August 16, 2011
PENNSYLVANIA Guv's energetic reply The Corbett administration has defended its policies on renewable energy and conservation, and denied that it is putting aside those efforts in favor of Pennsylvania's booming natural-gas industry. The administration made the statements in response to a Pittsburgh Post-Gazette story that said that the administration is stripping employees from renewable-energy and conservation programs. Patrick Henderson, Gov. Corbett's energy czar, said that the Office of Energy and Technology Deployment in the state Department of Environmental Protection was renamed, not disbanded, and that the Guaranteed Energy Savings Act program, which helps school districts and local governments invest in energy conservation projects, was under review.
April 10, 2012 |
At his sentencing Tuesday, a federal prosecutor said Robert Stinson, Jr. had a three-decade long career as a "cunning and deadly" con man. U.S. District Judge Michael M. Baylson entenced the five-time fraudster to more than 33 years in federal prison. Authorities said Stinson, 57, bilked at least 263 investors out of more than $14 million in a Ponzi scheme that was shut down by Securities & Exchange Commission in 2010. Stinson's scheme collapsed in June 2010 when law enforcement officials raided the Philadelphia offices of his company, Life's Good, Inc., which Stinson started in 2006.
May 24, 2008 |
Pennsylvania's attorney general yesterday filed a consumer-protection lawsuit in Berks County against the alleged perpetrators of a mortgage and investment scheme that cost 800 consumers nearly $40 million before it collapsed last year. Attorney General Tom Corbett's 88-page complaint in the Berks County Court of Common Pleas is at least the fourth lawsuit seeking restitution for victims of Wesley A. Snyder and his Berks County companies. Other lawsuits in federal and state court are trying to tap 21 banks that lent money through Snyder's mortgage brokerage, including some of the nation's largest, for restitution.
November 17, 2009 |
The Securities and Exchange Commission yesterday charged two Philadelphia residents and their Bala Cynwyd company in a $30 million Ponzi scheme that purported to raise money for environmentally friendly businesses. The SEC's civil lawsuit, filed in Denver, says Troy Wragg, 28, and Amanda Knorr, 26, cofounders of Mantria Corp., made bogus claims and falsely promised enormous returns from the development of residential housing in rural Tennessee and from the production of a charcoal substitute known as biochar.
January 28, 2009 |
Joseph S. Forte, who in September told investors he had grown their money to $154 million, but now stands accused of running a Ponzi scheme, appeared alone in federal court yesterday because he has no money for a lawyer. "I'm trying to raise the money," Forte told Magistrate Judge Faith Angell. She granted him a one-week continuance, pushing the preliminary hearing back to Monday. Before the hearing, Forte, 53, who has a stubbly salt-and-pepper beard, hair of the same color, and small, dark eyes, leaned forward on a courtroom bench with his hands together as if in prayer and his thumbs under his chin.
December 22, 2012 |
NEW YORK - The brother of imprisoned financier Bernard Madoff was sentenced Thursday to 10 years in prison for crimes committed in the shadow of his sibling. Peter Madoff, 67, agreed to serve the time in prison when he pleaded guilty in June to conspiracy and falsifying the books and records of an investment adviser. About 40 of the thousands of investors who lost $20 billion they invested with the family's investment business wrote victim impact statements submitted to U.S. District Judge Laura Taylor Swain.
March 9, 2013 |
The curious case of Istvan Merchenthaler has gotten odder still. The 42-year-old Chester County man, who allegedly stole more than $2 million from about 200 investors in a Ponzi scheme, has now been linked to 60 pipe bombs discovered Thursday in a storage locker in Malvern. The locker, at a facility on Lancaster Avenue, was rented by Merchenthaler, authorities said. The bombs were crafted out of 12-inch-long sections of PVC piping capped at both ends, officials said. They were in a foot-locker-size container.
February 12, 2012
A Bala Cynwyd man who authorities say scammed investors out of millions of dollars using a Ponzi scheme will serve more than eight years in prison. Ira J. Pressman, 64, pleaded guilty in July to fraud and money-laundering charges. He was sentenced Friday in federal court to 97 months behind bars. Pressman had run a company since 2006 that purported to buy and sell closeout and overstock merchandise. He promised annual returns of up to 100 percent, but most of the deals were fictitious, prosecutors said.
April 6, 2011
Ward Onsa, owner of New Century Investment Management L.L.C. in Southampton, Bucks County, operated a Ponzi scheme that defrauded investors of at least $2.2 million from March 2005 through Sept. 2010, according to a complaint filed Tuesday in U.S. District Court in Philadelphia by the Commodities Futures Trading Commission. Onsa also faces criminal charges in federal court for the Eastern District of New York. Prosecutors alleged securities and wire fraud starting in May 2004.