Illinois Couple Arrested for Ponzi Scheme After 12 Years in Hiding
Securities fraud lawyer explains how “America’s Most Wanted”
led to the arrest of a couple who disappeared after an alleged
Ponzi scheme 12 years ago.
Nelson Grant Hallahan and Janet Hallahan were arrested on Saturday, May 5th, in Tonopah, Arizona. The Hallahans have apparently been on the run for twelve years, avoiding sentencing after pleading guilty in a Ponzi scheme case. According to the U.S. Marshals Service, the couple was arrested on tips received after they were featured on a recent episode of “America’s Most Wanted.”
The Hallahans allegedly ran a Ponzi scheme that targeted vulnerable investors. The couple drew in investors by promising very high returns, but the Hallahans are instead accused of using the money coming in from new investors to pay off prior investors. It has been reported that the Hallahans used investors’ cash to lead a very lavish lifestyle that included yachts, jewelry, luxury cars and more.
David Gonzales, U.S. Marshal for Arizona, stated after the arrest that, “The 12-year run from justice of the Hallahans, also known as the 'Mini Madoffs,' has come to an end. Their investment scams involving family, friends, and the elderly, ruined many lives.” The couple had originally disappeared in early 2000 after pleading guilty to fraud charges in Illinois. Approximately $1.2 million was owed to investors at that time.
The securities fraud attorneys with Meyer Wilson represent victims of Ponzi schemes nationwide in stockbroker mediation, arbitration, and litigation. We have over 50 years of collective experience helping investors recover their losses after investment scams, and we look forward to putting that experience to work for you.