Adviser duo charged with scamming prisoners

Husband and wife team accused of running Ponzi scheme in the big house

Dec 17, 2010 @ 12:02 pm

By Associated Press

FBI agents in Arizona have arrested a husband and wife accused of running a Ponzi scheme that bilked about $3 million from a dozen investors, including nine who lived in Hawaii.

Perry and Rachelle Griggs were arrested Thursday in Kingman, Ariz. The FBI said in a statement the couple will face an initial court appearance in Flagstaff, Ariz., before being moved to Honolulu to be arraigned.

A federal grand jury in Honolulu indicted the couple in October on 13 counts of wire and mail fraud related to the alleged scheme.

The indictment alleges the couple marketed their Aloha Trading investment program to prison inmates and their families when Perry Griggs was incarcerated in mainland federal prisons. In Nevada, he was housed with many Hawaii inmates.


What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video


Top questions surrounding future of DOL fiduciary rule

Reporter Greg Iacurci and managing editor Christina Nelson discuss the biggest uncertainties springing from the Fifth Circuit Court of Appeals' decision to vacate the regulation.

Latest news & opinion

DOL fiduciary rule likely to live on despite appeals court loss

Future developments will hinge on whether the Labor Department continues the fight to remake the regulation its own way.

DOL fiduciary rule: Industry reacts to Fifth Circuit ruling

Groups on both sides of the fiduciary debate had plenty to say.

Fifth Circuit Court of Appeals vacates DOL fiduciary rule

In split decision, judges say agency exceeded authority.

UBS, after dumping the broker protocol, continues to see brokers come and go

The wirehouse has seen 14 individuals or teams leave and five join for a net loss of $2.4 billion in AUM

Merrill vets ready to recharge breakaway recruiting efforts

After regrouping in wake of broker-protocol exits, Snowden Lane Partners is ready to recruit wirehouse brokers and RIAs.


Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting It'll help us continue to serve you.

Yes, show me how to whitelist

Ad blocker detected. Please whitelist us or give premium a try.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print