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Word: ponziing (lookup in dictionary) (lookup stats)
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...CFTC filed a complaint against Mark S. Trimble of Edmond, Okla., and his company, Phidippides Capital Management, for running a private hedge fund alleged to be a $30 million Ponzi. Before that, Obie and his enforcement team filed an enforcement action against Charles E. Hays and his Crossfire Trading of Rosemount, Minn., charging fraud and misappropriation in connection with a $25 million Ponzi that affected 75 people...

Author: /time Magazine | Title: SEC Charges Allen Stanford with Multibillion-Dollar CD Fraud | 2/17/2009 | See Source »

Last week, Obie uncovered two Ponzis in the $30 million range. Once considered a good size, the amount now barely raises an eyebrow. The CFTC, a sister agency to the SEC, handles commodities, futures and foreign-exchange regulation and fraud. A Ponzi is a fraud in which money from new investors is used to pay off previous investors...

Author: /time Magazine | Title: SEC Charges Allen Stanford with Multibillion-Dollar CD Fraud | 2/17/2009 | See Source »

...complaint alleges that, beginning in 2005, Phidippides Capital operated a $34 million hedge fund with approximately 60 investors. Since at least October 2007, the CFTC says, Trimble allegedly issued "false account statements, failed to disclose the fund's actual multimillion trading losses and operated the fund as a Ponzi scheme...

Author: /time Magazine | Title: SEC Charges Allen Stanford with Multibillion-Dollar CD Fraud | 2/17/2009 | See Source »

...Minnesota case, the CFTC complaint charges Hays with misappropriating investor funds to purchase a $4 million yacht, among other things. Hays could not be located for comment. "Hays ran his Ponzi scheme from his yacht but was grounded when the tide turned as federal authorities exposed this egregious fraud," said Obie in a prepared statement. When asked why the Ponzi surge is so great now, Obie said, "What you're seeing is the collapse of Ponzi funds in hard economic times - but I'm afraid as times get tougher, we're going to see new fraud develop, especially foreign-currency...

Author: /time Magazine | Title: SEC Charges Allen Stanford with Multibillion-Dollar CD Fraud | 2/17/2009 | See Source »

Last month, Obie guessed that his Ponzi caseload would hit about one per month, but he later increased that prediction to two a month. With six such cases in the first 45 days of the year, it looks to be an easy target...

Author: /time Magazine | Title: SEC Charges Allen Stanford with Multibillion-Dollar CD Fraud | 2/17/2009 | See Source »

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