On May 21, the Securities and Exchange Commission (SEC) announced that it obtained a court order halting an ongoing $30 million Ponzi Scheme. The SEC complaint charged a cryptocurrency business and its principal with using investor funds to run a Ponzi Scheme. Release.
On August 13, the Serious Fraud Office (SFO) published a press release announcing that three people involved in a £10 million ponzi scheme have been convicted at Bradford Crown Court. Two other defendants were acquitted of charges of money laundering. Press Release.
The three people were trading as Gilher Inc. and targeted UK investors and ex-pats in Majorca. Mr. John Hirst had pleaded guilty to conspiracy to defraud and two counts of money laundering. Mr. Richard Pollett was found guilty of conspiracy to defraud, and Ms. Linda Hirst was found guilty of three counts of money laundering and evading a liability by deception. All individuals (excluding Mr. Pollett) had been charged in 2011.
Sentencing will take place on August 31, with confiscation and compensation proceedings to follow later.
