https://marketmanipulation.org/cases/technique/ponzi-schemes/ The 30 most recent enforcement records tagged ponzi schemes in the Market Manipulation library, each linked to its primary source. Tags are our classification, not the charges. en-us Fri, 04 Sep 2026 00:00:00 GMT https://marketmanipulation.org/cases/sec-mark-d-hanf-ponzi-schemes-2026/ https://marketmanipulation.org/cases/sec-mark-d-hanf-ponzi-schemes-2026/ In September 2026 the SEC announced a settlement with Mark D. Hanf and Hoai-Nam Chu Phan. The complaint alleges that Hanf and Phan raised more than $80 million from about 190 investors in two private funds and regularly used new capital for Ponzi-like payments to earlier investors, with Hanf taking over $7 million. Both consented to judgments subject to court approval and face criminal charges in a parallel case. Fri, 04 Sep 2026 00:00:00 GMT SEC ponzi-schemes https://marketmanipulation.org/cases/sec-leor-moshe-jacob-goldman-isaac-odes-ponzi-schemes-2026/ https://marketmanipulation.org/cases/sec-leor-moshe-jacob-goldman-isaac-odes-ponzi-schemes-2026/ In August 2026 the SEC charged Leor Moshe, Jacob Goldman, Isaac Odes. The complaint alleges that Moshe raised about $47 million from more than 87 investors in Orthodox Jewish communities, misappropriated over $11 million and used over $850,000 for Ponzi-like payments; Goldman and Odes are charged with unregistered brokering. Criminal charges against Moshe were announced. Thu, 13 Aug 2026 00:00:00 GMT SEC ponzi-schemes https://marketmanipulation.org/cases/cftc-goliath-ventures-inc-ponzi-schemes-2026/ https://marketmanipulation.org/cases/cftc-goliath-ventures-inc-ponzi-schemes-2026/ In August 2026 the CFTC charged Goliath Ventures, Inc. and Christopher Delgado. The complaint alleges a Ponzi scheme in which about 1,600 customers contributed at least $397 million for crypto trading that did not occur, with fictitious profits paid to existing customers. Delgado pleaded guilty in a parallel criminal case in June 2026. Tue, 11 Aug 2026 00:00:00 GMT CFTC ponzi-schemes https://marketmanipulation.org/cases/sec-goliath-ventures-inc-ponzi-schemes-2026/ https://marketmanipulation.org/cases/sec-goliath-ventures-inc-ponzi-schemes-2026/ In August 2026 the SEC charged Goliath Ventures, Inc. and Christopher A. Delgado. The complaint alleges a Ponzi scheme raising at least $425 million from over 1,300 investors in purported crypto liquidity pools, with Delgado misappropriating at least $51 million. Delgado agreed to a bifurcated settlement subject to court approval; the release does not report a settlement for the company. Tue, 11 Aug 2026 00:00:00 GMT SEC ponzi-schemes https://marketmanipulation.org/cases/sec-aras-investment-business-group-s-a-p-i-de-c-v-ponzi-schemes-2026/ https://marketmanipulation.org/cases/sec-aras-investment-business-group-s-a-p-i-de-c-v-ponzi-schemes-2026/ In July 2026 the SEC announced a judgment against Aras Investment Business Group S.A.P.I. de C.V., Armando Gutierrez Rosas and 4 others. On 13 July 2026 a final judgment was entered against Aras, its chief executive and four individuals in the Ponzi scheme and affinity fraud aimed at Mexican-American investors. Disgorgement with interest is stated only as combined per-defendant figures; the sole recorded penalty is $448,746 on Gutierrez. Fri, 24 Jul 2026 00:00:00 GMT SEC ponzi-schemes https://marketmanipulation.org/cases/cftc-north-carolina-commodity-pool-operator-ponzi-schemes-2026/ https://marketmanipulation.org/cases/cftc-north-carolina-commodity-pool-operator-ponzi-schemes-2026/ In July 2026 the CFTC charged Trevor L. Vernon and Argent Capital Management LLC. The complaint alleges that Vernon and his firm solicited over $14 million from at least 60 pool participants, lost it in trading, sent false performance reports and used new participants' money for Ponzi-like payments to hide losses; Vernon is also alleged to have made false statements under oath. Tue, 07 Jul 2026 00:00:00 GMT CFTC ponzi-schemes https://marketmanipulation.org/cases/sec-sanders-family-office-ponzi-schemes-2026/ https://marketmanipulation.org/cases/sec-sanders-family-office-ponzi-schemes-2026/ In 2026, the Securities and Exchange Commission obtained a judgment against Sanders Family Office, Margaret Sanders and Francisco J. Herrera, alleging conduct this library