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...Miller - who earned the nickname "520 percent" due to the astonishing rate of return he promised investors over the course of a year - salted his scam by paying out the first few investors. After his racket was exposed by a newspaper investigation, he was sentenced to 10 years in prison. According to Zuckoff, his creditors got just 28 cents back for every dollar they'd invested. (See the top 10 scandals...
Ponzi, who was released from prison and deported back to Italy in 1934, set the standard in the genre. But the golden age of Ponzi and pyramid schemes didn't arrive for decades. (The two highly similar cons are often conflated, though in Ponzi schemes, a ringleader facilitates the entire enterprise; in a pyramid scheme, rungs of collaborators recruit new investors.) In the boom years of the 1980s and '90s, as traders developed increasingly sophisticated investment vehicles, the cons cropped up with increasing regularity. In 1985, a San Diego currency trader named David Dominelli was revealed to have fleeced more...
...time, she was writing about Steven Seagal and Mike Ovitz, both clients of Pellicano. The trail eventually led to his office, where FBI agents discovered plastic explosives, grenades, pistols and about $200,000 in cash in Pellicano's safe. He pleaded guilty to weapons charges and went to prison...
...enforcement officials also discovered hundreds of hours of illegally wiretapped conversations that Pellicano taped out of a small, secure room he called "the Bat-cave." As he was about to leave prison on the weapons charges, he was indicted on the wiretapping charges and denied bail...
...stigma remains, as do discriminatory statutes with double standards. In 2005, Hong Kong-based civil rights attorney Michael Vidler successfully challenged a law that set the legal age of consent 21 for homosexuals (the age of consent for heterosexuals was 16), with a punishment of up to life in prison for violators. The law was ruled unconstitutional, but it has not been formally repealed...