Or how about the original Ponzi scheme, perpetrated by one Charles Ponzi?
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With all of its pejorative connotations, "Ponzi scheme" may actually be a bit unfair to Ponzi, conjuring up someone who was more mendacious and greedy than the real Ponzi actually was.
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" The recipient responded "that is not sustainable, that is ponzi teritori [sic] and fast cash-out ponzi ... but sure.
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Ponzi schemes promise investors returns above what real investments yield, but the Ponzi scheme operator does little, if any, actual investing.
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But the prosecution of Mr. Madoff — who took investors for more than $50 billion — was not the Ponzi case to end all Ponzi cases.
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"Immigration and the seeming fear of and war on immigrants were not hot political issues 28 years ago," said Nancy Ponzi, founder of Ponzi Vineyards.
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The Ponzi scheme is named after convicted money swindler Charles Ponzi, whose investment schemes in 1920 made him millions — until it all collapsed, costing others millions.
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The Department of Justice announced Thursday that an initial distribution had begun to more than 24,000 victims of Madoff's Ponzi scheme, called the largest Ponzi scheme in history.
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Anna Maria Ponzi, the president of Ponzi Vineyards that sits on top of the rolling Chehalem Mountains in Oregon's Willamette Valley, has seen a rise in visitors during harvest.
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Ponzi schemes, named for con artist Charles Ponzi, are fraudulent schemes that involve paying earlier investors with more recent investors' money and representing it as a return on the investment.
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If Social Security—a venerable entitlement that has spared millions from penury—bears some resemblance to a Ponzi scheme, then perhaps Ponzi principles are not always as diabolical as the name suggests.
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He later plead guilty to having operated a Ponzi scheme.
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Under certain conditions, then, Ponzi principles are efficient not maleficent.
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Bitconnect has also been accused of being a Ponzi scheme.
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"It was a Ponzi scheme pure and simple," Bennett wrote.
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That comfy stranger on the bench may be Mr. Ponzi.
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It looks all too much like an educational Ponzi scheme.
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Many turned out to be Ponzi schemes and other frauds.
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One new attack is a bit like a Ponzi scheme.
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He's the one responsible for the Ponzi scheme, they've argued.
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So Chamath, you've called this [startups] a Ponzi scheme. Yeah.
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TS: They haven't caught up to the Ponzi scheme yet.
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This is the Ponzi scheme that we are living in.
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Several readers of my most recent op-ed on cyber currencies, "Bitcoin is a Ponzi scheme, and it will collapse like one," criticized my characterization of cyber currencies, and specifically bitcoin, as Ponzi schemes.
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It is right now, but it usually crashes to 23 percent higher than the previous low, so I think a Ponzi scheme is, the way I think about the Ponzi scheme ... KS: Pyramid, they said.
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Watch: Start-up economy nothing more than a Ponzi scheme: Palihapitiya
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However, Sarao lost some money in a Ponzi scheme, he said.
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The Bernie Madoff Ponzi scheme proved that you cannot trust anyone.
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When speculative and, especially, Ponzi financing become popular, economies are vulnerable.
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It's up there with the greatest Ponzi schemes of our lifetime.
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Madoff's Ponzi scheme ultimately led to a loss of nearly $65 billion.
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Yohai was under investigation for running an alleged real estate Ponzi scheme.
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American authorities are also investigating a possible Ponzi scheme within NXIVM's courses.
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In these circumstances, an intergenerational Ponzi scheme can be sustainable and desirable.
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This coercive Ponzi scheme could only last if dollars kept coming in.
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In 2017 Audible's "Ponzi Supernova" focused on Bernie Madoff, a financial fraudster.
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Except instead of murder, the crime this time is a Ponzi scheme.
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Madoff perpetrated one of the largest Ponzi schemes, estimated at $65 billion.
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In short, this was a traditional Ponzi scheme wrapped in crypto clothing.
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A Manhattan restaurateur was arrested and charged with operating a Ponzi scheme.
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That's what Charles Ponzi, who died 69 years ago today, promised investors.
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Charles Ponzi was a dapper operator who tooled around in a Locomobile.
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The most heinous in recent memory was perhaps Bernie Madoff's Ponzi scheme.
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Some cryptocurrency investors claim there have been a series of Ponzi Schemes.
