Search
Explore the Archive
Search across 22,013 articles about elder fraud. Filter by fraud type, payment mechanism, or keywords.
6,244 results
in Financial Crime
dallasexpress.com
· 2026-02-24
A San Antonio CEO named Devin Ward Elder pleaded guilty to operating a $69.5 million fraud scheme that deceived approximately 345 investors in fake real estate projects between 2023 and 2025. Elder used a Ponzi-like setup, falsely promising high returns with minimal risk and using new investors' money to pay fake "interest" to earlier investors, ultimately leaving victims with substantial losses when payments stopped in March 2025. To protect yourself, be skeptical of investment opportunities promising unusually high returns with minimal risk, verify a company's credentials and track record independently, and avoid putting money into deals where the operator claims to co-invest their own funds without transparent documentation.
finance.yahoo.com
· 2026-02-24
# Fraud Summary
A Texas crime ring stole at least $55 million from elderly victims by impersonating federal agents and threatening them into surrendering gold, cash, and cryptocurrency. The FTC reports that fraud targeting seniors has surged, with people over 60 accounting for 36% of all fraud reports in 2024 and losing approximately $2.4 billion to scams. To protect yourself and older relatives, be wary of unsolicited calls or messages from people claiming to be government officials, especially those creating urgency or threatening arrest—legitimate authorities will never demand immediate payment or asset transfers over the phone.
indiatoday.in
· 2026-02-24
A 23-year-old Indian national, Atharva Shailesh Sathawane, was sentenced to 18 years in prison in January 2025 for his role in wire fraud and money laundering schemes targeting senior citizens in the United States. The case has recently resurfaced on social media, where MAGA-aligned commentators have used it to push anti-immigrant rhetoric and criticize Biden-era immigration policies, claiming it demonstrates systematic fraud by foreign nationals. To protect yourself, seniors should be cautious about unsolicited calls or requests for personal information, verify caller identity independently, and report suspicious activity to authorities or the FBI's Internet Crime Complaint Center.
tradingview.com
· 2026-02-23
# Pig-Butchering Crypto Scams Summary
Pig-butchering scams are a growing threat in the cryptocurrency world where fraudsters build fake romantic or friendly relationships with victims over weeks or months before pressuring them to invest in fake crypto platforms, with reported losses reaching $370.3 million in January 2026 alone. Unlike quick phishing attacks, these scams use psychological manipulation—showing fake profits, requesting escalating deposits, and then blocking withdrawals—to exploit emotional trust and extract large sums of money. To protect yourself, be extremely cautious about unsolicited investment advice from people you've only met online, never share crypto wallet details with new contacts, and verify investment platforms through official regulatory databases before depositing any money.
nationaltoday.com
· 2026-02-23
New York Attorney General Letitia James has warned of "pig butchering" scams, where fraudsters build fake relationships with victims on social media and dating apps before convincing them to invest money in fraudulent schemes like cryptocurrency, sometimes resulting in losses exceeding $1 million. These sophisticated scams typically begin with friendly contact, move to encrypted chat platforms to hide the scammer's identity, and end with the perpetrator disappearing with the victim's savings. To protect yourself, remain cautious of unsolicited messages from strangers urging investments, verify investment opportunities independently, and report suspected scams to the Attorney General's office.
thehill.com
· 2026-02-23
The European Commission is investigating major tech companies like Apple, Google, and Microsoft for failing to prevent financial scams on their platforms, as online fraud losses reached $12.5-$16.6 billion in the U.S. in 2024. The article warns that while regulatory action targeting large platforms is a step forward, it may not adequately address rapidly evolving fraud tactics like deepfakes and voice cloning, which are increasingly being used to deceive consumers. To protect yourself, be cautious of unfamiliar banking apps and hotel listings, verify unexpected communications through official channels, and remain skeptical of urgent financial requests—especially those involving voices or videos you haven't independently confirmed.
dailymail.co.uk
· 2026-02-23
A 34-year-old man named Adam Mowle defrauded a victim of over £9,000 by posing as a woman named "Jenna Smith" on a dating app, claiming to need money due to illness and financial hardship. The victim, devastated by the scam, subsequently lost an additional £93,000 through desperate gambling attempts to recover his money, while Mowle spent the stolen funds on his horse and living expenses. To protect yourself from romance scams, be wary of requests for money from online dating matches, especially early in a relationship, verify identities through video calls, and never send cash to someone you haven't met in person.
