Ponzi scheme

[$] Madoff lawyer says he would do it all again

Financial Times 2 hrs ago

Ira Sorkin, the man who defended Bernard Madoff would not hesitate to do it again, in spite of having been the target of death threats

Merkin’s Lawyers Say He Invested Openly With Madoff

New York Times Jul 3

The financier is seeking dismissal of a lawsuit accusing him of operating a secret feeder fund to a Ponzi scheme.

Merkin Claims Investors Knew About Madoff

New York Times Jul 3

J. Ezra Merkin, whose investors lost more than $2 billion in Bernard L. Madoff's Ponzi scheme, is asserting that his clients knew their money was being invested with Mr. Madoff.

SINGH HANGS UP STANFORD LOGO

Bankstocks.com Jul 2

When it comes to supporting accused Ponzi schemer R. Allen Stanford, even his most ardent supporter

Stanford CFO James Davis to Plead Guilty, Lawyer Says

Bloomberg Jul 1

(Update2) Stanford Group Chief Financial Officer James Davis will plead guilty as part of a federal probe of a $7 billion Ponzi scheme at the Texas company, his lawyer David Finn said.

SEC Investigator Asks for Bigger Bounty Program to Detect Fraud

Bloomberg Jul 1

The U.S. Securities and Exchange Commission should expand a program to encourage whistleblowers to help detect frauds such as Bernard Madoff’s $65 billion Ponzi scheme, the agency’s in-house investigator said.

VIJAY SINGH STOPS WEARING STANFORD GEAR

Clusterstock Jul 1

The indispensable Darren Rovell says the Fijian golf god has finally given up the Stanford-wear... Developing... Join the conversation about this story » See Also: Vijay Singh Still Sponsored By Ponzi Scheme Vijay Singh Will Continue To...

Trustee’s Total of Madoff Losses Nears $3 Billion

New York Times Jul 1

With thousands of claims still pending, the documented cash losses in the Madoff Ponzi scheme are nearly $3 billion, according to the bankruptcy trustee overseeing the claims process.

Ruth Off The Hook

Clusterstock Jul 1

Prosecutors can't find any evidence Ruth Madoff knew about the Ponzi scheme, so they're letting her off the hook. If there's no evidence, this is the right call. She shouldn't be charged because "she must have known"--even though this seems a...

[$] More charges likely in Madoff case

Financial Times Jun 30

The widening investigation into Bernard Madoff's $65bn 'Ponzi' scheme is focusing on at least 10 other individuals and more criminal charges are likely, according to an official briefed on the situation

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This article is part of WikiProject Definitions. Consider editing to improve it. View articles referencing this definition.

A ponzi scheme is a fraudulent operation that promises to pay investors unusual returns on their investment. The scheme does not earn money through legitimate business, rather it relies on investment from new investors to pay back older investors.

It is named after Charles Ponzi who became famous for applying schemes of this type during early 20th century.

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