Word: ponzi
(lookup in dictionary)
(lookup stats)
Dates: during 2000-2009
Sort By: most recent first
(reverse)
...Internal Revenue Service is bracing for a deluge of amended tax returns from tens of thousands of victims caught up in the recent wave of multibillion-dollar Ponzi schemes and other frauds, most notably the sensational swindle perpetrated by Bernie Madoff and R. Allen Stanford's $8 billion certificates-of-deposit scam...
Your Honor, for many years up until my arrest on December 11, 2008, I operated a Ponzi scheme through the investment advisory side of my business, Bernard L. Madoff Securities LLC, which was located here in Manhattan, New York at 885 Third Avenue. I am actually grateful for this first opportunity to publicly speak about my crimes, for which I am so deeply sorry and ashamed. As I engaged in my fraud, I knew what I was doing was wrong, indeed criminal. When I began the Ponzi scheme I believed it would end shortly and I would be able...
...some ways, Asia's growth model came to resemble a vast Ponzi scheme--one precariously perched on expectations that debt-soaked Americans would buy more TVs, computers and cars forever. Those expectations have been dashed, leaving the tigers with excess manufacturing capacity and a burgeoning army of unemployed workers. At Taiwan's Hsinchu Science and Industrial Park, home to many of the island's flagship tech firms, most workers are taking unpaid leave at least one day a week. Ryan Wu, chief operating officer of the job-search website 1111 Job Bank, says conditions at Hsinchu have never been...
...emotions. In his Queens accent, Madoff said he was grateful for the chance to address the court. "As the years went by, I realized my risk and this day would inevitably come," he said. "I cannot adequately express how sorry I am for my crimes." Madoff explained that his Ponzi scheme, run through an account held by his investment-advisory business at the Chase Manhattan Bank, began during a "recession" in the early 1990s. He believed he would be able to extricate himself and his clients from the scheme with time - but couldn't. But while admitting that the investment...
...Attorney's office has filed 11 counts against Madoff for his part in a decades-long Ponzi scheme, now estimated in court documents to amount to $64.8 billion, considered the largest in history. In fact, the new dollar amount cited in a Justice Department communication to Sorkin tallies the total size of the fraud, which dates back to the 1980s, at $170 billion, which includes money invested with Madoff, interest earned and payouts to investors as well as the value of things he bought for himself, like a yacht. "The charges reflect an extraordinary array of crimes committed by Bernard...