thesun.co.uk
· 2026-02-23
A 53-year-old tech professional and fraud specialist named Tracy Cray intentionally strung along a romance scammer for nine months after recognizing classic con tactics on a dating site, including love bombing, requests to move to private messaging, and eventually requests for money. The scammer, posing as "Richy," used stolen photos from a real businessman in Florida and employed typical romance scam methods to try to extract money from victims. For people using dating apps, key warning signs include pressure to move conversations off-platform quickly, excessive declarations of love from someone you've just met, vague employment details with no online presence, and sudden requests for money due to emergencies or business problems.
vietnamnet.vn
· 2026-02-23
A 34-year-old man in Vietnam was arrested for posing as a wealthy real estate businessman on dating apps to lure hundreds of women into "sugar baby" arrangements, during which he would steal their valuables and record compromising videos. The suspect, Truong Nhat Phuong, used fake identities on platforms like Telegram to gain women's trust before robbing them at hotels, with authorities discovering he had operated this scam across multiple cities. To protect yourself, be cautious of romantic interests who quickly suggest meeting in private settings, verify claims of wealth through independent means, and never leave your belongings unattended with someone you've just met online.
thegeekiary.com
· 2026-02-23
This article is actually a TV show review, not a report about real fraud. It discusses episodes 3 and 4 of what appears to be a romantic comedy series called "MyRomance," where the plot involves characters running elaborate romantic scams on each other. The review focuses on the comedic elements and narrative pacing rather than providing information about actual scams affecting real people.
thecsrjournal.in
· 2026-02-23
An Indian national was sentenced to 18 years in prison for defrauding elderly Florida residents out of $6.6 million by posing as a trusted authority figure and convincing victims to buy gold bars under false pretenses. The scam specifically targeted vulnerable seniors who surrendered their life savings, part of a larger problem in Florida where elder fraud victims lost over $33 million last year to similar schemes. The FBI warns consumers to verify any unsolicited requests for money or investments independently through official channels before sending funds.
newsweek.com
· 2026-02-23
The U.S. Treasury Department recently sanctioned a timeshare fraud network allegedly run by Mexico's CJNG cartel, which has been systematically defrauding American retirees through high-pressure call centers that drain their savings. The cartel, led by "El Mencho" who was recently killed by Mexican forces, has diversified beyond drug trafficking into various scams targeting Americans, including elder fraud and cryptocurrency schemes. Seniors should be wary of unsolicited calls about timeshare properties and luxury vacation deals, verify any offers independently through official channels, and never provide personal financial information to unknown callers.
the420.in
· 2026-02-23
# Article Summary
A 23-year-old Indian national living illegally in the U.S. on an overstayed student visa was sentenced to 18 years in prison for his role in an international fraud scheme that targeted elderly Americans across multiple states. Working as a courier for a larger conspiracy based in India, Sathawane made at least 33 trips to victims' homes between summer and fall 2025, collecting over $6.6 million in cash and gold by convincing seniors to liquidate their retirement accounts under false pretenses. To protect yourself: elderly Americans should be wary of unsolicited calls or visitors pressuring them to convert savings to cash or gold, verify any financial advice through trusted sources, and report suspicious activity to authorities immediately.
english.tupaki.com
· 2026-02-23
A 23-year-old Indian man named Atharva Shailesh Sathawane was sentenced to 18 years in federal prison for his role in an international fraud scheme that victimized elderly Americans, causing approximately $15 million in losses. Sathawane acted as a courier in the operation, collecting cash and gold that elderly victims had been tricked into liquidating from their retirement savings, then delivering the valuables to co-conspirators overseas. To protect yourself, be extremely cautious of unsolicited offers involving liquidating savings or converting assets to cash or gold, verify any financial advice through independent sources, and report suspicious activity to law enforcement immediately.
