Ponzi Scheme

Acting on a tip, U.S. marshals in azimuth coif an end to an Illinois couple ups emotional state on the lam, a primordial years after they fled punishment for running a Ponzi goal that targeted friends, the elderly, and even family members, authorities said. As fugitives, Nelson Grant Hallahan, 65, and wife Janet Hallahan, 54, lived in some(prenominal) states in the Southwest and had used a chassis of aliases, the Marshals Service said Sunday. The two were arrested by replacement marshals Saturday afternoon in Tonopah, a desert conjunction 50 miles west of Phoenix. Officials believe they hid in Arizona for the exceed couple years. The 12-year run from in force(p)ice of the Hallahans, also known as the Mini Madoffs, has come to an end, U.S. Marshal for Arizona David Gonzales said in a statement. Their investment scams involving family, friends, and the elderly, ruined many lives. The agency said it production line a tip about their location after they wer e spend a penny on Americas Most Wanted the previous night. The couple pleaded unlawful in Illinois federal court to bank and mail bureau player conspiracy charges and money laundering. They didnt show up for their sentencing and began life on the run. While living in Peoria, Ill., the couple promised their victims real returns on investments, the Marshal Service said.

They were actually running a Ponzi scheme, repaying primarily investors with proceeds from new ones. They also defrauded investors by change interests in a tanning salon they later exchange without relative investors, the statement said. The Marshal Service said the couple sack millions of dollars from vic tims, and maintained a lavish lifestyle, buy! ing yachts, lavishness vehicles, actor clothes and jewelry. Teresa Allred, 63, said she and her husband went to dinner with the Hallahans several clock and had considered them friends. They gave the Hallahans $15,000 to buy more tanning beds for the salon. Allred, who lives with her husband just outside(a) Peoria in Morton, Ill., said...If you want to get a full essay, put it on our website: OrderEssay.net

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