Word: ponzi
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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...
...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...
...know you've really been Ponzi-ed when your investment guru has his own Caribbean island, a $10 million moated castle in Miami, a $100 million fleet of private jets and three or four "outside wives" along with his real one - and calls himself "Sir" despite never having been officially knighted...
...course, the above describes the lavish world of financer R. Allen Stanford, a near Madoff who, according to the SEC, allegedly pulled off a 15-year Ponzi based on suckering investors with $8 billion or more of so-called high-yield certificates of deposit. According to the SEC, he has yet to hire a lawyer of record, and he could not be found for comment...
...After news broke of Allen Stanford's alleged Ponzi, he went missing. Stanford was ultimately found by authorities with Andrea Stoelker, his girlfriend, at her home in Fredericksburg...