financialexpress.com
· 2026-02-23
# Fraud Scheme Summary
A 23-year-old Indian national was sentenced to 18 years in prison for his role in an international fraud scheme that defrauded elderly Americans of approximately $6 million. Operating as a "courier," he convinced seniors to liquidate their retirement accounts and hand over cash and gold, which he then delivered to co-conspirators based in India. Elderly citizens should be cautious of unsolicited requests to withdraw retirement funds or hand over valuables, and should report suspicious activity to authorities immediately—it was a victim's suspicion that helped law enforcement break the case.
the-independent.com
· 2026-02-23
Colombian scammers set up a fake courtroom and law firm to defraud Spanish-speaking immigrants, including asylum seekers, out of tens of thousands of dollars by impersonating judges, attorneys, and federal officers. At least dozens of victims were affected, with at least one person deported after missing their real court hearings to attend the fraudulent proceedings. To protect yourself, verify any court appearance or legal representation directly with official government websites or by calling your local immigration court, never rely solely on information from unsolicited contacts, and seek help from legitimate legal aid organizations if you cannot afford an attorney.
knoxtntoday.com
· 2026-02-23
Two Knox County men lost a combined $500,000 in a sophisticated Bitcoin scam after clicking on a deceptive Facebook advertisement, with one man losing his entire life savings of $375,000. Detective Wayne Doster spent months investigating the international fraud ring operated from Malaysia, ultimately leading to the arrest of Lee Kah Poh, a Malaysian national who came to Tennessee to collect the money. To protect yourself, be extremely cautious about unsolicited investment opportunities on social media, never click links from unknown sources, and verify any investment through official channels before sending money.
cedirates.com
· 2026-02-22
# Romance Fraud Summary
Romance scams are costing Ghanaian women hundreds of thousands of dollars as fraudsters create fake online identities to build trust and then manipulate victims into sending money for fabricated emergencies or investments. A 2025 pan-African cybercrime operation across 14 countries resulted in 260 arrests, with 68 in Ghana alone and 108 identified victims who lost approximately $450,000, though authorities recovered $70,000. To protect yourself, be cautious of online relationships that quickly ask for money, verify identities through video calls, never send funds to strangers or for unexpected emergencies, and report suspicious activity to local authorities.
mocoshow.com
· 2026-02-22
# Fraud Alert Summary
International call centers operating from India defrauded hundreds of Americans out of nearly $49 million since 2022 through government impersonation and tech support scams, with Maryland residents losing over $6 million. Law enforcement in Maryland and India dismantled the operations and arrested multiple perpetrators, though authorities warn the scams continue to target vulnerable people, particularly seniors. To protect yourself, authorities advise being skeptical of unsolicited calls, texts, or pop-ups demanding urgent payment, and remember that legitimate government agencies will never call demanding money or threatening arrest.
centralillinoisproud.com
· 2026-02-22
McLean County residents are being targeted by scammers posing as sheriff's office employees who call claiming there's an arrest warrant and demand money, gift cards, or deposits to resolve it. The scammers spoof the sheriff's office phone number and may cite fake names like "Sgt. Haynes" or "Captain Edmon Smith," sometimes mentioning a "gag order" to prevent victims from seeking help. If you receive such a call, hang up immediately and contact local police, as legitimate law enforcement will never request money or warrant information over the phone.
thenationonlineng.net
· 2026-02-22
Osun State Governor Ademola Adeleke faces calls to resign after an alleged N13.7 billion annual payroll fraud was discovered, in which ghost workers (non-existent employees) were being paid salaries, with one individual allegedly receiving funds meant for over 5,600 workers. The opposition APC party is demanding Adeleke's resignation and calling for anti-corruption agencies to investigate the matter, noting that the misappropriated public funds could have benefited tens of thousands of young people in the state. Citizens and businesses in Osun State are affected by this loss of public resources meant for legitimate government services and payroll.
techbullion.com
· 2026-02-22
# Article Summary
A "pig butchering" scam is a sophisticated fraud where criminals build false trust with victims over weeks or months before stealing their cryptocurrency. Victims who discover they've been scammed should immediately stop communicating with the perpetrator, preserve all evidence (screenshots of messages, profiles, and transactions), and report the theft to authorities and recovery services like Pro Crypto Recovery—while being cautious of recovery scams themselves. The key advice is to treat your phone and computer as a crime scene, gather documentation of all communications and blockchain transactions, and resist the urge to respond to scammers, as alerting them could cause them to destroy evidence.