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Some cryptocurrency investors claim there have been a series of Ponzi schemes.
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A billion-dollar Ponzi scheme was exposed at the country's largest bank.
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A Ponzi scheme typically promises high rates of return with little risk.
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Who are the people who are losing in this Ponzi scheme. Employees.
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Riehl allegedly ran a textbook Ponzi scheme, using the money from new investors to repay previous ones––and according to the U.S. Department of Justice, it was one of the largest "Pennsylvania-based" Ponzi schemes in the state's history.
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Some cryptocurrencies amount to Ponzi schemes, and unscrupulous ICO operators have swindled investors.
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At 1,000 ppm, a person can lose consciousness within an hour, Ponzi said.
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In December, Jaitley's ministry warned cryptocurrency investors, likening such investments to Ponzi schemes.
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She lost approximately $500,000 as a result of Frederick Darren Berg's Ponzi scheme.
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He is already serving a seven-year sentence for running a Ponzi scheme.
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"I didn't know there was a Ponzi scheme or fraud," Mr. Gibson said.
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I also noted in subsequent op-eds that cryptocurrencies essentially are Ponzi schemes.
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When you think about how that ... It's not the Ponzi scheme of it.
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That's what Charles Ponzi, who died 69 years ago this week, promised investors.
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"Most frauds today tend to be accounting and/or Ponzi schemes," he said.
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"Raising over $700 million in a Ponzi scheme is pretty spectacular," he said.
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A mugshot does not equal 10 years in prison for doing a Ponzi scheme.
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He's also short bitcoin, which he calls "some sort of a big Ponzi scheme."
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At the time, industry competitors had alleged that JetSmarter was an unsustainable Ponzi scheme.
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In some unusual cases, however, other factors may weigh in the Ponzi scheme's favour.
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"It's a Ponzi scheme, a pyramid scheme," former finance minister Tendai Biti told Reuters.
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Many countries suffer from Ponzi schemes, which typically sell financial products offering extravagant rewards.
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As for how the company assures savers it won't become another Ponzi scheme, Piggybank.
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" Across the country, Marohn sees evidence of what he dubs a "Municipal Ponzi scheme.
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Robert Shapiro pled guilty in August to a $2600 billion real-estate Ponzi scheme.
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"Her hubby is running a Ponzi scheme," Andrea Manafort wrote in the hacked texts.
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Even from his pauper's grave, it seems, Charles Ponzi is still working his charms.
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Prosecutors did not link Mr. Peralta's Ponzi scheme to the police or mayoral investigations.
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Thanks to the depredations of the Ponzi schemer Bernie Madoff, the Wilpons once trembled.
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The S.E.C. has prosecuted 50 percent more Ponzi cases in the last 10 years.
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Here are some red flags and tips to protect yourself from potential Ponzi schemes:
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Social Security Reality Check: Kaine claims Trump called Social Security a 'Ponzi scheme' By Amy Gallagher, CNN "Donald Trump wrote a book and he said Social Security is a Ponzi scheme and privatization would be good for all of us," Kaine claimed.
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His photos were used to create fake social media accounts for an intricate ponzi scheme.
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"This is a Ponzi scheme," Nevada State Treasurer Dan Schwartz said in an interview Tuesday.
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Employees Ronald Roach, 53, and Joseph Bayliss, 44, both pleaded guilty to the ponzi scheme.
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The bottom line: There's a fine line between a virtuous cycle and a Ponzi scheme.
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Richard Dreyfuss plays Bernard L. Madoff, the financial adviser who ran America's biggest Ponzi scheme.
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You have a lot of people who think it's a bubble and a Ponzi scheme.
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The SEC was understandably concerned about the potential for Ponzi schemes and snake oil salesman.
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"So to some extent, there is a Ponzi-esque aspect to this scheme," Capers said.
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When speculative and, especially, Ponzi financing come to the fore, financial systems are more vulnerable.
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Friday's unprecedented collapse of cyber currency prices reinforces my Ponzi scheme characterization of cyber currencies.
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It paid out investors using cash from new investors in a classic Ponzi scheme arrangement.
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So what do we do about the Ponzi schemers, the tax scammers, the money malefactors?
