Word: ponzis
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Perhaps President Barack Obama shouldn't close down the Guantánamo Bay detention camp quite so fast - it might be useful for all our new Ponzi princes...
Since Bernard Madoff's arrest last month, the Securities and Exchange Commission (SEC) has busted three new Ponzi scams, though none are as spectacular as Madoff's $50 billion whopper. (See pictures of Madoff's demise...
Forte may not have had Madoff's years of experience, but his instincts were dead-on: of the $50 million in investor monies, the SEC says Forte deposited $26 million, withdrew $23 million, took $12 million for himself, and gave the rest to early investors, a formula considered the Ponzi gold standard. Forte did not return phone calls to comment on his case. He appeared in court without a lawyer, according to local reports...
Back in Atlanta, Ossie and his currency-trading outfit also followed the classic Ponzi approach, the SEC alleges. The agency says he was guaranteeing 10% to 20% returns every 30 days, had an accounting firm proving legitimacy, and used the lure of lots of ground-floor investor winnings when CRE went public. It had planned for a $100 million stock offering later this year...
...Please accept my profound apologies for the terrible inconvenience that I have caused over the past weeks.' BERNIE MADOFF, the Wall Street broker accused of operating a $50 billion Ponzi scheme, in a letter to his neighbors published a day before a federal judge allowed him to remain free on bail...