Ponzi Scheme

Thai police have just exposed a pyramid scheme ring containing 18 people, among which includes 3 famous Thai celebrities.

Horst Jicha, accused of running the $150 million USI Tech Ponzi scheme, escaped house arrest after his ankle monitor failed. Authorities are conducting a manhunt, fearing he fled with illicit funds.

Police officers are looking high and low for German national Horst Jicha, after he performed a disappearing act when his ankle tag was found at his New York City residence, but him nowhere to be found.

David Kagel, 86, received five years of probation and nearly $14 million in restitution for his role in a crypto Ponzi scheme. From 2017 to 2022, he and his accomplices defrauded investors with a fake crypto trading bot, amassing millions. The case shows digital financial crimes are not limited to the young or tech-savvy.

An 86-year-old former California attorney has just been sentenced guilty to fraud. But he won't be sentenced to jail due to his old age and current health conditions.

David Carmona, the founder of the Icomtech cryptocurrency Ponzi scheme, was sentenced to more than 10 years in prison for deceiving investors with false profits promises.

Chen Wei, 43, was recently sentenced to four years in jail and fined $6,000 for his involvement in a cryptocurrency investment scam that defrauded victims of $1.1 million.

Yang Bin, former Forbes-ranked second-richest man in China, was sentenced to six years in prison in Singapore on 26 August for running a crypto Ponzi scheme that caused over $5 million in losses.

The SEC has accused the two brothers of using investor money to fund lavish lifestyles, including the purchase of cars and a multimillion-dollar condominium.

The "Operation Fox Hunt" working group of the Ministry of Public Security of China successfully extradited Zhang Moumou, a major economic crime suspect suspected of organizing and leading pyramid schemes, back to China from Thailand. This case is the first economic crime suspect extradited by China from Thailand after the China-Thailand Extradition Treaty came into effect in 1999.