classifies as ponzi schemes. The release records disgorgement of $3.0 million. A parallel criminal matter is referenced in the release. Wed, 24 Jun 2026 00:00:00 GMT SEC ponzi-schemes https://marketmanipulation.org/cases/sec-santos-kidd-ponzi-schemes-2026/ https://marketmanipulation.org/cases/sec-santos-kidd-ponzi-schemes-2026/ In 2026 the SEC announced a judgment against Santos Kidd requiring $285,155.97 in disgorgement, $37,467.18 in prejudgment interest and a $285,155.97 civil penalty, a total of $607,779.12, in a case involving Ponzi-like payments in a mobile home investment scheme. Fri, 12 Jun 2026 00:00:00 GMT SEC ponzi-schemes https://marketmanipulation.org/cases/sec-nathan-fuller-ponzi-schemes-2026/ https://marketmanipulation.org/cases/sec-nathan-fuller-ponzi-schemes-2026/ In May 2026 the SEC charged Nathan Fuller. The complaint alleges that Fuller raised about $12.3 million from about 150 investors for supposed AI crypto-trading bots that did not work, misappropriated at least $6.2 million, used about $5.5 million for Ponzi-like payments and sent fake statements. Fri, 29 May 2026 00:00:00 GMT SEC ponzi-schemes https://marketmanipulation.org/cases/sec-terrence-chalk-ponzi-schemes-2026/ https://marketmanipulation.org/cases/sec-terrence-chalk-ponzi-schemes-2026/ In April 2026 the SEC announced a judgment against Terrence Chalk. On 15 April 2026 a final consent judgment was entered against Chalk, who held himself out as an adviser, ordering $1,731,423 in disgorgement and $13,079 in interest, deemed satisfied by his criminal restitution order. The complaint alleged a Ponzi-like fraud raising about $5 million from about 40 investors. Mon, 27 Apr 2026 00:00:00 GMT SEC ponzi-schemes https://marketmanipulation.org/cases/sec-voyager-pacific-capital-management-llc-ponzi-schemes-2026/ https://marketmanipulation.org/cases/sec-voyager-pacific-capital-management-llc-ponzi-schemes-2026/ In April 2026 the SEC charged Voyager Pacific Capital Management, LLC, Roger David Hardcastle and 11 others. The complaint alleges that the fund manager and three executives used more than $15 million of new investor money to pay current investors in Ponzi-like fashion between 2020 and 2024, partly to cover undisclosed transfers to entities they controlled; nine entities are relief defendants. Hardcastle and Giarmarco consented to bifurcated settlements; the claims against the others are pending. Tue, 21 Apr 2026 00:00:00 GMT SEC ponzi-schemes https://marketmanipulation.org/cases/sec-sudheesh-nambiar-ponzi-schemes-2026/ https://marketmanipulation.org/cases/sec-sudheesh-nambiar-ponzi-schemes-2026/ In April 2026 the SEC charged Sudheesh Nambiar. The complaint alleges a Ponzi-like scheme raising about $43 million from over 400 investors at promised returns of 20% to 40% while Nambiar lost about $21 million trading, supplied false statements and used new money for Ponzi-like payments, plus a separate $900,000 fund offering. Fri, 17 Apr 2026 00:00:00 GMT SEC ponzi-schemes https://marketmanipulation.org/cases/sec-titanium-capital-llc-ponzi-schemes-2026/ https://marketmanipulation.org/cases/sec-titanium-capital-llc-ponzi-schemes-2026/ In March 2026 the SEC announced final judgments against Titanium Capital LLC and founder Henry Abdo, who raised more than $5.3 million from at least 162 investors in what the SEC called a Ponzi scheme: joint and several disgorgement of $2,920,668 and $467,933 of interest, offset by $375,479 of criminal restitution. Abdo was sentenced to 168 months in prison. Mon, 30 Mar 2026 00:00:00 GMT SEC ponzi-schemes https://marketmanipulation.org/cases/sec-bin-hao-ponzi-schemes-2026/ https://marketmanipulation.org/cases/sec-bin-hao-ponzi-schemes-2026/ In 2026, the Securities and Exchange Commission obtained a judgment against Bin Hao and Qidian LLC, alleging conduct this library classifies as ponzi schemes. The release records a civil penalty of $236,451, disgorgement of $1.5 million, prejudgment interest of $475,201. Tue, 17 Mar 2026 00:00:00 GMT SEC ponzi-schemes https://marketmanipulation.org/cases/sec-joel-castellanos-ponzi-schemes-2026/ https://marketmanipulation.org/cases/sec-joel-castellanos-ponzi-schemes-2026/ In February 2026 the SEC filed a settled action against Joel Castellanos, who with about 42 sales agents sold at least $25.2 million of MJ Capital Funding securities without registering as a broker. He consented to $46,861.94 of disgorgement and $13,084.42 of interest, deemed satisfied by receiver collections, and a $150,000 penalty. Tue, 24 Feb 2026 00:00:00 GMT SEC ponzi-schemes https://marketmanipulation.org/cases/sec-marat-likhtenstein-ponzi-schemes-2026/ https://marketmanipulation.org/cases/sec-marat-likhtenstein-ponzi-schemes-2026/ In February 2026 the SEC announced a settlement with Marat Likhtenstein. Likhtenstein consented to a bifurcated settlement, with money relief to be set later, in a case alleging he raised over $4.1 million from at least 15 advisory clients with promissory notes, paying $940,000 in Ponzi-like payments and spending almost $3.2 million personally. Thu, 05 Feb 2026 00:00:00 GMT SEC ponzi-schemes https://marketmanipulation.org/cases/sec-satish-appalakutty-ponzi-schemes-2026/ https://marketmanipulation.org/cases/sec-satish-appalakutty-ponzi-schemes-2026/ In January 2026 the SEC charged Satish Appalakutty, Lorven Funds and 2 others. The complaint alleges a Ponzi-like scheme that defrauded at least 100 investors of at least $37 million from 2019 to 2024, many solicited through a Hindu temple, with fictitious investments, new money used for Ponzi-like payments and about $6.7 million taken for personal benefit and a software startup. Thu, 29 Jan 2026 00:00:00 GMT SEC ponzi-schemes https://marketmanipulation.org/cases/sec-bernardo-mendia-alcaraz-ponzi-schemes-2026/ https://marketmanipulation.org/cases/sec-bernardo-mendia-alcaraz-ponzi-schemes-2026/ In 2026 the SEC announced a final judgment against Bernardo Mendia-Alcaraz and Toltec Capital, who made Ponzi-like payments to investors, holding them liable for $2,207,524 of disgorgement and $150,866 of interest, with a $2,207,524 civil penalty on Mendia-Alcaraz. Tue, 06 Jan 2026 00:00:00 GMT SEC ponzi-schemes https://marketmanipulation.org/cases/sec-david-j-bradford-ponzi-schemes-2025/ https://marketmanipulation.org/cases/sec-david-j-bradford-ponzi-schemes-2025/ In December 2025 the SEC charged David J. Bradford and Gerardo L. Linarducci. The complaint charges Drive Planning's former chief operating officer and a former managing partner over the alleged $300 million Real Estate Acceleration Loans Ponzi scheme, saying their sales teams raised more than $130 million. Only Bradford consented to a judgment, subject to court approval, with money relief left to the court; the case against Linarducci is pending. Tue, 30 Dec 2025 00:00:00 GMT SEC ponzi-schemes https://marketmanipulation.org/cases/sec-mina-tadrus-ponzi-schemes-2025/ https://marketmanipulation.org/cases/sec-mina-tadrus-ponzi-schemes-2025/ In December 2025 the SEC announced a judgment against Mina Tadrus. On 12 December 2025 a final consent judgment was entered against Tadrus, ordering $4,070,350 in disgorgement and $72,100 in interest, deemed satisfied by the criminal restitution order, with a conduct-based injunction and officer-and-director bar. The case alleged a fund of over $5 million with $1.4 million of Ponzi-like payments. Wed, 17 Dec 2025 00:00:00 GMT SEC ponzi-schemes https://marketmanipulation.org/cases/sec-solomon-lichtenstein-ponzi-schemes-2025/ https://marketmanipulation.org/cases/sec-solomon-lichtenstein-ponzi-schemes-2025/ In November 2025 the SEC charged Solomon Lichtenstein. The complaint alleges that Lichtenstein raised about $2.7 million from over 25 investors, misappropriated about $966,000 and used about $1.1 million for Ponzi-like payments for redemptions and note interest. A parallel criminal case exists. Wed, 26 Nov 2025 00:00:00 GMT SEC ponzi-schemes https://marketmanipulation.org/cases/sec-linh-thuy-le-ponzi-schemes-2025/ https://marketmanipulation.org/cases/sec-linh-thuy-le-ponzi-schemes-2025/ In November 2025 the SEC charged Linh Thuy Le and Trong Hoang Luu. The complaint alleges that Le and Luu raised at least $26.6 million from at least 1,400 people promising 15% monthly returns, and misappropriated funds and made Ponzi-like distributions; they were criminally charged in a parallel case. Wed, 19 Nov 2025 00:00:00 GMT SEC ponzi-schemes https://marketmanipulation.org/cases/sec-marco-g-santarelli-ponzi-schemes-2025/ https://marketmanipulation.org/cases/sec-marco-g-santarelli-ponzi-schemes-2025/ In November 2025 the SEC announced a