cbsnews.com
· 2026-02-21
# Fraud Awareness Summary
The Boulder County Sheriff's Office launched a new training program to help people recognize and avoid fraud scams, after Sheriff's Victim Advocate Stephen Conley witnessed fraud impact his own family members through grandparent and tech support scams. The program, targeting seniors and the general public, teaches people to recognize warning signs like urgency, requests for secrecy, password demands, and money transfers—using the acronym SUPER as a memory tool. The key advice is to slow down when contacted with urgent demands, pause before acting, talk to someone you trust, and ask yourself "Could this be a scam?" before sending money or personal information.
fox8live.com
· 2026-02-21
Two scammers, Kenneth Akpieyi and Emuobosan Emmanuella Hall, were sentenced to over three decades in prison for orchestrating a romance fraud scheme that targeted vulnerable widows over 60, stealing nearly $10 million across multiple victims. The victims, including a 77-year-old woman from Louisiana who lost over $100,000, were approached through social media by the fraudsters who posed as romantic interests. To protect yourself, be cautious of online romantic relationships that quickly request money or financial information, verify identities through video calls, and never send money to people you haven't met in person—especially if they claim to need emergency funds or have investment opportunities.
wehoonline.com
· 2026-02-21
A West Hollywood man named James Kantor was sentenced to over four years in prison for his role in a fraud scheme targeting elderly and deceased people, where conspirators forged wills and trust documents to steal estates. The scheme began when one member of the group broke into homes of vulnerable people, and after discovering a deceased resident, the conspirators used stolen personal information to fraudulently access and transfer assets. If you have elderly relatives, especially those you're not in frequent contact with, regularly check in on them and monitor their financial accounts and important documents for suspicious activity.
the-sun.com
· 2026-02-21
Two men were sentenced to federal prison for running a sophisticated online romance scam that defrauded 31 elderly women, primarily widows, of nearly $10 million. The scammers created fake identities as military generals, engineers, and other professionals on social media platforms like Facebook and Instagram, then manipulated victims into sending money under false pretenses such as emergency repairs or business ventures. To protect yourself, be cautious of online romantic connections with people you've never met in person, verify identities through video calls, and never send money to strangers regardless of their claimed circumstances.
amac.us
· 2026-02-21
Foreign-based scam operations are increasingly targeting seniors, stealing billions of dollars annually by exploiting vulnerable populations and weak international law enforcement. AMAC, a senior advocacy organization with over 2 million members, is supporting HR 5490, the Dismantle Foreign Scam Syndicates Act, which aims to strengthen enforcement against overseas fraud rings and improve coordination among federal agencies. Seniors should be cautious about unsolicited phone calls and emails, and they can help protect themselves by verifying caller identities and reporting suspicious contact to authorities.
bankinfosecurity.com
· 2026-02-21
Cambodia shut down approximately 190 online scam centers and arrested 11,000 foreign nationals in a major crackdown on transnational fraud operations that were running romance and investment scams on a massive scale, generating tens of billions of dollars annually for criminal gangs. The scam centers, which primarily operated in Phnom Penh and southern Cambodia, exploited trafficked and forced workers to defraud victims, with prominent targets including Chen Zhi, founder of Prince Holding Group, who was indicted by the U.S. Department of Justice for overseeing multiple compounds since 2015. To protect yourself, be cautious of unsolicited romantic or investment opportunities online, verify the legitimacy of financial institutions directly through official channels, and report suspicious activity to law enforcement.
carrollspaper.com
· 2026-02-20
# Fraud Prevention Program for Seniors
Iowa State University Extension is hosting a free fraud prevention workshop on March 5, 2026, in Carroll to help seniors and their caregivers protect themselves from financial scams, which disproportionately target older adults—elder financial fraud is the most common form of elder abuse affecting millions of Americans age 62 and older. The program will teach participants how to identify common scams, recognize warning signs, and implement protective strategies for their finances. Interested attendees must pre-register by contacting the Carroll County Extension Office at 712-792-2364 or through the Iowa State Extension website.
