Cases by state
Ponzi schemes in Alabama
6 cases announced 2011–2024, involving about $21.6M in reported investor money. Most common types: investment funds & advisory, real estate and trading, forex & commodities. Listed by where the main defendant was based.
The largest by reported amount: James Dean Bulger (aka Jimmy Bulger) ($8.4M, 2023). Charges are allegations unless a court has entered a conviction or judgment.
Pitch phrases seen in these cases
- “earn substantial profits for investors”
- “guaranteed no loss of their principal”
- “maintenance fees”
- “an annual rate of return ranging from 175% to 325%”
Cases
| Date | Case | Location | Industry | Amount |
|---|---|---|---|---|
| Mar 8, 2024 | Infinity Wealth Management Pathyam Patel (aka Pat Patel) |
Tuscaloosa, AL | Investment funds & advisory | $400,000 |
| Mar 14, 2023 | James Dean Bulger (aka Jimmy Bulger) | Montgomery, AL | Investment funds & advisory | $8.4M |
| Jun 22, 2015 | Keith Michael Rogers | Huntsville, AL | Investment funds & advisory | $2.5M |
| Dec 29, 2014 | 360 Properties Bryan W. Anderson |
Hoover, AL | Real estate | $3.1M |
| Sep 24, 2012 | USA Marketing, Elite Marketing Edward Lincoln Forehand |
Dothan, AL | Investment funds & advisory | $6.2M |
| Jun 3, 2011 | Spero X. Vourliotis, Carey Michael Billingsley | Birmingham, AL | Trading, forex & commodities | $1M |