Word: ponzis
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Dates: during 2000-2009
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CONVICTED On May 19, former Democratic Party fundraiser Norman Hsu, 58, was found guilty of campaign-finance fraud. He faces up to 20 years in prison for the conviction and another 20 for operating a Ponzi scheme, to which he pleaded guilty...
...turbulent center of the post-Madoff world, a world that includes multi-billion dollar feeder fund lawsuits, multi-million dollar deals with international banks, and, less grand, the issuing of multi-hundred thousand dollar checks to the nearly 7,000 direct account holders caught up in Madoff's massive Ponzi scheme. (See pictures of the demise of Bernard Madoff...
...bankrupt firm for the benefit of the estate and its creditors. Consequently, Picard is using his authority to collect from customers who received preferences, non-existent principal, and/or payouts of fictitious profits to the detriment of other defrauded customers whose money was consumed by Madoff's global Ponzi scheme...
...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...