Word: ponzie
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With so many Ponzis and so little time to know if you've been hoodwinked, there are some red flags even the most trusting investors can bank on: yachts, mansions, jets and women. If your investment adviser is dabbling in any of the above, there's a good chance you've been Ponzi-ed or are about...
...short, Asia's growth model resembles a vast Ponzi scheme, one that is precariously perched on the expectation that Americans will continue buying more and bigger TVs, computers and cars forever - which in turn allows Asia to forever goose its growth by adding industrial capacity to feed the West...
...Kotz is the man saddled with the responsibility for uncovering why the SEC missed Madoff's $50 billion Ponzi. He's also putting together reports later this year that will make recommendations for agency reforms. "We hope to have a Madoff investigation report completed by the end of summer," says Kotz. "We expect to have the audit report recommendations shortly thereafter." (Follow Madoff's downfall in pictures...
...important are whistleblowers in catching investor fraud? According to Stephen Obie, acting director of the division of enforcement at the Commodity Futures Trading Commission, over 50% of Ponzi schemes and other frauds he investigates come to him through whistleblowers and investor complaints. The CFTC is the sister agency of the SEC, handling commodities, futures, and foreign currency fraud...
Obie and his team have uncovered seven new Ponzi schemes this year alone, the most recent being this week's $4.4 million affinity Ponzi hitting Hawaii's deaf community and, though not officially called a Ponzi, the SEC's alleged $8 billion CD fraud by R. Allen Stanford, the globe-trotting financier and cricket impresario...