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"The government effectively created a billion-dollar Ponzi scheme that is now collapsing," says Matyszak.
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Victims of the alleged Ponzi scheme include Warren Buffet's Berkshire Hathaway and insurance giant Progressive.
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Ponzi's investors, it turned out, were not the only dreamers; so, too, was Ponzi himself.
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However, we do not believe Bitcoin is a fraud nor is it a Ponzi scheme.
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His office described it as one of the largest ever Ponzi schemes charged in Maryland.
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They said he paid some investors back with later investors' money in a Ponzi-like scheme.
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Debbie Stabenow raised past comments Mulvaney made that Social Security is akin to a Ponzi scheme.
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This is a story about a bitcoin entrepreneur who "accidentally" started a multimillion-dollar Ponzi scheme.
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In a Ponzi scheme, money from one set of investors is used to pay earlier investors.
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Ponzi schemes like Miller's pay a return to early investors with money raised from later ones.
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A Ponzi scheme requires a constant flow of new investment money or the whole thing collapses.
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More recently, the commission has issued reports on bitcoin Ponzi schemes and best practices for ICOs.
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In December, the SEC charged Garza and his companies with defrauding investors in a Ponzi scheme.
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Carstens described bitcoin as "a combination of a bubble, a Ponzi scheme and an environmental disaster".
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He allegedly ran multiple companies like a Ponzi scheme, pulling assets from one to fund another.
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Most of the names were already in the public domain from the Bradley Ruderman ponzi scheme.
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There was just one big problem: the Billionaire Boys Club was just one huge Ponzi scheme.
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Bernie Madoff is widely known as the leader of the largest Ponzi scheme in US history.
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His gigantic Ponzi scheme began to unwind after investors requesteda total of $7 billion in returns.
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" Analysts ramped up their criticism, and some even questioned if the company is "a Ponzi scheme.
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It is the Ponzi schemes, the byzantine corruption, the evangelical fervor and the consenting-adult depravity.
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This year-end donation strategy could reap big savings for retireesSEC busts alleged $1.2 Ponzi scheme.
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DC Solar was accused of running an $800 million "Ponzi-type" scheme selling mobile solar generators.
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One is that all of this magical Internet money is a giant scam or Ponzi scheme.
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"You will get an idea of how hard it is to make wine," Ms. Ponzi said.
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The systems and institutions that confer status in our society keep being exposed as Ponzi schemes.
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Prosecutors likened it to a Ponzi scheme, saying that executives misrepresented the firm's investments and performance.
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She's becoming a convenient target for scorn by the various people undone by the Ponzi scheme.
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Perpetrators' outreach methods are still often the same as they were in the days of Ponzi.
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People have been saying it's a Ponzi scheme or the tulip thing ... KS: People believe it.
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"When we left the meeting, we thought, 'Oh man, we can't have another event,'" Ponzi said.
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That all these the original Ponzi had aplenty is clear from "Ponzi's Scheme," Mitchell Zuckoff's entertaining portrait of the dapper rogue who persuaded 30,000 people, Bostonians and others, many of them Italian immigrants like Ponzi himself, to entrust him with their hard-earned, pre-inflationary dollars.
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"Ezubao is a Ponzi scheme," Xinhua quoted Zhang Min, a former executive at the company, as saying.
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But victims of his Ponzi scheme told Business Insider and TMZ that his request should be denied.
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" Typically, Ponzi schemes target the elderly but Geragos says this one was directed at "seemingly successful millennials.
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Scores of wealthy people fell for a Ponzi scheme run by Bernie Madoff that collapsed in 2008.
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Regulators say there are some common characteristics of a typical Ponzi scheme that investors should watch for.
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For this reason, its critics often compare it to a Ponzi scheme in order to discredit it.
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Crypto investors have been victimized by Ponzi schemes, for example, as well as straight-up fraudulent ICOs.
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Bernard "Bernie" Madoff holds the infamous title of leader of the largest Ponzi scheme in US history.
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No Ponzi scheme in history ensnared more investors than the one that collapsed in China in January.
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A former college student has been accused of running a Ponzi scheme out of his frat house.
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So does that trust fund represent real assets, or is it little more than a Ponzi scheme?
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Ponzi went to jail for his scam, don't expect members of Congress to suffer the same fate.