judgment against Marco G. Santarelli. Santarelli consented to a final judgment in a case alleging that his company sold unsecured high-yield notes and, from August 2023, paid investor returns from new investors' money in Ponzi-like payments; amounts of disgorgement and penalty are to be set later and he pleaded guilty in a parallel case. Wed, 19 Nov 2025 00:00:00 GMT SEC ponzi-schemes https://marketmanipulation.org/cases/sec-agridime-llc-jed-wood-ponzi-schemes-2025/ https://marketmanipulation.org/cases/sec-agridime-llc-jed-wood-ponzi-schemes-2025/ In September 2025 the SEC announced a judgment against Agridime, LLC, Jed Wood and 1 other. Final judgments of 19 September 2025 against Agridime and its two founders, in the cattle Ponzi scheme that raised at least $191 million, add up to about $108.0 million in disgorgement, $18.4 million in interest and $3.3 million in penalties (Wood $236,451, Link $3,106,957). Agridime's share is deemed satisfied by receiver collections. Tue, 30 Sep 2025 00:00:00 GMT SEC ponzi-schemes https://marketmanipulation.org/cases/sec-taino-adrian-lopez-alexander-farhang-mehr-ponzi-schemes-2025/ https://marketmanipulation.org/cases/sec-taino-adrian-lopez-alexander-farhang-mehr-ponzi-schemes-2025/ In September 2025 the SEC charged Taino Adrian Lopez, Alexander Farhang Mehr and 1 other. The complaint alleges that the founders and chief operating officer of Retail Ecommerce Ventures raised about $112 million through fraudulent offerings in eight retail brand companies and made Ponzi-like payments to investors. An officer-and-director bar is sought. Thu, 25 Sep 2025 00:00:00 GMT SEC ponzi-schemes https://marketmanipulation.org/cases/sec-justin-r-kimbrough-ponzi-schemes-2025/ https://marketmanipulation.org/cases/sec-justin-r-kimbrough-ponzi-schemes-2025/ In 2025, the Securities and Exchange Commission obtained a judgment against Justin R. Kimbrough and Prosperity Consultants, LLC, alleging conduct this library classifies as ponzi schemes. The release records disgorgement of $1.1 million, prejudgment interest of $86,883. A parallel criminal matter is referenced in the release. Wed, 17 Sep 2025 00:00:00 GMT SEC ponzi-schemes https://marketmanipulation.org/cases/sec-henry-paul-regan-jr-ponzi-schemes-2025/ https://marketmanipulation.org/cases/sec-henry-paul-regan-jr-ponzi-schemes-2025/ In September 2025 the SEC charged Henry Paul Regan, Jr.. The complaint alleges that Regan raised over $63 million from hundreds of investors through notes tied to Colombian precious metals and health insurance, and used most of it for Ponzi-like payments, commissions and transfers to foreign companies; a parallel criminal case exists. Tue, 09 Sep 2025 00:00:00 GMT SEC ponzi-schemes https://marketmanipulation.org/cases/sec-arsalan-rawjani-ponzi-schemes-2025/ https://marketmanipulation.org/cases/sec-arsalan-rawjani-ponzi-schemes-2025/ In September 2025 the SEC charged Arsalan Rawjani, Trade with Ayasa, LLC (Texas) and 2 others. The complaint alleges an affinity fraud and Ponzi scheme in the Ismaili community in North Texas, with guaranteed dividends of 3% to 5% monthly and money used for personal gain and Ponzi payments until collapse in late 2023. Mon, 08 Sep 2025 00:00:00 GMT SEC ponzi-schemes https://marketmanipulation.org/cases/sec-calvin-guess-ponzi-schemes-2025/ https://marketmanipulation.org/cases/sec-calvin-guess-ponzi-schemes-2025/ In 2025, the Securities and Exchange Commission obtained a judgment against Calvin Guess, Marcus Ligon and 5 Fruits Enterprises LLC, alleging conduct this library classifies as ponzi schemes. The release records a civil penalty of $236,451, disgorgement of $1.2 million, prejudgment interest of $253,048. Fri, 05 Sep 2025 00:00:00 GMT SEC ponzi-schemes https://marketmanipulation.org/cases/sec-daryl-f-heller-ponzi-schemes-2025/ https://marketmanipulation.org/cases/sec-daryl-f-heller-ponzi-schemes-2025/ In September 2025 the SEC charged Daryl F. Heller, Prestige Investment Group, LLC and 1 other. The complaint alleges a Ponzi scheme in which Heller and his companies raised more than $770 million from about 2,700 investors for an ATM network, paid distributions from new money and loans, and that Heller misappropriated over $185 million. A conduct-based injunction and bar are sought. Wed, 03 Sep 2025 00:00:00 GMT SEC ponzi-schemes