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Sirens & Gavels

Posts tagged: Doris Nelson

Alleged Ponzi scheme brings 110 charges

When asked by a reporter about the alleged Ponzi scheme, Doris “Dee” Nelson, right, breaks down crying while her husband Dennis, looks on at their rural home in north of Colbert on Sept.. 22. (SRPhot/Jesse Tinsley)

Federal prosecutors filed a 110-count felony indictment Thursday against Doris “Dee” Nelson, architect of an alleged international Ponzi scheme that netted $126 million to prop up payday lender Little Loan Shoppe.

Nelson asked for a federal public defender during an initial appearance in U.S. District Court on Thursday afternoon.

Read the rest of John Stucke's story here.

Past coverage:

Sept. 25: Alleged Ponzo scheme shatters lives

Woman accused of huge Ponzi scheme

The Securities and Exchange Commission accuses the owner of a bankrupt Spokane-based payday loan business with conducting a massive Ponzi scheme.

 The civil complaint alleges that Doris “Dee” Nelson stole investor money to pay for an upscale lifestyle that included expensive cars and gambling jaunts to Las Vegas.

Nelson lives with her family in Colbert. The SEC alleges she defrauded investors in her company, Little Loan Shoppe, by misrepresenting the profitability and safety of their investments and giving them the false impression that their money was being used to grow her business.

Read the rest of John Stucke's story here.

Past coverage:

May 20, 2010: LLC in Ponzi probe in the black, report says

April 7, 2010: Feds search Spokane payday loan firm

Feb 24, 2010: State outlines Ponzi charges

July 23, 2009: Loan shop files for bankruptcy

Corvette, motor home seized in Ponzi probe

The president of a Spokane-based company under investigation for an alleged $50 million-plus Ponzi scheme is to give up a motor home and Corvette, according to a legal notice published last week.

An Internal Revenue Service official declined comment on the probe involving Doris Nelson, president of Little Loan Shoppe LLC, and affiliates, saying any underlying civil or criminal complaints — if any — are under seal.

Bert Caldwell wrote about this and several other financial and business-related frauds in a story you can read here.

Past coverage:

May 20: LLC in Ponzi probe in the black, report says

Feb 24: State outlines Ponzi charges

July 23: Loan shop files for bankruptcy

Feds raid office tied to alleged Ponzi scheme

Agents of the FBI and IRS Tuesday searched the offices of Team Spirit America, the operating affiliate of a payday loan business that investors allege was a Ponzi scheme.

An agent posted inside the door of the offices at 1801 W. Broadway Ave. declined to comment on the activity, or whether a search warrant had been issued.

Spokesmen for the IRS, FBI and U.S. Attorney’s Office also would not respond to questions. Washington State Patrol officers were present during the search.

Team Spirit is managed by Doris Nelson, founder of Little Loan Shoppe, which made short-term installment loans. Little Loan Shoppe, as LLS America LLC, filed bankruptcy in August.

Read the rest of Bert Caldwell’s story here.

Previous coverage:

Feb 24: State outlines Ponzi charges

July 23: Loan shop files for bankruptcy

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