Copyright ©2010. The Associated Press. Copyright ©2010. The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. This material may not be published, broadcast, rewritten, or redistributed.
Three convicted of running $33M investment scheme
By The Associated Press
|
Published: October 10, 2008
Associated Press
ROCHESTER, N.Y. — Three people have been found guilty of running a Ponzi scheme that bilked more than two dozen investors in the United States — including some in Oklahoma — Germany and Costa Rica out of $33 million.
Multimedia
NewsOK Related Articles
-
Vultures circle Wall Street, but hesitate to feed
10/10/2008 NEW YORK - When financial panic sweeps Bedford Falls in the 1946 movie "It's a Wonderful Life," the villain, Mr. Potter, moves to snap up the Bailey Bros....
-
Oil plunges to 13-month low on global slowdown
10/10/2008 NEW YORK - The stunning collapse in oil markets accelerated Friday, with a barrel plunging below $78 as investors grow more pessimistic about a mushrooming...
-
Taxpayer bailout tab could run into trillions
10/10/2008 WASHINGTON - That $700 billion financial bailout passed by Congress and signed by President Bush is a big package.
But wait, there's more.
The total amount...
-
Markets stampede lower; global finance chiefs meet
10/10/2008 NEW YORK - Stock prices careened lower Friday in Asia and Europe and gyrated wildly in the United States, extending a stampede of selling that began on Wall...
-
Bear market panic fuels epic sell-off
10/10/2008 NEW YORK — A runaway train of a sell-off turned the anniversary of the stock market peak into one of the worst days in Wall Street history Thursday,...
-
Economic toolbox almost empty
10/10/2008 WASHINGTON — What’s left in Uncle Sam’s economic toolbox?
The commitment of $700 billion didn’t impress markets here and around the...
-
SEC opens markets to short selling again
10/10/2008 NEW YORK — The government is letting investors bet on financial stocks going down in hopes that the market benefits.
It’s a strategy known on...
-
Tax experts suggest means to close $300 billion gap
10/10/2008 WASHINGTON — Getting people to pay the taxes they owe could be one significant way of coping with federal deficit increases and the potential $700...
-
Glum mood pervades Wall Street after fall
10/10/2008 NEW YORK — The extravagance of Wall Street is proudly on display at Bobby Van’s Steakhouse in lower Manhattan: The restaurant features J.P....
-
Leaders promise healthy economy
10/10/2008 Gov. Brad Henry assured Oklahomans on Thursday that the state’s economy remains strong while Wall Street continues to tumble.
"Our banks are...
-
Bush says anxiety feeding market instability
10/10/2008 SAN FRANCISCO — Could it be just a year ago that jubilant investors were celebrating record highs in the stock market?
It almost seems inconceivable...
-
Citigroup drops claim over Wachovia buyout
10/10/2008 NEW YORK — Citigroup backed out of negotiations with federal regulators and Wells Fargo in its battle for Wachovia Corp., but vowed to have its day in...
-
Closure of dealership worries and surprises
10/10/2008 Mike Denney Chevrolet has closed its doors and eliminated its stock of cars and trucks.
Word of the closure spread last week, and by this week, the lot had...
-
Crisis far worse than thought, analyst says
10/10/2008 Economist Mark Dotzour’s assessment of the financial meltdown mirrored the stock market the past seven days: slam, slam, slam — one downer after...
After a four-week trial in federal court in Rochester, a jury convicted Gail Eldridge, Paul Knight and John Montana of 13 counts of conspiracy, fraud and money laundering for running the investment scam from July 1999 to July 2001.
Each of the 27 victims lost at least $1 million. Two lived in Germany and Costa Rica and the others in New York, Florida, Mississippi, Oregon, Michigan, Oklahoma, California and Washington state.
Business Photo Galleriesview all
Prev
