EquiAlt Real Estate Securities Ponzi Scheme Class Action

The sales agents were unlicensed, the securities were unregistered, the investors were not accredited, and the investors’ money did not go where they thought it would go: This was EquiAlt and its Ponzi scheme, says the complaint for this class action. The first defendant is Paul Wassgren, who was a partner, at different times, at  Read more

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Bank of America, Citizens Bank Accused in Class Action of Facilitating Ponzi Scheme

This class action concerns a “decade-long” Ponzi scheme that the complaint says was run out of more than a hundred accounts at Bank of America, NA and roughly twenty accounts at Citizens Bank, NA. The complaint names the banks, along with a group of individuals, as being responsible for investor losses, as the banks allegedly  Read more

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Zions Bank Should Have Stopped Silver Ponzi Scheme, Says Class Action

This class action sues Zions Bancorporation for the failure to act of Zions Bank, one of its divisions. The complaint’s allegation is that others operated a Ponzi scheme, and that the bank was negligent in failing to detect the scheme and take action against it.  Read more

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Zions Bancorporation Fails to Spot Ponzi Scheme Class Action

When investors put money into an enterprise, how do they know that it’s being used as claimed? The complaint for this class action claims that the Silver Pool supposedly run by Gaylen Rust was a Ponzi scheme with no reality to it. However, the defendant in the case is not Rust but Zions Bancorporation, which  Read more

Zions Bank Sign

UDF III Fake Distributions and Investment Fraud Class Action

This class action concerns investment offerings known as United Development Funding (UDF), and specifically UDF III. The complaint alleges that the defendants made false statements about UDF III’s success to induce people to invest or to invest more. It backed up the false statements by distributions—which, according to the complaint, were not in fact earnings  Read more

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People’s United Jay Peak Ski Resort Ponzi Scheme Class Action

Investors bring this class action against companies they believed would build a Jay Peak Ski Resort in Vermont—People’s United Financial, Inc. and People’s United Bank. But according to the complaint, the money they put up went to an alleged Ponzi scheme, finally uncovered in a two-year investigation by the Securities and Exchange Commission (SEC).  Read more

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Tower Financial Corp. and Jeffrey Epstein Ponzi Scheme Class Action

The complaint for this class action alleges that a Ponzi scheme built around Towers Financial Corporation (TFC) took millions of dollars from over 200,000 investors between the late 1980s and the mid-1990s. One of the parties to this scheme, Steven Hoffenberg, was convicted and sentenced to twenty years in prison, plus fined and required to  Read more

Word "Fraud" in Red Circle with Strikethrough

Ponzi Scheme Using Over 100 Bank of America Accounts Class Action

Did Bank of America enable a Ponzi scheme involving over a hundred Bank of America accounts? The complaint for this class action claims the scheme was created and operated by the five conspirators and the companies they set up, but it involved the use of over one hundred Bank of America accounts. The complaint claims  Read more

Keyboard with Sign, "Warning. Ponzi Scheme."

BitConnect Coin Unregistered Securities and Fraud Securities Class Action

It’s a wonder that buyers still exist for new cryptocurrrencies that show no signs of any serious underpinnings to support their claims. The complaint for this class action alleges that BitConnect coins are unregistered securities, a fraud, and a Ponzi scheme. Income from BitConnect coins is purportedly obtained through up to 40% interest per month,  Read more

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City National Bank Aiding of ATM Ponzi Scheme Class Action

Two men, Joel Barry Gillis and Edward W. Wishner, are now in prison for running NASI, a company that operated a Ponzi scheme purporting to sell ATMs to investors in return for “rentals” from ATM fees. How did they get away with it for fifteen long years? According to the complaint for this class action,  Read more