Why not subscribe?

Wednesday, January 06, 2010

A local Ponzi scheme

 No, we're still not done finding Ponzi scams. This one is local.

 Suburban man arrested in alleged Ponzi scheme

January 6, 2010 8:04 PM
Federal agents today arrested a Hinsdale man on an indictment alleging he and a partner operated a Ponzi scheme involving their San Jose, Calif.-based investment company, Vesta Strategies.

John D. Terzakis of Hinsdale and Robert E. Estupinian of San Jose, Calif., were arraigned today in federal court on 12 felony counts of wire fraud, money laundering, and conspiracy to commit wire fraud and money laundering, according to a news release from the U.S. Attorney's Office from the Northern District of California.

The government also seeks forfeiture of almost $25 million from the two defendants,  United States Attorney Joseph P. Russoniello announced.