegations contained in the complaint, indictment, and the evidence presented at trial:
From at least November 2016 through October 2019, Pierre solicited money from investors of Ruless Pierre Consulting Group by falsely promising them that he would earn a 20 percent return…
Owner, CEO Of Manhattan Investment Fund Among Trio Indicted For $1.8B Ponzi-Like Scheme
A man who was the head of a Manhattan investment fund was arrested on Thursday and is facing securities fraud charges for his role in an alleged $1.8 billion Ponzi-like scheme that saw his company paying clients with their own money.
Long Island resident David Gentile, age 54, of Manhasset, the founder, owner, and CEO of GPB Capital Holdings, was charged with two others for scheming to defraud investors by misrepresenting the source of funds used to make monthly distribution payments to them, federal officials said.
Specifically, the three were charged with securities and wire fraud, …
Westchester Man Arrested For Role In Decade-Long $1M Ponzi Scheme
A Westchester County man was arrested this week for his role in a near decade-long Ponzi scheme that defrauded investors in New York and other parts of the country out of more than $1 million.
White Plains resident James Doyle, 72, and Carl Carro, 59, of Walton, Delaware, the purported managing directors of headhunting companies Endeavor Management Solutions and Endeavor Consultancy, have been charged in a 42-count indictment for their roles in the schema.
Specifically, the two were charged with multiple counts of money laundering, grand larceny, securities fraud, and scheme to defraud.
Ne…
Fairfield County Man Sentenced For Running $5M Ponzi Scheme
A Fairfield County man has been sentenced to 42 months in prison in connection with his years-long Ponzi scheme to defraud customers of nearly $5 million.
James T. Booth, 75, of Norwalk, was sentenced in Manhattan Federal Court on Tuesday, Nov. 17, Audrey Strauss, the Acting U.S. Attorney for the Southern District of New York said.
Booth, who ran Booth Financial Associates, pleaded guilty in October 2019 to the crimes.
According to the U.S. Attorney's Office, Booth ripped off clients of nearly $5 million through a variety of lies and misrepresentations.
“Today, James T. Booth was se…
