New York Jury Convicts Two Individuals in Multi-Million Dollar Crypto Ponzi Scheme

NEW YORK (AP) – After a two-week trial, a jury found David Brend and Gustavo Rodriguez guilty of wire fraud conspiracy in connection with their involvement in IcomTech, a cryptocurrency mining and trading company. The verdict was reached in New York on Tuesday. Brend and Rodriguez, who could face up to 20 years in prison, were convicted for their roles in what authorities described as a fraudulent “Ponzi” scheme orchestrated by IcomTech’s founder, David Carmona. Prosecutors revealed that Carmona hired Rodriguez to develop IcomTech’s website, which falsely advertised guaranteed daily returns from cryptocurrency trading and … Read more

Judge Compares Trump’s Alleged Fraud to Madoff Ponzi Scheme in New York Trial: A Closer Look

New York, NY – During the closing arguments of Donald Trump’s fraud trial, the judge posed a question that drew a comparison between the alleged fraud and Bernie Madoff’s Ponzi scheme. The attorney from the New York attorney general’s office responded by stating that while the fraud in question was smaller in scale, both cases demonstrated a sense of entitlement. The judge presiding over the three-month nonjury trial, New York Supreme Court Justice Arthur Engoron, interrupted the closing arguments to inquire about the similarities between the two fraudsters. He remarked that although he typically enforces … Read more

Minnesota Lawyer Secures Record-Breaking $564 Million Verdict by Uncovering Destroyed Evidence in Historic Ponzi Scheme Case

MINNEAPOLIS, MINNESOTA – In a groundbreaking verdict, Michael Collyard ’00, a partner at Robins Kaplan, won a jury trial that resulted in a record-setting $564 million judgment. The case centered around Tom Petters’ massive Ponzi scheme, which was one of the largest financial scams in U.S. history and the largest in Minnesota. Collyard strategically focused on the absence of millions of destroyed documents as evidence, ultimately leading to his victory. Collyard served as the lead trial counsel, and in November 2022, a federal jury ordered BMO Harris Bank to pay bankruptcy trustee Douglas Kelley a … Read more