Word: ponzi
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Hedge-fund and Ponzi scams continue as frauds du jour. Not counting Stanford's alleged crime, seven new hedge-fund or Ponzi scams have been busted since Jan. 1, totaling some $814 million lost by more than 2,100 investors, according to the Commodity Futures Trading Commission (CFTC). This does not include financial transgressions such as penny-stock swindles, insider trading, foreign bribery or general market manipulation...
...reason for the sudden deluge of these crimes, according to Stephen Obie, acting director of enforcement for the CFTC, is that hard economic times are stripping away fraudsters' camouflage. And, of course, Bernard Madoff's stunner, a $50 billion Ponzi that wiped away billions of dollars from thousands of duped investors around the world, has brought global attention to Ponzi capers, encouraging both whistle-blowers and just plain nervous investors to come forward, he said. (See pictures of Madoff...
...while Thomsen's press-release drafts were still being proofed, the SEC announced on Monday that it had reached an agreement with Madoff over a partial judgment on civil penalties related to his alleged masterminding of the now infamous $50 billion Ponzi scheme, considered the largest in history. A Ponzi is a fraud in which money from new investors is used to pay off previous investors...
...fraud investigator, is the man the SEC ignored for nine years. The whistle-blower presented damning evidence against the SEC's handling of the Madoff case in a House Financial Services Committee hearing last week, where he detailed his unsuccessful quest to have the SEC stop Madoff's global Ponzi. Nevertheless, he said, he would deliver fresh evidence on two new cases...
Read "A Brief History of Ponzi Schemes...