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Ponzi schemes can perpetuate themselves for decades as long as there are no excessive demands for distributions.
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"XIV was basically a legal ponzi scheme," one thread read on a forum dedicated to volatility trading.
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They outlined their plan to play the "Ponzi scheme" of cryptocurrency by taking other people's computing power.
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Instead, Ponzi collected the money and paid off his investors while waiting for another influx of cash.
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In the end, Ponzi swindled more than $15 million in 1920, the equivalent of $191 million today.
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"You need to report them so we can find all these Ponzi-type schemes," Mr. Guo said.
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Scammers, fraudsters, insider traders, Ponzi schemers, stock spoofers — the Securities and Exchange Commission has seen it all.
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The Tesla shorts — investors who bet against the stock — see the company as an automotive Ponzi scheme.
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After all, his Ponzi scheme affected people in the upper echelon of Chicago high society and government.
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So Bernie Madoff, who received 150 years for his Ponzi scheme, had his request for Otisville denied.
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It's come under a lot of scrutiny recently as well from the FCC and ... KS: Ponzi scheme.
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In February 2015, for example, Mr. Goettsche directed one of his conspirators to "bump up the daily mining earnings starting today by 60 percent," prompting that person to reply, "That is not sustainable, that is Ponzi" territory and a "fast cash-out Ponzi … but sure," according to the indictment.
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Ponzi noted that his department considers 30 parts per million (ppm) for carbon monoxide to be potentially harmful.
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In 2006, investigators discovered that he had defrauded investors of more than $300 million in a Ponzi scheme.
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But his real method was made famous 20 years later by the man who perfected it, Charles Ponzi.
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Capital accumulation enlarges the economy's productive capacity, thereby creating wealth, unlike Ponzi schemes, which merely spread it around.
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Like operators of a Ponzi scheme, the brothers also used new investor funds to pay redemptions, it said.
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Before her father, Hiram, went to jail for his Ponzi scheme Veronica was the Cheryl of her school.
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This type of behavior in the private sector would be compared to Enron's accounting or a Ponzi scheme.
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As with Ponzi schemes, the greater fool theory is alive and well in the world of cyber currencies.
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His guilty plea is all about his real estate Ponzi scheme -- he defrauded actor Dustin Hoffman, among others.
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Spacey stars in upcoming film "Billionaire Boys Club," based on the true story of an '80s Ponzi scheme.
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In May, the owners of a cryptocurrency start-up were charged with operating a $30 million Ponzi scheme.
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In the end, Ponzi swindled more than $15 million in 1920, the equivalent of about $190 million today.
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Since so little else of what Ponzi said can be believed, why trust his own version of events?
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Asked about his comments calling Social Security a Ponzi Scheme, Stu Loeser, a spokesman for Bloomberg, defended him.
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Since the start of 22015, Ponzi scheme prosecutions have increased by nearly 210 percent, with much greater losses.
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Madoff is serving a 150-year prison term for running a huge Ponzi scheme involving his investment advisory business.
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"It's highly unusual to have somebody perpetrate a Ponzi scheme from essentially inside a registered broker dealer," he said.
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Bass: He wanted to develop a show from prison so that he could pay back the Ponzi scheme victims.
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In the middle of his presentation, a gray-haired senior partner stood up, yelled "PONZI SCHEME!" and stormed out.
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For every Ponzi schemer, there are a dozen faceless prosecutors staying up late at night to bring him down.
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"Once personnel got on scene, they suspected a carbon monoxide incident," Genoa Township Fire Deputy Chief Joseph Ponzi said.
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Often these bots are Ponzi schemes run by unknown "investors" who eventually take the pool of money and run.
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The workers of America have been forced to invest a sixth of our wages into a huge Ponzi scheme.
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NORDLICHT, LEVY WERE FOUND NOT GUILTY OF CHARGES THEY DEFRAUDED INVESTORS IN PLATINUM HEDGE FUNDS IN 'PONZI-LIKE' SCHEME
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Ponzi scheme operators skim investor cash into their own pockets, while paying early investors with money from later investors.
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Authorities began an investigation into Skupin after people came forward saying they were victims of an alleged ponzi scheme.
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Sharkey was terminated eight months after the multibillion-dollar Ponzi scheme of longtime JPMorgan client Bernard Madoff was exposed.
