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21 August
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Yet Another Ponzi Scheme

Posted by Starr Austen
in Ponzi Scheme
SEC filed lawsuit against a Wyoming “Live Wealthy Institute” alleging operated a real estate investment scam conning investors out of $170 million.

The Securities and Exchange Commission (SEC) recently filed a lawsuit against a Wyoming man, Dale Tenhulzen and his limited liability company “Live Wealthy Institute” alleging that Tenhulzen and Live Wealthy operated a real estate investment scam conning investors out of $170 million.  The scam roped in over a 1,000 investors in 35 states.  Most of the investors were elderly folks who liquidated their retirement funds for the purpose of investing.  These poor victims were conned with promises of “8 to 10 percent returns” in a very “safe, stable” investment. This alleged scam has all the hallmarks of a classic Ponzi scheme.  REMEMBER: ...

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30 December
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Lowell, Indiana man strikes plea deal in ponzi-like investment scheme, records show

Posted by Starr Austen
in Ponzi Scheme
A Lowell, Indiana, man accused of bilking more than 25 people out of millions in a crooked investment scheme has entered a guilty plea in U.S. District Court, to avoid taking the case to trial, records show.

By Lauren Cross of NWItimes.com A Lowell, Indiana, man accused of bilking more than 25 people out of millions in a crooked investment scheme has entered a guilty plea in U.S. District Court, to avoid taking the case to trial, records show. Richard E. Gearhart, 69, faces up to five years in prison, three years of supervised release and a $250,000 fine, records show. If the agreement is accepted by a judge, he will also be ordered to pay restitution to his victims, though the final amount has yet to be determined. Records do not indicate if his co-defendant, George R. McKown, 66, of...

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30 September
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Amish businessman ordered to pay $5.2M in scam targeting his own community

Posted by Starr Austen
in Ponzi Scheme
Amish businessman ordered to pay $5.2M in scam targeting his own community

By James Leggate of FOXBusiness.com A man who authorities said took advantage of his Amish heritage to recruit novice investors into a fraudulent scheme has been ordered to pay $5.2 million, most of it to his clients. Indiana resident Earl Miller’s 72 investors lost more than $4.1 million when his investments failed, according to a complaint from the Securities and Exchange Commission in 2015. He had encouraged people to put their retirement savings into his fund, which he had no experience in managing, by advertising “double digit annual returns” and promising a fixed-rate return of 8 percent to 12 percent per year,...

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16 September
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NWI tied to medical-device kickback scheme, federal lawsuit states

Posted by Starr Austen
in Ponzi Scheme
A surgeon with ties to Northwest Indiana received millions of dollars from a medical-device company accused by the federal government of paying off doctors to use its products, a recently filed federal whistleblower lawsuit reveals.

By Giles Bruce of The Northwest Indiana Times A surgeon with ties to Northwest Indiana received millions of dollars from a medical-device company accused by the federal government of paying off doctors to use its products, a recently filed federal whistleblower lawsuit reveals. An Indiana surgeon identified in the civil complaint only as "Dr. A" — and who performed surgeries in Hobart, Merrillville and Munster — generated "by far" more revenue for Huntley, Illinois-based Life Spine than any other physician, including more than $22.9 million overall and roughly a quarter of sales in 2016 and 2017 alone, the lawsuit alleges. The second...

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