sacurrent.com
· 2026-02-20
San Antonio real estate CEO Devin Ward Elder pleaded guilty to wire fraud for operating a $69.5 million Ponzi scheme that defrauded 345 investors between 2021 and 2023. Elder falsely promised high returns on real estate investments while actually using money from new investors to pay earlier ones, eventually stopping all payments in March 2023 and telling investors to expect total losses. To protect yourself, be cautious of investment opportunities promising unusually high returns with minimal risk, verify that investment managers have actually invested their own money alongside yours, and research investment firms thoroughly before committing funds.
nationaltoday.com
· 2026-02-20
San Antonio real estate entrepreneur Devin Elder pleaded guilty to wire fraud for operating a Ponzi scheme that defrauded approximately 345 investors of $69.5 million across 17 real estate projects. Elder falsely claimed he would co-invest his own money in projects while actually contributing almost nothing, and illegally used investor funds from one project to pay returns on another—a classic Ponzi scheme structure. To protect yourself, be wary of real estate investment schemes promising high returns, verify that promoters have genuine "skin in the game" with their own money at risk, and thoroughly research any investment opportunity before committing funds.
bisnow.com
· 2026-02-20
San Antonio real estate CEO Devin Ward Elder pleaded guilty to wire fraud for operating a $69.5 million Ponzi scheme that defrauded over 300 investors between January 2023 and March 2025. Elder promised high returns with low risk while secretly using money from new investors to pay returns to earlier investors, eventually admitting in March 2025 that investors would lose significant portions of their capital. To protect yourself from similar schemes, be wary of investment promises that sound too good to be true, verify that fund managers actually co-invest their own money as claimed, and research a company's financial stability and regulatory standing before investing.
texasborderbusiness.com
· 2026-02-20
A San Antonio investment firm CEO named Devin Ward Elder pleaded guilty to defrauding approximately 345 investors out of $69.5 million between 2023 and 2025 through his company DJE Texas Management Group, which promised high returns on real estate investments. Elder made false claims about his own co-investment and operated a Ponzi scheme by using new investor funds to pay "interest" to existing investors, ultimately halting all payments in March 2025. To protect yourself, be skeptical of investment opportunities promising unusually high returns with low risk, verify that investment managers have their own money invested alongside yours, and always research the credentials and track record of firms and their operators before investing.
ktsa.com
· 2026-02-20
A San Antonio investment firm CEO named Devin Ward Elder pleaded guilty to defrauding approximately 345 investors out of over $69.5 million between January 2023 and March 2025 through his company DJE Texas Management Group, which promised high returns on real estate investments while falsely claiming he would co-invest his own money. Elder operated a Ponzi scheme, paying some investors with money from other investors rather than actual returns, until he abruptly stopped payments in March 2025 and admitted the projects wouldn't be completed. To protect yourself, be cautious of investment opportunities promising unusually high returns with low risk, verify that investment managers actually co-invest their own money, and thoroughly research companies and their track records before committing funds.
wrenews.com
· 2026-02-20
A Texas real estate investor named Devin Ward Elder pleaded guilty to defrauding approximately 345 investors out of $69.5 million between 2023 and 2025 through his company DJE Texas Management Group LLC, which offered investments in apartments, commercial properties, and other real estate projects. Elder used a classic Ponzi scheme, paying some investors with money from other investors while falsely claiming high returns with low risk, and eventually halted payments in March 2025 when the scheme collapsed. Investors should be extremely cautious of investment opportunities promising unusually high returns with minimal risk, verify that investment firms are properly registered and regulated, and request detailed documentation about where their money is actually being invested.
abc7news.com
· 2026-02-20
A San Francisco retiree lost over $500,000 of his life savings to a "pig butchering" scam after being manipulated by a woman he met on Facebook who posed as a wealthy Japanese businesswoman named Annie and promised him a romantic future and cryptocurrency investment returns. Despite repeated warnings from family, friends, and law enforcement agencies over several months, the victim continued sending money to the scammers because he was emotionally invested in the relationship. To protect yourself: be extremely skeptical of romantic relationships that develop quickly online, never send money to anyone you haven't met in person, verify investment opportunities through official channels before committing funds, and listen to warnings from trusted loved ones about suspicious behavior.
