‘N Sync creator ordered to repay scam victims $300 million
July 17, 2008
It looks like the victims of scammer and boy band creator Lou Pearlman won’t have to sing Bye, Bye, Bye to their money.
This week, a US court ordered Lou Pearlman, creator of the popular boy bands ‘N Sync and Backstreet Boys, to repay as much as $300 million to the more than 1,000 people he swindled in his Ponzi scam and fraudulent investment programs.
Backstreet Boys and ‘N Sync creator was a Ponzi scammer
May 24, 2008
Most of us know Backstreet Boys and ‘N Sync but very few probably know that the man behind those boy bands is a convicted scammer.
Last week, Lou Pearlman, the creator of popular boy groups Backstreet Boys and ‘N Sync was sentenced to 25 years in prison for running a scam that swindled investors more than $300 million since the 1980s.
12DailyPro update: StormPay to settle $11.7 million
April 5, 2008
Thomas Lennon, Court-appointed Receiver for the 12DailyPro (12DP) autosurf investment program, recently announced that the 12DP receivership estate will receive as much as $11,750,000 from the online payment processor StormPay.
This is in accordance with the Settlement Agreement signed by both parties which also provides that StormPay’s claims against 12DP in excess of $16 million will be waived.
Lennon believes the Settlement Agreement is a better option that pursuing a case against StormPay because it can further delay the distributions of funds back to investors and litigation costs alone could exceed $750,000.
Investor refund coming soon
The $11.7 million funds from the settlement will be added to the more than $5 million funds currently held by the estate. After receivership fees and expenses have been deducted, the remaining balance will be distributed pro-rata to investors who lost in the 12DP program.
Read the article How to file a 12DailyPro refund claim to know if you are eligible for a refund.
(With pics) Wanted: Cyrus Hao of Royal Manchester Five Trading Corp.
March 11, 2008
The manhunt is on for 28-year-old Cyrus Yap Hao, said to be the president of Royal Manchester Five Trading Corp. (RMF), a foreign currency investment company that duped thousands of investors of money amounting to more than P2.1 billion (US$51 million).
Several investors trooped to the National Bureau of Investigation (NBI) this week to complain that the checks they are holding have been dishonored and that Cyrus Hao, who hails from Pilar, Sorsogon, and Renato San Juan, company vice president for marketing, could not be located. The two are feared to have already fled the Philippines on Tuesday, March 4.
Other officers of RMF — Vice Presidents Joesedev Colina, Edwin Rosas and Joseph Bualoy, and Vice President for Finance Rowena Uy — claim they have also been cheated, but investors say they do not believe them.
RMF is a currency-trading investment program that enticed investors with a guaranteed return of 4-5% every month. Minimum investment amount is P200,000 ($5,000).
Celebrity-investors said to be victims of the scam include professional basketball players and an actor. They are:
- Ginebra Gin Kings player Rafi Reavis (P8.9 million plus $330,485.40)
- Johnny and his wife Mary Ann Abarrientos (P6.9 million, plus another P2.5 million from Johnny)
- Mark Macapagal (P2.5 million)
- former Purefoods Hotdogs coach Eric Altamirano and wife Marissa (P1.2 million and P0.889 million, respectively)
- Alaska cager Edward Juinio (P7.2 million)
- actor Rustom Padilla ($47,000)
12DailyPro investor? You only have until January 31 to file for refund
January 4, 2008
If you previously invested and lost money in the online investment program 12DailyPro (12DP), you only have until the end of the month to file for a refund claim.
You need to log in to the 12DailyPro Investor Web Portal on or before January 31, 2008 and accept or dispute your Claim Amount. If you indicated that you “Dispute” the Claim Amount, you need to submit supporting documents also before that date in order to be eligible for the refund.
A guide on the 12DailyPro refund process is here.
