{"id":4782,"date":"2017-09-18T18:26:29","date_gmt":"2017-09-18T23:26:29","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=4577"},"modified":"2022-04-01T11:36:33","modified_gmt":"2022-04-01T16:36:33","slug":"brothers-plead-guilty-40m-oregon-ponzi-scam-bilked-400-investors","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/brothers-plead-guilty-40m-oregon-ponzi-scam-bilked-400-investors\/","title":{"rendered":"Brothers Plead Guilty in $40M Oregon Ponzi Scam That Bilked 400 Investors"},"content":{"rendered":"

In US district court in Oregon, siblings Gary Holcomb and Michael Holcomb pleaded guilty to money laundering and felony conspiracy in a $40M Ponzi fraud <\/a>that bilked approximately 40 investors. The brothers were formerly executives at financing company Berjac. The insurance business went bankrupt in 2012.<\/p>\n

Berjac was supposed to issue loans to small businesses so they could pay their insurance premiums. The loans were considered low risk, with Berjac getting to keep an interest in the part of the insurance premium that went unused should a business default on a loan.<\/p>\n

Investors were told they\u2019d get quick returns by investing in Berjac, and as borrowers repaid the loans with interest. The financing company made it appear as if that were the case by instead paying investors with funds given to them by other investors in Ponzi-like fashion. Meantime, the Holcombs would issue quarterly statements that contained false information to investors, even as the brothers used the money to pay down their debt, purchase a vacation home, and get involved in speculative real estate projects. When Berjac failed, investors lost their principal investments.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In US district court in Oregon, siblings Gary Holcomb and Michael Holcomb pleaded guilty to money laundering and felony conspiracy in a $40M Ponzi fraud that bilked approximately 40 investors. The brothers were formerly executives at financing company Berjac. The insurance business went bankrupt in 2012. Berjac was supposed to issue loans to small businesses […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3792],"tags":[],"class_list":["post-4782","post","type-post","status-publish","format-standard","hentry","category-ponzi-scams"],"yoast_head":"\nBrothers Plead Guilty in $40M Oregon Ponzi Scam That Bilked 400 Investors — Investor Lawyers Blog — September 18, 2017<\/title>\n<meta name=\"description\" content=\"In US district court in Oregon, siblings Gary Holcomb and Michael Holcomb pleaded guilty to money laundering and felony conspiracy in a $40M Ponzi fraud — September 18, 2017\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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