DescentBB

ThunderBunny wrote:A simple thanks but no thanks.

Foil wrote:[Update, for anyone who remembers this old thread.]

Over three years later, the guy is in custody, facing charges of running, yep, a Ponzi scheme.

As far as my family goes, my brother doesn't seem to want to talk about it, but he had apparently realized at some point in the last couple of years that this guy wasn't legit, and managed to get some of his money out via smaller withdrawals before the guy ran. I'm not sure if my small warnings helped, or if it just became obvious to him that it was a scam.

Anyway, I'll see my brother in December for the holidays, and part of me wants to yell, "I told you so!". But mainly, I just hope this guy doesn't get off with a common white-collar light sentence.

Vander wrote:Protip: search the article title on Google News.

Orlando Sentinel wrote:Accused local Ponzi schemer Maguire arrested in New Hampshire

Money man Chris Maguire tried to take illegal funds when he fled to Florida, indictment says

Authorities arrested former Dr. Phillips area resident Chris Maguire Friday in New Hampshire, on charges that he ran a Ponzi scheme that targeted conservative Christian churches in Florida, among other victims, according to a federal court docket.

Maguire was released to the custody of family members Friday, with an order that he not incur any new debts, and that he appear in Tampa federal court on Dec. 10, according to federal court records filed in New Hampshire.

An indictment unsealed over the weekend slams Maguire with 21 counts of wire fraud, illegal monetary transactions and transporting illegal funds across state lines. (Read the indictment here.)

Maguire allegedly ran an investment fraud where he told people he had a “proof of funds” loan business. He's accused of telling investors he was making a quick profit of 20 percent on funds.

Pictures: Christopher Maguire's rented Orlando estate
Maguire’s alleged fraud was at least $13.4 million in scope and fleeced several people associated with Christian churches and organizations -- including the pastor of a black church near Tampa, Ron Ellis, according to allegations filed in state and federal courts. He also did business with two church organizations in Winter Haven – Champions Church Inc. and All-Pro Pastors Inc. – according to the indictment.

Maguire, 33, appeared to be a wealthy financial wizard to many people. He lived in a waterfront home in Dr. Phillips (see accompanying photo gallery), drove Lamborghinis and bought houses and cars for his friends. But federal authorities said it was all part of the latest Ponzi scheme in Central Florida.

Ellis’ church itself, Exalted Word Ministries, claims losses of $30,000, according to a lawsuit. The indictment seeks forfeiture of at least $5 million allegedly bilked from investors.

Court records indicate that Maguire took about $6,000 in investor money when he tried to flee north over the summer. He was previously arrested in Florida on civil contempt charges, held for questioning and released on a promise he would provide more information about his finances. Maguire previously told attorneys in a deposition that some of the money had been moved to overseas bank accounts.

By the time a new arrest warrant was issued in the civil matter, Maguire’s whereabouts were unknown until the New Hampshire arrest. (This is a breaking story. Check back later for updates.)

Attempts to reach Maguire and attorneys who have represented him were unsuccessful.

One complaint filed by the U.S. Attorney’s office in Tampa described Maguire’s scheme in a 12-page document:

-- From 2012 to April 2014, Maguire told people he ran a financial company, usually Vivid Funding LLC, that provided “proof of funds” letters for corporations.

-- Maguire told investors that he was hired by corporations, and they would use Maguire’s bank accounts to show that they had assets when applying for new bank loans. He told investors they could get big returns on their money if they invested, and their money would be held in a trust account.

-- In reality, the feds allege, Maguire never used the money as described. Instead, he allegedly pooled the money in one slush fund and paid out large payments to previous investors, the classic definition of a Ponzi scheme. Authorities allege that he siphoned off about $4 million for personal expenses, like cars and houses.

-- Maguire described another company in his name, M-Development Inc., as being involved somehow in mobile application software.

One of Maguire’s alleged victims, Robert G. Noble Jr. of Orange County, sued him last year for $450,000. The court ordered Maguire to pay the money, but he hasn’t yet. Noble’s attorney, Gary Salzman, described Maguire’s image in an interview with the Sentinel last summer.

“He was ingratiating himself with these people, driving around in Lamborghinis, hobnobbing with the wealthy, and that’s how he’s getting their trust. He was documenting these loans, and paid out some returns, but then it ended,” Salzman said.

Another alleged victim was Marvin Weed of New Hampshire, who filed suit against Maguire and M-Development for $142,000.

The U.S. Attorney’s office has also identified a financial adviser who helped Maguire – William Peterseim, formerly of Longwood and now of Wesley Chapel, near Tampa. Peterseim was described as helping to steer investors to Maguire, in a federal complaint filed in Tampa to seize Peterseim’s home.

Peterseim has denied knowing about Maguire's alleged fraud. In the complaint, federal authorities said Maguire bought a house for Peterseim, paid directly out of the slush fund account.