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Privacy Policy
How a Ponzi scheme works
in Press Releases/by IYE GlobalAt IYE Global we investigate a number of potential investments that would fall into the realm of a Ponzi scheme. In all cases, we report our findings to the relevant lawful authorities for criminal investigation and prosecution but what exactly is a Ponzi scheme and how do these schemes work?
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Another £14.5 million PONZI
in Press Releases/by IYE GlobalAnother day, another PONZI scheme
Freddy David the Managing Director of the now-defunct HBFS Wealth Management swindled his clients out of £14.5 million to fund his gambling addiction, as well as paying for his children’s school fees and exotic family holidays.
Freddy a financial adviser took the money from 55 people, many of whom were friends, in the Jewish community, some of who are now left destitute. Sums between £20,000 and £750,000 were individually invested.
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Ronaldo – Tax Case
in Press Releases/by IYE GlobalThe recent Ronaldo tax case is a very interesting study. There is no question Ronaldo was acting on the advice of his professional advisors, yet he, not his advisors is the one left with a criminal conviction, a two-year suspended jail sentence and a payment for €18.9 million (£16.8 million) to settle his tax fraud case with Spanish authorities.
Ronaldo was accused last year of not paying €14.8 million in taxes between 2011 and 2014 using a shell company in the British Virgin Islands to disguise income earned on his image rights.
Ronaldo was shown to have benefited from a British Virgin Islands (BVI) company.
This was used to receive image royalties, prior to his becoming resident in Spain, allowing him to avoid income tax on foreign income.
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Contract Fraud
in Press Releases/by IYE GlobalIYE Global’s legal team is based in Monaco. They have considerable experience of English and EU commercial law. A recent IYE Global case involved a UK transport company being contacted by a company from the USA. They claimed they were looking to expand their operation from the USA into the UK and EU and were looking for a ‘partner’ company to help them.
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When is a website not a website?
in Press Releases/by IYE GlobalWhen it’s a clone
One of our clients recently asked us to investigate an investment they were considering. Within moments we knew something was wrong as the website our client had first looked at for the ‘offer’ looked wrong. A little digging later and we realised there were literally thousands of similarly cloned websites.
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Bad Brokers or Advisers
in Press Releases/by IYE GlobalThe Wall Street Journal published an article in May about a financial adviser in Beverly Hills, California named Ray Kay who had promoted via Radio advertising a supposedly high-yield, low-risk investment. Unfortunately, the company behind the investment is now in bankruptcy and is being investigated as a Ponzi Scheme. Mr Kay himself, it turns out, was “barred from the securities industry for allegedly running a fraud, and later fined $5,000 for breaking that ban.” The challenge for investors, however, was that when he was prosecuted for those offences he was known as Raymond. L Kotrozo. Changing names is a common tactic employed by fraudsters.
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The Ponzi Scheme
in Press Releases/by IYE GlobalBackground on Ponzi Schemes
Ponzi schemes can be complex, even when they operate on a relatively small scale. They can be run by a single person or group & to keep the scam going, those behind the plan convince numerous victims that they’re investing in a legitimate fund that promises great returns. Then the scam artists take money from new “investors” and use it to pay off existing investors. But for the scam to truly work for everyone’s benefit, the orchestrators would need access to an infinite supply of new victims.
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Boiler Room Scams
in Press Releases/by IYE GlobalDespite success by the Financial Conduct Authority and Police in prosecuting Boiler room operations, the fact that such easy money can be made from these criminal acts means this type of scam is on the increase.
The scams work by presenting clients with shares or bonds, which are in fact worthless. The initial approach can be a cold-call, or it could be via advertising in newspapers, magazines or on social media, direct letters, or even seminars where an offer is made to buy or sell shares or bonds for a significant return.
These scams work well with even seasoned investors being caught out. The police recently recorded one individual who lost £6 million from such a scam. As ever, the devastation left behind for those caught out can be dreadful.
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Secret Investment Clubs
in Press Releases/by IYE GlobalThe curse of the ‘secret investment’ clubs
The IYE Global Investigators are highly experienced and long in the tooth. There’s not much in a lifetime of investigating criminal fraud that they haven’t come across. A perennial theme and one that causes untold hardship for its victims and their families are the con artists favourite, the ‘secret investment’.
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Jail Time
in Press Releases/by IYE GlobalJail Time
At IYE Global we always tell our clients that in any investigation we undertake, wherever and whenever we find evidence of criminality it is immediately reported to the relevant lawful authorities. One of our most recent cases resulted in arrests being made in both South and North America. In both cases, the individuals were working for banks.
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