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Many in the cryptocurrency community have openly accused Bitconnnect of running a Ponzi scheme, including Ethereum founder Vitalik Buterin.
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Shkreli was arrested in December and charged with running his investment funds and companies almost like a Ponzi scheme.
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In December, Shkreli was arrested and charged with running his investment funds and companies almost like a Ponzi scheme.
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Buy it here >>Who is Bernie Madoff, and how did he pull off the biggest Ponzi scheme in history?
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"This is a shell game, a ponzi scheme, that corporate America will perpetrate on the American people," Pelosi said.
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All other cyber currencies are Ponzi schemes, too, except, arguably, initial coin offerings (ICOs) funding actual business start-ups.
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But while I have highlighted the similarities between Social Security and a Ponzi scheme, there is one big difference.
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He was trying to expose Bernie Madoff, the mastermind behind one of the most infamous Ponzi schemes in history.
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But in a book he wrote in 2000, he called Social Security a Ponzi scheme and supported privatizing it.
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As we reported ... law enforcement found Skupin's child pornography when cops were investigating his involvement in a Ponzi scheme.
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The estate is still tied up with the seemingly never-ending lawsuits attached to Bernie Madoff's Ponzi scheme, she says.
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For governments that are suspicious of cryptocurrencies, fears of bubbles, ponzi schemes, and economic destabilization have often been the focus.
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Charles Ponzi himself got just 14 years in jail for his schemes; his spiritual heir, Bernie Madoff, is serving 150.
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"We cannot stress enough to have at least one carbon monoxide detector on every level of your home," Ponzi said.
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Kim Yong-beom, vice chairman of the Financial Service Commission, on Monday described virtual currency trading as a "Ponzi" scheme.
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Over that time scale, a Ponzi scheme need not limit its recruitment efforts to the people alive when it begins.
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"It's like a fricken pyramid, ponzi-scheme piece of shit," says Taylor A, who posted a video of his experience.
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A Ponzi scheme is a fraudulent investment operation promising high rates of return with low risk to those who invest.
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Police in China arrested 21 people for their involvement in an alleged Ponzi scheme run by Ezubao, an online firm.
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He already knows who is behind the attack: Hermione's mysterious husband who is currently in prison for a Ponzi scheme.
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Plus, they had to use at least $48 million to keep the Ponzi scheme going and pay off earlier investors.
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This doesn't quite refute the notion that Trump's whole campaign is just a Ponzi scheme to pad his own pocket.
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The FBI is probing a bankrupt California wine seller that some customers claim was operating a multimillion-dollar Ponzi scheme.
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Galvin alleges Murakami operated the funds as Ponzi schemes while taking in about $15.3 million from at least 47 investors.
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Since Ponzi schemes rarely invest in anything with a real or intrinsic value, such as stocks, bonds, property, businesses, etc.
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The coins that miners earn are the equivalent of what a Ponzi-scheme operator pockets from the funds he collects.
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Galvin alleges Murakami operated the funds as Ponzi schemes while taking in about $23 million from at least 47 investors.
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In the federal prosecutor's office, Ms. Cohen also prosecuted securities fraud cases, including one involving an $80 million Ponzi scheme.
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"Congressman Young and the Koch Brothers have called Social Secuity a 'Ponzi scheme' and the 'ultimate pyramid scheme,'" Tencher said.
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Such an event would be comparable to a flock of investors in a Ponzi scheme suddenly demanding their money back.
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The name Elizabeth Holmes may soon take its place next to Charles Ponzi in the pantheon of iconic American fraudsters.
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The Indian government has previously likened crypto-currency investments to "Ponzi schemes" that offer unusually high returns to early investors.
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A Ponzi scheme is a swindle offering unusually high returns, with early investors paid off with money from later investors.
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The F.B.I. announced last month that it had started an investigation into "claims of a Ponzi scheme" involving Premier Cru.
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In December 2017, the S.E.C. accused Woodbridge of running a Ponzi scheme that defrauded 8,400 investors, many of them elderly.
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Diana B. Henriques is an award-winning financial journalist and a best-selling chronicler of the Bernie Madoff Ponzi scheme.
