_________::::___#444 - July 11, 2007________________
FRAUDBARON.com
The Anti-Fraud Professionals'
Source for Fraud News
#444 Updated: 7/11/07 2:05 a.m.

$62 MILLION REAL ESTATE INVESTMENT FUND PONZI SCHEME
"O'Neal's guarantee of a 25 percent rate of return within 60 days allowed him to
raise approximately $62 million in investment in just 15 months," said United
States Attorney David E. Nahmias. "What he knew, but his investors did not, is
that he could only conceal his false promise for a short time by using the capital
contributions of later investors to fund the exorbitant returns guaranteed to
earlier investors. O'Neal did not earn the huge profits he promised to Pinnacle
investors from the purchase, improvement and sale of real estate, but rather
simply by incurring ever-increasing amounts of investment and therefore
everincreasing amounts of unsustainable and undisclosed debt."  FBI press
release.

Ex-Executive Admits Embezzling $5 Million
The former vice president and controller of the Hartford-based asset management
firm Conning & Company admitted in federal court Monday that he embezzled
more than $5 million from the company over a decade and a half.  Full story,
Courant.com

More Prison Time For Fraud
An imprisoned Simsbury electrical contractor who kept former Gov. John G.
Rowland supplied with Cuban cigars faces another five years in prison after
pleading guilty Monday in federal court to conspiring to commit bankruptcy fraud.  
Full story, Courant.com

Clarksville bookkeeper faces jail time for embezzling funds
A Clarksville bookkeeper entered a guilty plea today in federal court to one count
of bank fraud and one count of income tax evasion in connection with embezzling
at least $224,946 from small business clients in Tennessee and Florida, the U.S.
Attorney's office said.   Full story, dicksonherald.com

US man pleads guilty to defrauding German investors
A Manhattan investment adviser pleaded guilty on Monday to defrauding more
than $400,000 from German investors who believed they were funding a
Web-based investment advisory service for a U.S start-up company, the U.S.
Attorney's Office in New York said.   Full story, Reuters.com