DOJ Guns For Ringleader In Advance-Fee Scheme

Law360, New York (November 16, 2010, 12:38 PM EST) -- The U.S. Department of Justice has accused a convicted swindler of perpetrating a multimillion-dollar fraud that lures real estate developers with promises of financing from a bogus Greek shipping trust.

The complaint, filed Monday in the U.S. District Court for the District of Arizona, alleges that Louis Michael Pihakis masterminded an advance-fee scheme that pocketed “proof of funds” payments from developers seeking project financing from a fictitious billion-dollar shipping trust.

“Pihakis and other co-conspirators are committing wire fraud to solicit advance fees from the victim investors,...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.