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The statement went on to warn about rising bond defaults as well as Ponzi schemes masquerading as internet finance companies.
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Carton was arrested Wednesday in a fake discount ticket business that the government says was more like a Ponzi scheme.
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This is a character-driven film, which — like a Ponzi scheme — suffers from some diminishing returns the longer it runs.
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Maiden became a cooperating witness for the prosecution while serving a seven-year prison sentence for running a Ponzi scheme.
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Jain went as far as to conjecture that HMIT might have been a Ponzi scheme and pointed out some similarities.
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He was serving a 25-year sentence after being convicted of of running a half-billion-dollar Ponzi scheme in 2008.
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"The dynamics we've entered is, in many ways, creating a dangerous, high stakes Ponzi scheme," Palihapitiya, a former Facebook executive, wrote.
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An alleged $1.2 billion Ponzi scheme that collapsed more than two years ago has resulted in some advisors losing their jobs.
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Scammers, from Charles Ponzi to Bernie Madoff to Ms Holmes and her ilk, have long been a feature of American life.
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People have been prosecuted for cryptocurrency-related crimes like Ponzi schemes in past years, and governments have issued guidance about bitcoin.
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The 62-year-old producer died in prison where he was serving a 25-year sentence for running Ponzi schemes. 5.
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Kingate's funds were among the "feeder funds" that supplied client money to Madoff, which he used to fuel his Ponzi scheme.
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The company is currently embroiled in trial over charges of cheating, placing misleading advertisements and collecting money through a ponzi scheme.
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Allen Stanford is serving a 110-year sentence in federal prison for running the second-largest Ponzi scheme in US history.
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BROADLY: This season, you revealed that you had to file bankruptcy in 2015 after you were scammed in a Ponzi scheme.
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A man who warned about Bernie Madoff's Ponzi scheme claims the conglomerate is hiding $38 billion in losses with false accounting.
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I will explain why cyber currencies in fact are akin to a Ponzi scheme even if they are not criminal frauds.
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Like pyramid schemes, Ponzi schemes are a type of investment fraud where existing investors are paid with funds from new investors.
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The ruddy-faced Lou Pearlman turned a Ponzi scheme into a boy-band empire and then turned that empire into ashes.
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And we found the whole thing worked only if prices kept skyrocketing forever, a dynamic some compared to a Ponzi scheme.
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The trickery earned Ponzi his own namesake scheme, made notorious by Bernard Madoff, who defrauded clients of more than $50 billion.
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And she presided over the lengthy criminal trial of several former employees of Bernard Madoff, who ran a huge Ponzi scheme.
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But the two take very different approaches to the life of a man who admitted to running an elaborate Ponzi scheme.
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Mauritius aims to use the funds from the sale to help repay those who lost money in the Ponzi-like scheme.
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Cohen bought a minority stake in 2012, as the Wilpons struggled to recover from losses suffered in Bernie Madoff's Ponzi scheme.
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R. St. John Mandel's sprawling novel follows the fallout of a wealthy investor's Ponzi scheme, drawing unexpected connections in its wake.
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The next year, she and the owner, who is running a vast Ponzi scheme, are married and living in New York.
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" When Debbie Stabenow asked about Mulvaney's description of Social Security as a Ponzi scheme, Mulvaney refused to backtrack on the comparison: "What I described it as was a plan that takes money from people now in order to give money to people now … I wouldn't read too much into the description of it as a Ponzi scheme.
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" John M. Griffin, a professor of finance at the University of Texas at Austin, said that, by promising its investors access to Bitcoin mining, the BitClub Network had carried out a "classic Ponzi scheme under the guise of new, flashy technology in the cryptocurrency world, which perhaps makes it easier to engage in a Ponzi scheme.
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Mr. Madoff, who ran the largest Ponzi scheme in history, told a court that he had less than 18 months to live.
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To that list, add a slightly less glamorous entry: what a judge has called one of the largest Ponzi schemes in history.
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Surely the islanders benefit from a Ponzi scheme only because the story arbitrarily denies them any way to save for their future.
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Kruse confessed to running a $1 million Ponzi scheme thatThompson says would have grown much larger if Weatherford had not blown thewhistle.
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He's now in prison for running a $450 million Ponzi scheme — after being caught by authorities in 2008 following a fake suicide.
