An Old Westbury man has benn sentenced to 12 years in prison for his part in a $96 million Ponzi scheme. Brian R. Callahan, 47, of Old Westbury was sentenced in federal court sept. 15 to a dozen.

The day before Utah County businessman Rick Koerber’s June 18 arraignment on three counts of federal fraud for operating a $100 million Ponzi scheme, he changed the. for much of the fraudulent.

I have to give FortuneBuilders a little credit for learning from how drug dealers work. Get them in for free and hook them with a combination of an extreme urgency deal and use the sunk costs to push the next thing. The "Business" of Flipping Houses. I can see how people get sucked in. I love watching house flipping shows on television.

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Like Madoff’s scheme, which went on for over 20 years, they often last for some time before being discovered. In reaction to the terrible losses suffered by Madoff’s victims, the IRS has enacted some special tax rules that make it much easier for Ponzi scheme victims to deduct their losses from their income taxes.

HELENA – A Helena judge has issued a temporary restraining order against a Miles City man state officials suspect of running a Ponzi scheme that has already depleted the life savings of a 100-year-old.

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Adam J. Manson, 42, Old Westbury, New York, pleaded guilty to conspiracy to commit securities fraud for engaging in a $96 million Ponzi scheme with co-defendant and former investment fund manager Brian R. Callahan. The defendants diverted millions of dollars of investor funds towards the Panoramic View, an unprofitable 117-unit beachfront.

The second person accused of running a $96M Ponzi scheme to prop up Montauk’s Panoramic View, Adam Manson, pleaded guilty yesterday to securities fraud. Manson and his brother-in-law Brian Callahan, who pleaded guilty April 29, will be sentenced in August; they face up to five years in prison and repayment of $96M in restitution.

"I think the common street version of house flipping is when someone finds what’s largely undervalued home. A home that needs some improvement or a little love and they buy low and sell high," said.