For those who knew, or thought they knew MANA aka NO Mercy...

Ok, I'm late to the FChat community. Who are the other 2? And the links were dead to me too. I read one that said something about using some peoples money to pay others, but what exactly did this NoMercy/Mana guy do?

James in Denver

 

Latest news:

http://www.bloomberg.com/apps/news?pid=20601103&sid=a12voTfrRCyA&refer=news

http://www.sec.gov/litigation/litreleases/2009/lr20904.htm

 

The wheels of justice turn slowly, but they grind exceedingly fine.

Got him in Argentina.

Interested to see how this will all turn out!

CW

 

Thanks Ronnie for keeping us informed.

 

I never met him but I heard all about it from some of the EFI guys. Took them a bit to find him...

 

Ditto.......


....from the comments what a piece of $#!T

 

The house that Bill/MANA was building in 2006 when he bailed out is for sale now (with 6-car garage):

http://www.realtor.com/realestateandhomes-detail/8754-Crooked-Stick-Ct_Lone-Tree_CO_80124_1107877015

 

Can someone do a Cliff's Notes on this?

 

MANA\Bill - was this day trader that took a bunch of people's money for trading and once he got in over his head, he bailed out of state\country. Lots of people were looking for him. Including the CBI. He seemed cool to me (at first) - most people usually do.... I went on a few runs with him and the people on a website called EFI - which was a car club for all makes and models - with my Viper back then..... Seemed like an ok guy with lots of money and a number of toys. Including a 1000hp Viper, a Gallardo, Porsches etc....
Next thing i heard was that he took off out of state\country because he owed a lot of people, big money, doing some bad "risky" trades. This is what i heard from some reliable sources but i am sure some others can chime in on more details... His cars got repossesed and sold at auction\s...


MPresiv, that link seems broke for the recent news event on MANA\Bill..
What does the update have to say?

James

 

OK thanks. Yea, this thread is like 5 years old so a lot of the links are gonners.

 

Colorado man extradited from Argentina in Ponzi case By Bea Karnes, News First 5

Posted : Aug 30, 2010 11:04 AM

A Colorado man accused of running a Ponzi scheme that took in more than $23 million has been extradited from Argentina to face charges.

Prosecutors accuse William L. Walters of bilking investors in Colorado and eight other states: California, Florida, Hawaii, Illinois, Massachusetts, Pennsylvania, Texas and Wyoming.

Colorado Attorney General John Suthers and the FBI said Monday that Walters arrived Saturday and will be tried in Douglas County outside Denver.

He's accused of soliciting day-trading investments, promising rates of return of between 10 and 40 percent. Prosecutors allege he used the money to pay his own expenses and make payments to other investors.

Walters is being held in Denver's jail and couldn't be reached for comment.

 

While he will get his day in court, I'm very glad he was apprehended and extradited. I followed this for a LONG time over on 6Speed. While I have no dog in this hunt, I HATE frauds and confidence men. And, sadly, the exotic community has been besieged by them. I've met more than I want to. So, if this guy is guilty and convicted, I hope they throw away the key.

CW

 

A former Lone Tree man who swindled millions of dollars from investors in Colorado and six other states has been sentenced to 40 years in prison and ordered to pay $9.5 million in restitution.

William L. Walters fled Colorado in August 2006 allegedly without repaying money he obtained from investors for his day-trading business. He was indicted by a state grand jury in May 2007.

Walters, 46, was tracked down by the FBI in Argentina after his passport was flagged by Interpol. He was returned to Colorado in August 2010.

Colorado Attorney General John Suthers said Walters ran an elaborate Ponzi scheme and collected $23 million from victims in Colorado, California, Florida, Hawaii, Illinois, Massachusetts, and Pennsylvania.

"This sentence underlines our commitment to vigorously pursue and prosecute cases of financial fraud that victimize Coloradans," Suthers said today. "Our thanks to the FBI for helping us to ensure that justice delayed did not result in justice denied for Mr. Walters' victims."

Walters' Colorado clients lived in Arapahoe, Douglas and Adams counties, according to the indictment.

Walters owned and operated Samurai Capital and Mana Trading Co.

According to Suthers, Walters used his clients' investments for his own personal expenses and to make "interest payments" to other investors.

Walters solicited day-trading investments from his victims between January 2001 and July 2006 by promising 10- to 40-percent rates of return.

http://www.denverpost.com/breakingnews/ci_17958390

 

Great news.
Even other white collar crimes with bigger magnitude mostly get less than 40 yrs I think.

 

Crime doesn't pay indefinitely.

CW