koaa.com
· 2026-02-20
# Fraud Summary
Fraud has evolved from isolated crimes into a sophisticated, organized industry with specialized supply chains for stealing identities and creating fraudulent documents, according to cybersecurity expert Dr. David Maimon who monitors dark web fraud rings. The biggest emerging threat is artificial intelligence making scams more advanced, with AI systems potentially operating independently by 2026, while criminals are also targeting mail theft to steal personal information for creating fake bank accounts. To protect yourself, follow the Federal Trade Commission's identity protection tips and be cautious of mail theft—criminals are actively seeking checks and personal documents that can be used for fraud.
fox8live.com
· 2026-02-20
Two scammers were sentenced to over 30 years in prison for running a romance scam that defrauded 31 victims—primarily widows over 60—of nearly $10 million. The criminals posed as wealthy professionals like military generals and oil engineers on social media, building fake romantic relationships and convincing victims to send money for supposed emergencies or projects. Senior citizens, particularly those increasingly active on smartphones, should be wary of online romantic interests who quickly ask for money, and should verify identities independently before sending funds.
nola.com
· 2026-02-20
A 45-year-old man named Kenneth Akpieyi from Georgia was convicted and sentenced to 25 years in prison for defrauding more than two dozen women out of over $9 million through an elaborate romance scam. Operating primarily on Facebook and Instagram, Akpieyi posed as military officers, oil rig workers, and other professionals to build trust with vulnerable elderly widows before convincing them to send large sums of money, which he then laundered and spent. To protect yourself, be cautious of online romantic interests who ask to move conversations to private messaging apps, avoid sending money to people you've only met online, and verify the identities of military personnel or professionals through official channels before trusting them with financial information.
ketk.com
· 2026-02-20
A Chinese national was sentenced to 40 months in prison and ordered to pay $2.8 million after running "pig butchering" cryptocurrency scams that defrauded multiple victims. The scam involved fraudsters posing as romantic interests or financial professionals on social media and dating apps, building trust with victims before convincing them to invest in a fake cryptocurrency platform called Nanobit. To protect yourself, be wary of unsolicited investment offers from people you meet online, verify that financial platforms are legitimately registered with the SEC, and never invest based on advice from strangers on social media or messaging apps.
techflowpost.com
· 2026-02-20
A 31-year-old Chinese national named Liao Fei was sentenced to 40 months in prison for laundering millions of dollars from cryptocurrency investment scams, particularly "pig-butchering" schemes where fraudsters gain victims' trust on social media before tricking them into fake crypto investments. Victims lost millions of dollars in these scams, and Liao Fei was ordered to forfeit $2.3 million and pay $2.8 million in restitution. To protect yourself, be wary of investment opportunities promoted by strangers on social media, avoid sending money to unknown individuals or companies, and verify investment opportunities through official regulatory channels before committing funds.
kucoin.com
· 2026-02-20
A 31-year-old Chinese national named Liao Fei was sentenced to 40 months in prison for laundering millions of dollars obtained through "pig butchering" scams, where fraudsters pose as romantic interests or trusted contacts on social media to trick people into investing in fake cryptocurrency schemes. The scheme affected numerous victims who lost money they couldn't recover, and Liao Fei was ordered to forfeit $2.3 million and pay $2.8 million in restitution. To protect yourself, be extremely cautious of investment opportunities offered by people you meet online, especially on social media, and never send money to unknown individuals or unverified cryptocurrency platforms.
kucoin.com
· 2026-02-20
A Chinese national was sentenced to 40 months in prison for laundering millions of dollars from cryptocurrency investment scams, including the deceptive "pig butchering" scheme that targets victims through social media and dating apps by building false trust before requesting cryptocurrency investments. Victims lose money when fraudulent platforms show fake returns and prevent withdrawals, with this case involving over $2.3 million in seized assets and $2.8 million in restitution. If you encounter these scams, report them to the Internet Crime Complaint Center (IC3) and preserve all communications, transaction records, and details about the fraudulent platform, cryptocurrency addresses, and suspect contact information.
