After roughly two months of deliberation, a verdict in the Samoan uFun Club criminal trial has been reached. On December 24th sometime in the morning, Chief Justice Patū found Nicholas Giannos and Rosita Stanfield guilty on all counts.
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Founded by uFun Club scammers Warren Eu and Liew Kok Hong, uMatrin sought to replicate uFun Club’s Ponzi model through “bizpoints”. What with Thailand shutting down uFun Club though, uMatrin never really took off. Now in 10-Q form filed with the SEC, uMatrin reveal the extent of their financial losses to date.
Following another day of grilling Nicolas Giannos, the Samoan uFun Club fraud case inches closer to a conclusion. Next week will see final submissions from both the prosecution and defense, with Chief Justice Patu expected to make a ruling thereafter.
Is there a better way to defend yourself in court by explaining exactly how you fleeced investors out of $126,000? Probably. But for Nicholas Giannos, he decided to defend himself by declaring in court that funds invested with him were “his money”.
Flimsy legal defences such as “personal development pyramid schemes should be legal” might sound laughable, but there’s always a chance a Judge somewhere might permit it. Thankfully, Chief Justice Patu isn’t one of those Judges.
Following the logic fail of defense attorney Leota Schuster, who argued that pyramid schemes should be legalized, now comes the prosecution’s closing arguments. Deception has become a primary issue in the criminal case, with both the defense and prosecution addressing it. Whereas the defense argued that no deception had taken place because those deceived didn’t acknowledge [Continue reading…]
When your clients are busted pushing a $1.18 billion dollar Ponzi scheme, there’s not really much you can present by way of their defense. Still, they’re paying you money so you’ve got to come up with something. Cue absurd reasoning and logic from defense attorney Leota Schuster.
Thirteen of the 164 indicted uFun Club scammers faced court yesterday, pleading not guilty on charges of ‘taking part in a transnational crime syndicate, public fraud, illegal direct sales, putting false information into computer systems and fraudulent borrowing.‘
Oh the lies we tell when we’re caught out. Slow as quadriplegic turtle, the Samoan uFun Club trial continues, with the latest seeing a witness caught out lying about his investment into the scheme.
Jamison Palmer was one of the ringleaders who sold the uFun Club Ponzi scheme to US investors. Through uFun Dominators and other Facebook groups, Palmer was instrumental in pitching the billion dollar Ponzi scheme to US investors. Seeking Ponzi riches, Palmer (right) even went so far as to relocate from the US to Thailand. Perhaps [Continue reading…]