Courtesy of Florence Klein, Founder, SilverPlanet.com

Lest you think things quiet down in between our scam stories, we bring you some of the top 10 news stories from the FBI’s Web site for the week of July 24. Mixed in with the recent arrests of high-profile New Jersey figures for corruption and money laundering are two stories of Ponzi schemes, with combined losses of more than $100 million, one about a mortgage fraud conspiracy, and a phony lottery scheme bust. Here’s a quick look at these scams.

The first involves a Chicago businessman charged with operating a Ponzi scheme that went on for at least 22 years. He convinced more than 450 investors to spend over $77 million on six-month promissory notes that were supposed to yield returns of 10% to 15%. He continually raised the funds, paying early investors with later investors’ money—making it a Ponzi scheme—and allegedly lied about what the money was being invested in and that it was safe.

The other Ponzi scheme involves a St. Louis woman who has been indicted on multiple fraud charges and interstate transportation of stolen property involving a grain fraud scheme. The woman told farmers she would sell their grain at above-market prices but in fact sold the grain for less and used the proceeds to pay the prices she originally quoted other farmers. She allegedly defrauded 180 farmers out of between $27 million and $50 million in proceeds from the sales.

A Houston man along with his wife and daughter were charged with defrauding residential mortgage lenders out of loans totaling more than $2.5 million. The three allegedly paid individuals to use their names and credit on loan applications to buy residential properties and submitted fraudulent home repair and other invoices to pay themselves from the loan proceeds, according to the FBI.

Finally, one a little closer to our hearts because it targeted the elderly. Eleven Israelis were arrested for a phony “lottery prize” scheme in which its victims (U.S. residents) were contacted by telemarketers, told they had won a substantial cash prize, and then asked about their assets. If the victims had sufficient assets, they were transferred to someone identified as an attorney who said that to receive the prize, they would have to pay several thousand dollars in fees and taxes. When victims sent money, they were sometimes contacted a second time for more money. Some “winners” were even sent congratulatory flowers and gift baskets. The lottery names and law firm names were phony, to mask the fact that the scammers were located in Israel. Ultimately, the victims were bilked out of an estimated $25 million.

While it’s hardly inspiring news about the states of mind of the people with whom we share this planet, at least some who steal from the innocent are getting caught. The FBI releases its top 10 stories every week. We won’t write about this weekly, but we’ll update you every so often on their progress.