$100 Million Fraud Scheme
August 26, 2011
Five men who defrauded the elderly and others out of their life savings are now behind bars.
Mollie Halpern: Five men who defrauded the elderly and others out of their life savings are now behind bars.
Sherri Onks: You cannot lie to people to get their money, and that is exactly what they did.
Halpern: I’m Mollie Halpern of the FBI, and you’re listening to Gotcha. Conspirators at A&O Resource Management Ltd, a life settlement company, lied to investors about the safety of their funds. Special Agent Sherri Onks…
Onks: They essentially marketed the product as a guaranteed, no risk investment which there isn’t an investment out there that is guaranteed with no risk.
Halpern: About 800 people across the U.S. and Canada were cheated out of $100 million dollars while the conspirators lived lavish lifestyles.
Onks: Very nice houses and very nice cars.
Halpern: Conspirators tried to deceive investigators by making it appear they sold the company while they were still actually running it. Investigators like Onks used recordings, sources, and other investigative tools to gather evidence that eventually landed the men in federal prison. This has been the FBI’s Closed Case of the Week.
- 03.16.2018 — FBI, This Week: Women’s History Month
- 03.08.2018 — FBI, This Week: W-2 Phishing Scams Increase During Tax Season
- 03.01.2018 — FBI, This Week: Rapid DNA Analysis Initiative
- 02.23.2018 — FBI, This Week: Global Sweep Addresses Growing Elder Fraud Threat
- 02.15.2018 — FBI, This Week: Restoring the Identities of Unknown Human Remains