Word: ponzi
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...depositing his money in an escrow account reserved for construction funds. He suspects his and other investors' money was used by the developer to purchase more land and then sell off more units without ever starting construction at a single site. "It seems to be some kind of Ponzi scheme," he says. What's worse, he then discovered that the company may have sold his property twice. "I thought Dubai looked like the safest place to invest in the Middle East," he says. "They appeared to have laws that would protect investors." But Dubai's real estate regulatory body...
...with decidedly mixed impressions, which he writes about in his memoir, Confessions of a Tax Collector. Yancey spoke with TIME about his years as a revenue officer, getting jumped on the job and what to do if the IRS comes knocking. (Read "Another Victim of the Ponzi Schemers...
Nobel Laureate and Holocaust survivor Elie Wiesel calls Bernie Madoff evil, and who better to judge? Both Wiesel and his foundation were wiped out, along with thousands of other investors in Madoff's $50 billion Ponzi scheme. Families were ruined; victims have killed themselves; charities have had to shut down. So, what punishment could fit such crimes, and what are the odds that anyone will come away feeling that justice was done...
Madoff, in jail since March 12, awaits sentencing for his masterminding of the decades-long crime, a billion-dollar Ponzi empire built at least half on the backs of feeder funds like Merkin's and one charged last week, Fairfield Greenwich Group, with a civil complaint by William F. Galvin, Massachusetts Secretary of State...
...some cases, Cuomo says, Merkin told investors only 15% of Ascot investments were placed with Madoff. In reality, the entire fund was invested with the Ponzi scheme, the suit alleges. In another example, the suit says Merkin told investors all of Ascot's assets were maintained in a Morgan Stanley brokerage account, and not with Madoff. In addition, Cuomo charges, Merkin "commingled his personal funds" with his investment funds for his personal benefit, including the purchase of over $91 million in artwork for his New York apartment...