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In 2005 China legalised direct selling, arguing that there was a distinction between that practice and the way that Ponzi schemes operate.
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After his office charged JP Morgan Chase over the massive Bernie Madoff Ponzi scheme, the bank agreed to a $1.7 billion settlement.
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As the regulators in more cautious jurisdictions had warned, some turned out to be Ponzi schemes or other varieties of outright fraud.
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Think of the Fanya Metals Exchange in the city of Kunming, described by local authorities as a multi-million dollar Ponzi scheme.
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In his 2016 campaign, Trump promised to protect Social Security, although in the past he has called the program a Ponzi scheme.
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Arthur Budovsky, 133, admitted he knew Costan Rican-based Liberty Reserve was "susceptible" to be used by criminals, including for Ponzi schemes.
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Seibert notes how smaller lenders in the scheme may not have received restitution from from third party resellers of Shaver's ponzi scheme.
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Former securities industry executive Harry Markopolos had discovered evidence over nine years suggesting that Madoff's business actually was a massive Ponzi scheme.
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But the industry's reputation has been marred by scandal, like the collapse of Ezubao, which authorities called a $7.6 billion Ponzi scheme.
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Investigators also learned that Mr. Rechnitz and Mr. Reichberg had been investors in the alleged Ponzi scheme, two of the people said.
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The brothers have attempted to shake their alleged ponzi scheming past by taking up the heroic mantle of Trump tweet reply guys.
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In 1920, Charles Ponzi was arrested and charged with 86 counts of mail fraud after paying out investors with other investors' money.
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The example of Bernard Madoff, whose massive Ponzi scheme was enabled in part by an obscure accountant, has only increased investors' wariness.
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The first ones, anyway, because what the partners were shilling turned out to be an early, if not the earliest, Ponzi scheme.
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The finance ministry came out with a statement highlighting the risks of investing in crypto-currencies, comparing it to a Ponzi scheme.
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The pitch was enough to convince even Mr. Rosen, who had been swindled before in the Bernard Madoff Ponzi scheme, to invest.
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The number of hedge funds has exploded over the last 15 years, and investors became hyper-alert after the Madoff Ponzi scheme.
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Vincent, once a bartender at an upscale hotel, marries a fabulously wealthy Madoff-like man who is running a vast Ponzi scheme.
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The Great Read Accused of orchestrating a literary Ponzi scheme, Gérard Lhéritier prepares his defense as his breathtaking collection is auctioned off.
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This is obviously a Ponzi scheme, and tomorrow I'm going to read that you've been hauled into jail for taking people's money.
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The school lost more than $100 million it had invested with Bernard Madoff, whose firm was revealed to be a Ponzi scheme.
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The Department of Justice will begin compensating the victims of Bernie Madoff's multibillion dollar Ponzi scheme in the next few months, Rep.
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A Beijing court sentenced two men who directed a large Ponzi scheme to life imprisonment, state news agency Xinhua reported on Tuesday.
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He added that Tesla "is either one of the great Ponzi schemes of all time" or will somehow work out for investors.
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There was a time when Andy Warhol and Mick Jagger could go almost unnoticed, as could the Ponzi schemer Bernard L. Madoff.
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They helped create the impression that Woodbridge was a legitimate operation when in reality it was a Ponzi scheme, the SEC said.
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Bernard Madoff ran the largest Ponzi scheme in history, a $65 billion scam encompassing thousands of investors that was uncovered in 2008.
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They invited Ponzi and another winemaker to a meeting to discuss putting on a collaborative event such as a tasting or festival.
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This is not the first time Palihapitiya, who was an early Facebook employee, has called Silicon Valley's start-up ecosystem a Ponzi scheme.
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Secondly, it is suspected that a 'Ponzi' scheme fraud... was committed to conceal the misappropriations from both the SRC fund and from 1MDB.
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The ponzi-like gameplay is gone; many new features have been added, including a marketplace, a monster training gym and a battle arena.
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"I'm starting to feel like I'm involved in an elaborate private jet ponzi scheme, where instead of money, I receive flights," wrote another.
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Mauritius seized the stake from Dawood Rawat in April 2015 after accusing him of running a Ponzi-like scheme through a Mauritian insurer.
