Most Recent
AdSurfDaily Agape agent American Integrity Aronson asset sales Attorney av bar reg baker bank bank of america Bankruptcy baumann bermudez black diamond blackwell bridge loan bull cattle CD celebrity cftc charity china China Voice church cityfund claims claims process clawback commission commodities commodity pool computer program congress Crown Forex currency death sentence denver diamond bar disgorgement Distribution Dodd-Frank donnan Dreier dunhill e-bullion elderly E-M Management SEC england Fairfield family FBI FDIC Fees female ponzi scheme financial advisor fine FINRA football forex fraud fufta fugitive Full Tilt gift card guilty plea GunnAllen hawaii Heckscher HSBC india invers forex janvey John Morgan JP Morgan kansas ken bell kenzie las vegas lawsuit lawyer libya Lifland machado Madoff Marian Morgan metro dream homes mets milberg millers a game Morgan European Holdings mortgage multiple schemes NCAA Net Winner new jersey notes objection Oxford Patrick Kiley paul burks PermaPave Pettengill Petters Picard poker Ponzi ponzi scheme ponzi scheme database ponzi scheme list Prime Rate profitable sunrise prosun pta puerto rico Rakoff real estate receiver receivership regulation relief defendants religion remission repeat offender restitution Rothstein RRA sec sentencing simmons sipa sipc snelling standing stanford stettin subpoena td bank telexfree treasury bonds treasury strip Tremont Trevor Cook UBS UFTA uga utah venture advisors Wachovia wilpon wire fraud woman zeek zeek rewards zeekler zeekrewards
Recent SEC Releases
« Stanford Investors: Receiver Can't Prove Stanford Operated Ponzi Scheme | Main | Colbert Report Addresses Rick Perry's Claims That Social Security is a Ponzi Scheme »

Arizona Man Indicted in $6.3 Million Ponzi Scheme

A Phoenix man was charged with sixty-seven felonies in what authorities allege was a Ponzi scheme that defrauded investors out of over $6 million.  Jeffrey Paul Navin, 52, of Phoenix, was accused of selling fraudulent certificates of deposit to senior citizen investors, falsely representing that the CD's were FDIC insured.  He was charged with forty-five counts of mail fraud, eight counts of false personation, and fourteen counts of money laundering.  Both wire fraud and money laundering carry a maximum prison sentence of twenty years per offense, while false personation carries a maximum sentence of three years per offense.  

Navin created or used a multitude of entities to market fictitious CD's to potential investors, including BankNet, Nationwide Banknet Services, Capital One Custodial Services, and WWI, Inc.  Navin also claimed that he was a licensed FDIC Broker and that the CD's were FDIC-insured.  At least seventeen investors placed money with Navin, with each losing at least $125,000.  In total, Navin collected $6.3 million from investors who thought they were purchasing government-insured securities.  Instead, authorities allege that Navin did not purchase a single CD, and that neither Navin nor the CD's were FDIC-insured.  Investors were provided with fictitious account documents, and Navin used the majority of investor funds for personal expenses and to make Ponzi-like payments to victims for interest and return of principle.

In addition to the criminal charges, authorities are seeking the forfeiture of any property traceable to Nevin's scheme.  According to court documents, Navin was released on his own recognizance and ordered to surrender his passport during the pendency of criminal proceedings.  

A Copy of the Indictment is here.

PrintView Printer Friendly Version

EmailEmail Article to Friend

Reader Comments

There are no comments for this journal entry. To create a new comment, use the form below.

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
Some HTML allowed: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <code> <em> <i> <strike> <strong>