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18/09/2021

Tag: whatfraud

What Fraud? Liz Carmichael

The Arab oil embargo in the 1970s caused the price of petrol to spike. American motorists then, increasingly concerned about fuel efficiency, had their interest piqued when the previously unknown entrepreneur Liz Carmichael announced in 1973 that she had developed a She claimed the three-wheel car, known as the "Dale", could do 70 miles to the gallon.

What Fraud? The Madoff of the Midwest

Russell Wasendorf Sr., the "Madoff of the Midwest", was born in Iowa in 1948 and went on to study filmmaking at the University of North Iowa. After shooting a short publicity film for the American Soybean Association, he moved into commodities trading and started a trading firm, Wasendorf & Son, from his basement.

What Fraud? James Duncan

The scheme involved investors buying properties on Duncan's recommendation and Montecastro by taking them out of new mortgages over the new houses' value. Pacific Wealth Management would then take the difference between the mortgage and the purchase price as a "concession fee", promising to invest the money to cover the mortgage cost.

What Fraud? Gina Champion-Cain`s Ponzi Scheme

By 2012, Champion-Cain's moving various companies were losing large sums of money. Hence, she set up an investment scheme that promised to deliver largely guaranteed returns to investors, of up to 22% a year, by lending money to business owners attempting to acquire California state liquor licences. She promised that the funds would be held in an escrow account so that the money would be protected. In reality, no loans were made, and she diverted the set money to prop up her failing business empire, fund her lavish lifestyle (she spent $800,000 on sports tickets alone) and repay earlier investors.

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