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Tag: whatfraud

What Fraud? The Madoff of the Midwest

Russell Wasendorf Sr., the “Madoff of the Midwest”, was born in Iowa in 1948 and went on to study filmmaking at the University of North Iowa. After shooting a short publicity film for the American Soybean Association, he moved into commodities trading and started a trading firm, Wasendorf & Son, from his basement.

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What Fraud? Gina Champion-Cain`s Ponzi Scheme

By 2012, Champion-Cain’s moving various companies were losing large sums of money. Hence, she set up an investment scheme that promised to deliver largely guaranteed returns to investors, of up to 22% a year, by lending money to business owners attempting to acquire California state liquor licences. She promised that the funds would be held in an escrow account so that the money would be protected. In reality, no loans were made, and she diverted the set money to prop up her failing business empire, fund her lavish lifestyle (she spent $800,000 on sports tickets alone) and repay earlier investors.

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