Jeff Teitelbaum, 41, of Mesa, Arizona, Maria Gonzalez, 41, of Tempe, Arizona, Christopher Livanos, 47, of Fraser, Colorado; and William Hoberg, 52, of Seaford, New York, who operated a purported cashless ATM investment business, Mac Investments, Inc., have been indicted for defrauding at least 300 investors out of at least $8 million. The co-defendants are alleged to have raised investor funds between March 2003 and January 2005 under a variety of aliases. Teitelbaum reportedly used the alias names of “Kevin Polardi,” “Ed Perente,” “Frank Blasetti,” and “Mike Picozzi.” He remains at large and federal authorities are seeking his arrest. William Hoberg used the aliases “Jim Bulino” and “William Gordon.” Christopher Livanos used the alias of “Jim Roberts." Maria Gonzalez used the aliases “Maricruz Alvarado” and “Maria Cruz.” All four represented themselves to be senior officers of Mac Investments. The business evaporated in January 2005 and the officers disappeared. They have been charged on 90 felony counts including conspiracy, wire fraud and mail fraud, as well as transactional money laundering.
Read the story here, here and here.
Read the DOJ announcement here.
Update (4/28/11): Christopher Livanos, currently of New York City, has been sentenced to 20 years in prison for his part in this "cashless ATM" Ponzi scheme.
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