The Official Forum  

Go Back   The Official Forum > Basketball
Register FAQ Community Calendar Today's Posts Search

 
 
LinkBack Thread Tools Rate Thread Display Modes
Prev Previous Post   Next Post Next
  #1 (permalink)  
Old Thu Dec 06, 2007, 04:24pm
Official Forum Member
 
Join Date: Dec 2005
Posts: 16
Referee Cronie

He finally got what he deserved. I wonder who else is looking over their shoulder?


Friday, November 30, 2007
Local man admits to Ponzi schemeAtlanta Business Chronicle
Print Article Email Article Reprints RSS Feeds Add to Del.icio.us Digg This
Atlantan Travis E. Correll pleaded guilty Friday to multiple fraud charges related to a $100 million "Ponzi" scheme.

From late 2001 to December 2005, Correll operated an investment program known as "Horizon Establishment," which offered high monthly rates of return to investors. Correll lied and said he would invest their principal in high-yield programs with foreign banks, which were regulated differently than United States financial institutions and could pay extraordinarily generous returns.

Correll promised investors a monthly return on their investments of between 4 percent and 8 percent, and ultimately he refunded their invested principal. In less than five years, he took in more than $100 million in investment money from private investors.

Almost from the beginning, Correll operated Horizon as a Ponzi scheme, using investment money received from later investors to pay substantial returns to some of the early investors. Federal investigators estimate Correll recirculated $71 million to investors, keeping about $29 million.

But the money was never invested with any foreign banks and Correll used much of the money for his own business and personal expenses.

Correll will be sentenced Feb. 6. He faces up to 20 years in federal prison and a maximum fine of $250,000.

"This defendant is yet another criminal who used a Ponzi scheme to scam millions from investors who thought they were making valid investments," said U.S. Attorney David E. Nahmias. "We continue to warn potential investors to take every step to check out where their hard-earned money is going. Correll will now be going to federal prison."
Reply With Quote
 

Bookmarks


Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
NBA Referee MOofficial Basketball 23 Sat Aug 04, 2007 05:42pm
Bob M. in Referee waltjp Football 4 Thu Dec 21, 2006 04:36pm
Referee The D Triangle NC ref Basketball 18 Thu Oct 30, 2003 12:37am
May I become a referee? cristim Basketball 9 Thu Sep 18, 2003 04:09pm
I'm a referee too. devdog69 Basketball 6 Fri Feb 22, 2002 08:31am


All times are GMT -5. The time now is 10:30am.



Search Engine Friendly URLs by vBSEO 3.3.0 RC1