Cases by state
Ponzi schemes in Virginia
23 cases announced 2007–2026, involving about $401.1M in reported investor money. Most common types: investment funds & advisory, trading, forex & commodities and real estate. Listed by where the main defendant was based.
The largest by reported amount: Praetorian Group International ($201M, 2026). Charges are allegations unless a court has entered a conviction or judgment.
Pitch phrases seen in these cases
- “daily returns of 0.5 to 3%”
- “profits of five to ten percent”
- “typically within 30 days”
- “40-60 percent annual investment returns”
- “high annual return rates of 8-25%”
- “a guaranteed buyer for all his properties”
- “rates of return as high as 25 percent”
- “$1.4 billion in assets”
Cases
| Date | Case | Location | Industry | Amount |
|---|---|---|---|---|
| Feb 12, 2026 | Praetorian Group International Ramil Ventura Palafox |
Alexandria, VA | Crypto & digital assets | $201M |
| Feb 4, 2026 | Niagara Gold and Silver LLC Warith Deen Muhammad |
McLean, VA | Trading, forex & commodities | $1.5M |
| Jul 25, 2024 | DAB Inspection and Consulting Services LLC Babu Ramaraj |
Aldie, VA | Investment funds & advisory | $31M |
| Sep 29, 2023 | Qidian LLC Bin Hao |
Herndon, VA | Real estate | $10.3M |
| Sep 19, 2019 | Tate Street Trading Inc. Leonard J. Cipolla |
Chesterfield, VA | Trading, forex & commodities | $7.1M |
| Dec 4, 2018 | Novus Properties Brian Thomas Sapp |
Alexandria, VA | Lending & cash advance | $1.4M |
| Oct 5, 2018 | Kiddar Capital Todd Elliott Hitt |
Fairfax, VA | Real estate | $16M |
| Jul 3, 2018 | CM Capital Management LLC, G.E. Holdings Edward Lee Moody Jr. |
Richmond, VA | Investment funds & advisory | $5M |
| Feb 14, 2018 | The Kane Capital Investment Group LLC Amrit Jaswant Singh Chahal |
Fairfax, VA | Investment funds & advisory | $1.2M |
| Apr 11, 2017 | Gregg Seitz | Alexandria, VA | Real estate | $2.3M |
| Feb 16, 2017 | FX & Beyond Corporation Steve H. Karroum (aka Mustapha Karroum) |
Vienna, VA | Trading, forex & commodities | $4M |
| Dec 19, 2016 | Patricia Means | Williamsburg, VA | Investment funds & advisory | $1.1M |
| Oct 24, 2016 | Micro-Enterprise Management Group (MEMG), Victorious Life Church Terry Wayne Millender, Brenda Millender, Grenetta Wells |
Alexandria, VA | Lending & cash advance | $1.2M |
| Aug 10, 2016 | Cavalier Union Investments LLC Merrill Robertson Jr., Sherman C. Vaughn Jr. |
Chesterfield, VA | Investment funds & advisory | $10M |
| 2016 | Kenhill Financial Michael Sullivan |
South Hill, VA | Trading, forex & commodities | $1.4M |
| Sep 6, 2014 | Moncure Brothers LLC, The Silver Companies James Ashby Moncure Jr. |
Fredericksburg, VA | Real estate | $35M |
| Jul 31, 2014 | Donna Jessee Tucker | Roanoke, VA | Investment funds & advisory | $730,289 |
| Apr 4, 2012 | Brett A. Amendola | Ashburn, VA | Investment funds & advisory | $3.8M |
| Apr 15, 2011 | Nicholas D. Skaltsounis, John B. Guyette, John R. Graves | Richmond, VA | Investment funds & advisory | $7.7M |
| Nov 12, 2009 | Bean East Corporation Hanif Hassan Moledina |
Great Falls, VA | Investment funds & advisory | $16M |
| Oct 6, 2009 | Walkwood Properties Darrell Underwood, Cynthia Underwood |
Chesterfield, VA | Real estate | $18.4M |
| Jun 3, 2009 | Byron Keith Brown | Vienna, VA | Investment funds & advisory | $17M |
| Mar 12, 2007 | Brown Investment Services, Brown Investments James E. Brown Jr. |
Richmond, VA | Trading, forex & commodities | $8M |