Fifteen Years for $35 Million Ponzi Scheme - I
December 4, 2009
It started in 1995 and came to a point in 2008. It was a Ponzi scheme and FBI Special Agent John Lyons in Philadelphia was one of the investigators after some investors thought they got ripped-off.
Mr. Schiff: It started in 1995 and came to a point in 2008. It was a Ponzi scheme and FBI Special Agent John Lyons in Philadelphia was one of the investigators after some investors thought they got ripped-off.
Mr. Lyons: "The victims of this Ponzi scheme were starting to ask for withdrawals of the money they had invested, and they were having difficulty doing that.”
Mr. Schiff: Lyons says the key to working these fraud cases is to “follow the money.” But because this scheme went on for some 13 years, bank records were hard to come by.
Mr. Lyons: "So you kind of had to go off the victim’s records as opposed to going off of subpoenaing bank records for the actual fund account and the subject’s personal bank accounts.”
Mr. Schiff: Lyons says that with the economy the way it’s been, Ponzi schemes and other financial frauds have been happening much more often, and that doesn’t help anyone.
Mr. Lyons: "People stop investing and companies can’t do well. If companies can’t do well, companies can’t employ.”
Mr. Schiff: The subject in this $35 million scam was convicted and sentenced to 15 years in prison. I’m Neal Schiff of the Bureau, and that’s the FBI’s Closed Case of the Week.”
- 12.07.2018 — FBI, This Week: High School Class Collaborates with FBI Profilers
- 11.30.2018 — FBI, This Week: The Visiting Scientist Program
- 11.28.2018 — Wanted by the FBI: Iranians Indicted for SamSam Ransomware Hacking and Extortion Scheme
- 11.27.2018 — Elder Fraud Telemarketing Scam Call Recording
- 11.21.2018 — FBI, This Week: Tribal Engagement Program Increases Participants