Trendon Shavers and Bitcoin Savings and Trust involved in first ever Bitcoin Ponzi

Trendon Shavers of McKinney, Tx., has been charged with what appears to be the first case of ponzi schemes that involves Bitcoins, otherwise known as digital currency. Bitcoins are a form of crypto-currency that is not backed by any national government. The mechanics of Bitcoins, their valuation and exchange is not fully understood by laypersons. Shavers is… Read more »

Attorney Peiffer Investigating Darrell Smith, Promoter of Energae Holdings

Securities lawyer Joe Peiffer is investigating Iowa investment professional Darrell Duane Smith and his sales of investment opportunities in Energae Holdings and iLenders. Peiffer is preparing to take action on behalf of Smith investors. Iowa financial professional Darrell Smith, a former promoter of Energae Holdings and iLenders, has been accused of violating the securities rules… Read more »

California Resident Syed Madad Accused of Fraudulent Scheme

Syed Qaisar Madad, CEO and co-owner of Technology for Telecommunication and Multimedia Inc. (TTM), was charged with operating an investment scheme in which he raised $49 million.  Madad lost part of his investors’ money in bad trades and spent millions on Ponzi-like payments and personal expenses, according to the federal prosecutors’ charges. Madad, a California… Read more »

Stockbroker Who Claimed to Trade Based on Moon Cycles Accused of Fraud

Gurudeo “Buddy” Persaud, a former broker from Orlando, Florida, has been charged with operating an astrology-based Ponzi scheme and fraudulently raising more than $1 million from at least 14 investors between July, 2007 and January, 2010. Persaud convinced his customers, including family and friends, to invest in White Elephant Trading Company, LLC, a company he… Read more »

Investment Advisor Accused of Defrauding Church, Others in Ponzi Scheme

A Dallas investment advisor has been accused of defrauding investors, including her own church, out of $2.3 million, in a fraudulent Ponzi scheme. Delsa U. Thomas, a former stockbroker, was charged by the Securities and Exchange Commission (“SEC”) with raising millions of dollars from investors in the United States and Canada through misrepresentations about the… Read more »