– NBC Bay Area: Bay Area Woman Leads Fight Against Fraud
– SF Examiner: San Anselmo Woman Busts Multimillion-Dollar Investment Scam
BREAKING NEWS AND THE LATEST VIDEOS:
National Center For Victims training, San Francisco, April, 2015
Monday, Nov 3, 2014 CNBC
– Andrea Day reports Massive loan scheme scams $26M from victims by Remington Financial
Ingrid Robinson – “Mother on a Mission” http://www.cnbc.com/id/102087296
– U.S. Attorney Eastern District of Pennsylvania office told CNBC that Remington Financial Group’s scam in Arizona and Pennsylvania was nearly straight out of the film, “American Hustle.” http://video.cnbc.com/gallery/?video=3000327073
January 2015 “American Greed”
September 19 2014 KPIX (CBS) News San Francisco
September 19 2014 KNTV (NBC) News San Francisco Bay Area
“Philadelphia Inquirer”, February 21, 2014
Financier Convicted of Defrauding Nearly 2,000 Clients
by Jeremy R. Roebuck”The Republic”. March 27, 2014
Founder of Scottsdale’s Remington Capital Sentenced in $26M Scheme
by Peter CorbettCBS KWY Newsradio, March 27, 2014
Long Prison Sentence For Swindler Brings Satisfaction to One Victim
by Tony Hanson”Philadelphia Inquirer”, Philly News.com, March 29, 2014
Long Prison Term in $26 Million Fraud
by Jeremy R. Roebuck”Erin Arvedlund’s Blog“, March 31, 2014
by Erin ArvedlundBloomberg News. May 2, 2014
Mom’s Fight for Daughter’s Legacy Spurs Lender Fee Crackdown
by Sophia Pearson”The New York Times”, May 2, 2014
A Fraud Case Offers a Cautionary Tale of Finance
“Ingrid Robinson collected evidence against officials of a company that defrauded her, including Andrew Bogdanoff. ”
by Peter DaSilva “The Wall Street Journal”, May 26, 2014
Loan Scheme Delivers Blow to Small Businesses
by Sarah E. Needleman” Philadelphia Business Journal”, Oct 7, 2014
Fraudster gets 16 years for bilking 2,000 clients out of $26M
by Jeff Blumenthal
May 30, 2014. Philadelphia, PA. On Thursday, March 27, 2014, Andrew Bogdanoff, former Principal of Remington Financial Group and Blackstone Funding Capital, pled guilty to fraud for swindling over $26 million within six years from over two thousand middle-class American victims out of their life savings, earmarked to finance their dream projects to build a better America.The Remington Financial fraud was a sophisticated, advanced fee scheme that went unchallenged for over 20 years. It was a unique, wide spread domestic and international fraud that targeted, not affluent investors seeking to increase their financials, as in the Madoff and Stanford cases, but scammed average business people who invested their life savings and wanted to finance their businesses to create jobs and new opportunities.When law enforcement and the U.S. Government failed to act, it took the relentless effort of an average mother’s 7-year quest to uncover and bring the billion dollar company and eight co-conspirators to justice. Ingrid Robinson of San Anselmo, California, was seeking completion funding for a city supported real estate and community improvement project in Clearlake, California in memory of her 28-year-old daughter, who had died in 1998. Ingrid’s broker put her in touch with Remington Financial Group, or Remington Capital, a supposedly top-rated, international funding firm, who was ranked on the level of Bank of America and J.P. Morgan. Remington professed to love the project and committed to funding its further development. Remington asked for and received Ingrid’s “due diligence” fees in advance. After countless delays and excuses, Ingrid discovered Remington Financial never performed any due diligence, had no intention of funding the project, and refused to return her money. It was a scam that Remington Financial had perpetrated on thousands
of unsuspecting victims, making a fortune on advance “due diligence” fees, while wiping out life savings of victims, and putting them all in financial jeopardy.Devastated financially and emotionally, Remington had destroyed the legacy she had intended in her daughter’s memory. Ingrid, a “mother on a mission”, refused to accept being ignored by law enforcement and government agencies and began a one-woman crusade against Remington. She uncovered thousands of victims, gathered information and relentlessly pursued FBI agents in multiple states and other government agencies until someone would listen; no easy task. That effort initiated a coordinated investigation between the FBI, Department of Justice, U.S. Attorney, the IRS and the Prosecutor of Enron, working together, which resulted in eight convictions in the largest Advanced Fee Fraud case in U.S. history. Ingrid’s efforts attracted the attention of Congressional leaders in Washington, D.C. who are in process of considering enacting legislation to protect citizens from such scams and investment broker frauds.At the same time, Ingrid was embroiled in defending herself from the bank, who was actively trying to take away her home. Ingrid’s case was a rare exception that defeated the Bank in court. Ignoring court orders, the bank sold her house illegally to a third party, which created a bizarre legal standoff that persists today.Ingrid is a hero, an average “David who took on Goliath”, and won on behalf of thousands of victims, worldwide, and more still, as she relentlessly pushes for new legislation.