ksat.com
· 2026-02-19
A San Antonio CEO named Devin Ward Elder pleaded guilty to defrauding approximately 345 investors of $69.5 million between January 2023 and March 2025 through his investment firm, which promised high returns on real estate projects but operated as a Ponzi scheme, using new investor funds to pay returns on other projects. Investors received only $8.8 million back, much of which came from other people's money rather than actual investment gains, and Elder faces up to 20 years in prison. To protect yourself, be skeptical of investment offers promising guaranteed high returns with minimal risk, verify that firms are properly registered with regulators, and never invest based solely on promises of personal co-investment from the manager.
kens5.com
· 2026-02-19
A San Antonio CEO named Devin Ward Elder pleaded guilty to wire fraud after defrauding approximately 345 investors of $69.5 million through a real estate investment scheme between 2023 and 2025. Elder used a Ponzi scheme tactic, paying early investors with money from new investors while falsely promising high returns with low risk and claiming he would invest his own funds alongside theirs. To protect yourself from similar schemes, be wary of investment offers promising unusually high returns with minimal risk, verify that fund sources are legitimate and transparent, and research investment managers thoroughly before committing money.
yahoo.com
· 2026-02-19
A San Antonio CEO named Devin Ward Elder pleaded guilty to defrauding approximately 345 investors of $69.5 million through a fake real estate investment scheme between 2023 and 2025. Elder promised high returns with low risk while using a Ponzi scheme tactic—paying some investors with money from other investors rather than legitimate profits—before abruptly stopping payments in March 2025 and informing investors their money was lost. To protect yourself, be cautious of investment opportunities promising unrealistically high returns with minimal risk, verify that fund managers actually co-invest their own money, and independently verify that payments come from actual project profits rather than new investor funds.
kdhnews.com
· 2026-02-19
A San Antonio man pleaded guilty to operating a $69.5 million investment fraud scheme that defrauded approximately 345 investors between 2023 and 2025 through his company, DJE Texas Management Group, LLC, by falsely promising high returns and low-risk real estate investments while using a Ponzi-like structure to pay earlier investors with funds from new ones. The perpetrator, Devin Ward Elder, faces up to 20 years in prison and has been charged with wire fraud. To protect yourself, be cautious of investment promises guaranteeing high returns with minimal risk and always verify that investment firms and their operators are legitimately registered and have transparent, auditable financial records.
finance.yahoo.com
· 2026-02-19
Financial scams cost Americans at least $10 billion in 2023, with losses among older Americans surging from $600 million in 2020 to $2.4 billion in 2024, often involving large sums stolen through sophisticated schemes like the case of Marjorie Kessler, who lost over $2 million after being tricked into converting her retirement savings to gold and cryptocurrency. While the UN emphasizes that preventing scams requires strong legal and regulatory systems, American institutions like FINRA—which oversees brokerages holding most people's retirement savings—have failed to meaningfully address the epidemic. To protect yourself, be extremely skeptical of unsolicited requests to move funds or convert savings into alternative assets, verify requests directly with your financial institution through official channels, and report suspected scams to the FTC immediately.
thehill.com
· 2026-02-19
Americans lost at least $10 billion to scams in 2023, with losses among older adults particularly devastating—jumping from $600 million in 2020 to $2.4 billion in 2024. One victim, Marjorie Kessler, was tricked into withdrawing over $2 million from her retirement savings under the false pretense that the U.S. Treasury needed to safeguard it, though she recovered only a portion. Experts and the United Nations emphasize that preventing these crimes requires stronger legal and regulatory systems rather than relying on individuals to protect themselves, particularly through oversight of financial institutions like FINRA that hold most Americans' retirement savings.
wfsb.com
· 2026-02-19
A Florida man has been arrested on 26 charges for running a phone scam targeting a Wallingford resident who received a fraudulent call impersonating her bank and was tricked into sharing personal information, leading to unauthorized charges on her account. The 31-year-old suspect, Errol Patton from Miami, faces multiple charges including telephone fraud, identity theft, and payment card theft, with some charges specifically related to targeting a victim over 60 years old. To protect yourself, never provide personal or financial information over the phone in response to unsolicited calls—instead, hang up and call your bank directly using the number on your statement or their official website to verify any claims.