Top ten Ponzi schemes of 2012

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CA Mayur Joshi
CA Mayur Joshi
CA Mayur Joshi is a Forensic Accounting evangelist in India. He is the co-founder of Indiaforensic and is author of 7 books on forensic accounting, fraud investigations and money laundering.

According to the SEC data on Ponzi scheme revelations, US investors have lost nearly $1488 Million to some of the biggest ponzi schemes in USA. Here are the top ten ponzi schemes according to the amount quantified by SEC.

Name of Ponzi Player Loss in Million Dollars Summary of the Scheme Destination
Paul Burks and Rex Venture Group 600 SEC shut down a $600 million Ponzi scheme on the verge of collapse after an online marketer raised money from more than one million Internet customers through the website and the “net profits” being paid to investors were merely funds received from new investors. Nationwide
Agape World Inc 415 SEC charged four sets of siblings and other sales agents who misled investors and illegally sold securities for a Long Island-based investment firm at the center of a $415 million Ponzi scheme. Long Island
George Levin and Frank Preve  157 SEC charged two individuals who provided the biggest influx of investor funds into one of the largest-ever Ponzi schemes in South Florida. South Florida
Wayne Palmer  100 SEC halted a $100 million real estate-based Ponzi scheme operated by a Utah man and his company that bilked investors nationwide. Utah
Jim Donnan and Gregory Crabtree  80 SEC announced fraud charges against a former college football coach who teamed with an Ohio man to conduct an $80 million Ponzi scheme that included other college coaches and former players among its victims. Ohio
John Geringer  60 SEC charges a Northern California-based fund manager with running a $60 million investment fund like a Ponzi scheme and defrauding investors by touting imaginary trading profits instead of reporting the actual trading losses he incurred. North California
Mark Feathers  42 SEC shut down a $42 Million Ponzi-like scheme in which a San Jose area man promised high returns for investors in two mortgage investment funds but paid them in part with money from new investors. San Jose
Bridge Premium Finance 15.7 SEC announced fraud charges and an emergency asset freeze against a Denver-based company and Colorado residents Michael Turnock and William Sullivan II for carrying out a $15.7 million Ponzi scheme harming more than 120 investors nationwide. Denver
Ephren Taylor II  11 SEC charged a self-described “Social Capitalist” with running a Ponzi scheme that raised more than $11 million by targeting socially-conscious investors in church organizations. Nationwide

Author: Mayur Joshi

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