Fraudster gets 16 years for bilking 2,000 clients out of $26M
by Reporter, former co-owner of Remington Financial Group, was sentenced to 16 years in prison Tuesday for his role in bilking nearly 2,000 clients out of $26 million in a wide-ranging fraud scheme. Federal prosecutors in Philadelphia said the scheme involved Remington clients who had hoped to secure development loans for construction projects. Over the years, McManus had arranged financing for some of the largest projects in the area, prosecutors said. McManus, 46, of Glenside, Pa., was on February 19 while all of his co-defendants pleaded guilty. In addition to the prison term, U.S. District Court Judge William Yohn ordered restitution of $17,774,174, three years of supervised release, and an $800 special assessment., of Scottsdale, Arizona, was the founder and chairman of Remington Financial Group (later renamed Remington Capital) and ran the company with McManus until 2008 in Arizona and Pennsylvania. After McManus left the company in 2008, defendant , also of Scottsdale, replaced McManus as Bogdanoff’s right-hand man.for his role in a $26 million fraud scheme. He was sentenced in U.S. District Court by Judge .In addition to Bogdanoff and McManus, there were four other defendants.
- Fowler was sentenced to 21 months in prison.
- , of San Diego, Calif., a Remington employee, was sentenced to 12 months and one day in prison.
- Aaron Bogdanoff, also of Scottsdale, was sentenced to two years probation.
- , of Rochester Hills, Michigan, a broker who prosecutors said referred numerous victims to Remington in exchange for large kickbacks, will be sentenced on Dec. 3 in Michigan.
Prosecutors said between 2005 and 2011, the defendants fraudulently induced hundreds of people to pay Remington fees in excess of $10,000 a piece, based on false representations that Remington had lenders and/or investors ready to provide financing for the victims’ projects.
The case was investigated by the Federal Bureau of Investigation and the Internal Revenue Service Criminal Investigations with assistance from the Pennsylvania Securities Commission. It was prosecuted by Assistant U.S. Attorney.
Final Defendant Convicted in Advance Pay Scheme That Bilked Entrepreneurs of Millions
U.S. Attorney’s Office February 19, 2014
- Eastern District of Pennsylvania
PHILADELPHIA—Matthew McManus, 45, of Glenside, Pennsylvania, was convicted today for his role in an advance fee fraud scheme that defrauded hundreds of victims searching for commercial financing. McManus was charged with five other defendants, all of whom have pleaded guilty. Their scheme defrauded more than 1,900 victims out of more than $26 million. A sentencing hearing is scheduled for May 21, 2014. McManus faces a potential advisory guideline sentence of 15 years in prison with a statutory maximum possible sentence of 105 years in prison.
Defendant Andrew Bogdanoff, of Scottsdale, Arizona, was the founder and chairman of Remington Financial Group (later renamed Remington Capital) and ran the company with defendant McManus until 2008 in Arizona and Pennsylvania. After McManus left the company in 2008, defendant Shayne Fowler, also of Scottsdale, replaced McManus as Bogdanoff’s right-hand man. Defendant Joel Nathanson, of San Diego, California, was one of Remington’s most proficient employees and helped Remington defraud many victims. Defendant Frank Vogel, of Rochester Hills, Michigan, was a Michigan‑based broker who referred numerous victims to Remington in exchange for large kickbacks. Aaron Bogdanoff, also of Scottsdale, was also charged in the conspiracy.
Between 2005 and 2011, the defendants fraudulently induced hundreds of people to pay Remington fees in excess of $10,000 a piece based on false representations that Remington had lenders and/or investors ready to provide financing for the victims’ projects. To facilitate this fraud, the defendants issued each victim a “letter of interest,” commonly referred to as an LOI. Almost every LOI Remington issued stated that Remington had a lender or investor interested in financing the victim’s project. Remington issued an LOI to every victim even though no Remington employee had spoken to any funding source and Remington knew that it was unlikely to find funding for the project.
The LOI was written to fraudulently lead victims to believe that Remington either was an actual lender or had spoken to lenders that had already expressed interest in the customer’s project. Neither was true. Additionally, the financing terms Remington included in the LOI were unrealistic and were used solely to induce customers to pay Remington’s advance fees. In addition to the false representations in the LOI, the defendants and other Remington employees also told victims the following lies to further induce victims to pay Remington’s fees: a) Remington had five investors or lenders interested in their project; b) Remington was the actual lender for the project; c) Remington funded or “closed” 80 percent of its deals; d) the victim would get funding for the project once the advance fee was paid and/or; e) Remington would provide funding through its funding source Northbridge. After a customer paid Remington’s fee, McManus and Andrew Bogdanoff instructed Remington employees to find problems with the projects so that Remington could blame its failure to provide financing on the victim. The defendants did this to help protect Remington from civil and criminal complaints.
After the FBI and IRS conducted search warrants in Arizona and Colorado in March 2011, defendant Matthew McManus attempted to distance himself from the fraudulent scheme by obstructing justice and lying to federal agents. He was convicted of these charges, as well.
Some of the defendants used sophisticated means to perpetuate the fraud. For instance, in 2010, defendants Fowler and Andrew Bogdanoff used Remington’s website to advertise an anti‑fraud policy and stated falsely that Remington had recently provided information to the Federal Bureau of Investigation and local law enforcement authorities about a suspected e-mail scam. Remington posted this information to ensure that if potential customers used an Internet search engine to search for allegations about Remington’s fraud, they would be directed to Remington’s website rather than third‑party Internet sources that contained negative information about Remington.
The case was investigated by the Federal Bureau of Investigation and the Internal Revenue Service Criminal Investigations with assistance from the Pennsylvania Securities Commission, and is being prosecuted by Assistant United States Attorney David Axelrod.
as a major motion picture or made-for-TV movie.