Cases by state
Ponzi schemes in Massachusetts
29 cases announced 2009–2026, involving about $1.2B in reported investor money. Most common types: investment funds & advisory, trading, forex & commodities and lending & cash advance. Listed by where the main defendant was based.
The largest by reported amount: TelexFree Inc, Common Cents Communications Inc ($1B, 2014). Charges are allegations unless a court has entered a conviction or judgment.
Pitch phrases seen in these cases
- “guaranteed investors high rates of returns”
- “a unique opportunity to support croft in a new way”
- “secured by cash held in a financial support fund”
- “win-win”
- “high-yield bank accounts”
- “specialized investments”
- “stocks, bonds, or private company securities”
- “as high as 20-24% in short periods”
Cases
| Date | Case | Location | Industry | Amount |
|---|---|---|---|---|
| Jul 22, 2026 | Ideal Financial Services Inc, Ideal Financial Holdings Barbara A. Hirshfield |
Lexington, MA | Lending & cash advance | $10.9M |
| Jun 30, 2026 | Oxford Street Education LLC (The Croft School) Scott Given |
Wellesley Hills, MA | Investment funds & advisory | $8M |
| Apr 2, 2026 | Castle Hill Financial Group LLC John R. Brodacki III |
Longmeadow, MA | Investment funds & advisory | $1.7M |
| Sep 29, 2023 | Stock Squirrel Inc John Feloni |
Somerville, MA | Investment funds & advisory | $2.5M |
| Aug 3, 2023 | Jose D. Rocha | Brockton, MA | Trading, forex & commodities | $1.2M |
| Dec 19, 2022 | Milendophe Duperier, Vanessa Joseph | Randolph, MA | Trading, forex & commodities | $5M |
| Nov 14, 2022 | Adrian J. Kawuba | MA | Investment funds & advisory | $2M |
| Jun 1, 2021 | James K. Couture | MA | Investment funds & advisory | $2.9M |
| Apr 30, 2020 | Family Endowment Partners LP Lee D. Weiss |
Newton, MA | Investment funds & advisory | $10M |
| Mar 15, 2018 | ARO Equity LLC Thomas David Renison, Timothy James Allcott |
Peabody, MA | Investment funds & advisory | $5.8M |
| Jan 10, 2018 | MC2 Capital Management LLC, MC2 Canada Capital Management LLC Yasuna J. Murakami |
Cambridge, MA | Trading, forex & commodities | $15.3M |
| Aug 2, 2017 | RMA Strategic Opportunity Fund LLC Raymond K. Montoya |
Allston, MA | Trading, forex & commodities | $30M |
| Nov 22, 2016 | Eubiquity Capital LLC Stephen S. Eubanks |
Hingham, MA | Trading, forex & commodities | $529,000 |
| Sep 21, 2016 | Increasing Fortune Inc. Scott J. Wolas (aka Eugene Grathwohl) |
Quincy, MA | Real estate | $1.7M |
| Mar 16, 2016 | Mark A. Jones | Boston, MA | Lending & cash advance | $10M |
| Aug 28, 2015 | DJF Real Estate Opportunity Fund Daniel J. Flynn III |
Milton, MA | Real estate | $2.1M |
| Jun 2, 2015 | Charles Erickson | Uxbridge, MA | Trading, forex & commodities | $3.5M |
| Apr 15, 2014 | TelexFree Inc, Common Cents Communications Inc James Merrill, Carlos N. Wanzeler, Sanderley R. De Vasconcelos (aka Sann Rodrigues) |
Ashland, MA | Investment funds & advisory | $1B |
| Feb 28, 2014 | Jane E. O'Brien | Needham, MA | Energy & alternative assets | $1.4M |
| Jun 25, 2013 | Elaina Patterson | Reading, MA | Investment funds & advisory | $2.1M |
| Mar 18, 2013 | Viking Financial Group Inc. Steven Palladino, Lori Palladino |
West Roxbury, MA | Lending & cash advance | $10M |
| Nov 18, 2012 | The Austin Group James R. Cruise Jr. |
Centerville, MA | Real estate | $1.2M |
| Oct 17, 2012 | A.L. Waters Capital LLC, Moneta Management, Port Huron Partners L.P. Arnett L. Waters |
Milton, MA | Investment funds & advisory | $839,000 |
| Jul 24, 2012 | Cranney Capital I LLC, Cranney Capital III Inc., Cranney Industries John W. Cranney |
Belmont, MA | Investment funds & advisory | $10.4M |
| Nov 23, 2011 | Henry Roche | MA | Investment funds & advisory | $1.3M |
| Jan 5, 2010 | Richard Elkinson | Framingham, MA | Investment funds & advisory | $29M |
| Oct 7, 2009 | Randy W. Cho | Newton, MA | Investment funds & advisory | $3.7M |
| Jun 24, 2009 | Regan & Company, River Stream Fund Michael C. Regan |
Wayland, MA | Investment funds & advisory | $15.9M |
| Jan 23, 2009 | Gregg Thomas Rennie | Quincy, MA | Investment funds & advisory | $2M |