Ronald Russell was sentenced to 13 years and 4 months in state prison for running a rent-to-own real estate Ponzi scheme. Russell was also ordered to surrender his real estate license issued by the California Bureau of Real Estate.
Archives For Ponzi Scheme
Patrick J. Belzner, a/k/a Patrick McCloskey, 45, Glen Arm, Maryland, pleaded guilty to a wire fraud conspiracy, wire fraud and tax evasion. Belzer admitted advising wealthy individuals and investment advisers that in order for the McCloskey Group to obtain loans for real estate projects, the loan broker required large sums of money be deposited in an escrow bank account to show liquidity. However, the investors’ funds were removed soon after being deposited and the stolen funds to pay for their personal and business expenses, as well as to make partial repayments to earlier lenders.
Eliyahu Weinstein, 38, Lakewood, New Jersey, who was sentenced less than two months ago to 22 years in prison for running a Ponzi-style real estate scheme, was indicted by a federal grand jury on new charges of conspiracy, wire fraud, and transacting criminal proceeds while on pretrial release.
Samuel Ray Palasota, 53, Houston, Texas, has been ordered to federal prison following his convictions on multiple counts of mail and wire fraud.
John Hagener, 77, Granite Bay, California, and Dawn C. Powers, 43, Lincoln, California, separately pleaded guilty to conspiracy charges.
Laurie Schneider, 39, pleaded guilty at the federal courthouse in Central Islip, New York, to wire fraud.
Michael Stewart, 66, Phoenix, Arizona, and John Packard, 63, Long Beach, California, the owners of a now-defunct Southern California real estate investment firm were arrested for allegedly perpetrating a Ponzi scheme that ended with the bankruptcy of their company and caused private investors and banks collectively to lose well over $110 million when the scheme collapsed.
Hans Seibt, 72, Las Vegas, Nevada, was sentenced to the maximum term of ten years in prison for swindling investors in a land development scheme.
Joel Wilson, 31, Saginaw, Michigan, has been arrested for his alleged role in an extensive Michigan Ponzi scheme. the defendant allegedly defrauded at least three Michigan victims out of hundreds of thousands of dollars and has been on the lam in Europe for more than a year.
Robert Rivernider, 48, Wellington, Florida, was sentenced by U.S. District Judge Robert N. Chatigny in Hartford, Connecticut, to 144 months of imprisonment, followed by five years of supervised release, for operating two investment schemes that caused a loss of more than $25 million to individuals and lending institutions.