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Police in Shanghai arrested eight people in connection with what officials described as a Ponzi scheme operated by a Chinese company, Shanlin Financial.
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THanks for keeping interest rates artificially low so that companies can issue debt and buyback their overvalued stocks and continue the Ponzi scheme.
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Some retirees and speculators put their savings into emus that were sold to them but never delivered, sparking lawsuits over avian Ponzi schemes.
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An investigation into Skupin began after people who say they were victims of an alleged Ponzi scheme he ran contacted a local newspaper.
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To hide the misappropriation, Jaramillo began operating in a "Ponzi-like fashion," it said, distributing over $200,000 to investors from newly deposited funds.
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Though his sentence was eventually reduced to 15 years, Park Hong-seok was convicted in the "classic Ponzi scheme" that ruined his company.
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Shkreli garnered more headlines than other pharmaceutical price-gougers because he had already been arrested for fraud in an unrelated Ponzi-like scheme.
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The Clinton Global Initiative is like a Ponzi scheme with Bill and Hillary Clinton on top selling access and influence to our government.
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The SEC said Meli and Harriton through Advance Entertainment and other ticket resale business entities were meanwhile involved in a separate Ponzi scheme.
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NEW YORK (Reuters) - If Bernard Madoff's massive Ponzi scheme proved one adage correct, it might be this: all that glitters is not gold.
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According to court documents, he operated a Ponzi scheme that defrauded hundreds of investors, including a sitting congressman, of more than $2009 million.
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Last year the government froze its assets; in February it pronounced the company a Ponzi scheme, the world's largest by number of depositors.
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Between 22007 and 220, courts across China ruled on 1,051 cases of financial fraud and "illegal poolings" of public savings, including Ponzi schemes.
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Ponzi schemes, such as the one Bernie Madoff operated for years, are fraudulent because they promise returns to investors that are totally illusory.
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The agency came under heavy criticism just a few years' prior for its failure to pursue Bernie Madoff's multi-billion-dollar Ponzi scheme.
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All Ponzi schemes eventually collapse, of course, when sufficient amounts can no longer be raised from new investors to pay off earlier investors.
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Hackers have stolen millions, lawmakers are pushing for new taxes and regulations, and a leading financial official has called them a "Ponzi scheme".
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Donald Trump wrote a book and he said Social Security is a Ponzi scheme and privatization would be good for all of us.
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For example, in 2009, a judge issued a forfeiture order of more than $170 billion against the Ponzi-scheming financier, Bernard L. Madoff.
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"I even accused Cody of running a Ponzi scheme," said Bruce Borg, who had contracted Turnkey to raise his home in Amity Harbor.
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Ironically, as an investor Mr. Weiss was himself a victim of Bernard L. Madoff's Ponzi scheme, which claimed fictitious profits from Wall Street.
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To Mr. Lhéritier, this is proof that Aristophil was no Ponzi scheme, because only a lunatic would sink money into a doomed venture.
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Court filings say that money flowed into them from one person and then out to another in a manner suggesting a Ponzi scheme.
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But the most recent crop of con artists has an advantage that Charles Ponzi and even Bernie Madoff never dreamed of: social media.
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But Mr. Parris and an associate, Perry Santillo, were actually running a Ponzi scheme that defrauded more than 600 investors, the commission said.
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That type of scheme long predates its current name, which comes from Charles Ponzi, whose 1920 investment scam brought in millions of dollars.
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The Wilpons have faced financial troubles for more than a decade after they lost millions of dollars in Bernie Madoff's Ponzi scheme (ESPN).
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See how the truth was finally spilled about John Fox's vintage Ponzi scheme on an all new episode of "American Greed", Monday, Aug.
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The film, about a group of wealthy boys involved in a Ponzi scheme, stars Ansel Elgort, Emma Roberts, Taron Egerton and Judd Nelson.
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" Another security expert, Matt Blaze, recently tweeted, "Cryptocurrency somehow combines everything we love about religious fanatics with everything we love about Ponzi schemes.
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Other criminals who have spent time there include Ponzi schemer Bernard Madoff, mob boss John Gotti, and "Blind Sheikh" militant Omar Abdel-Rahman.
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Agustin Carstens, general manager of the BIS, has described bitcoin as "a combination of a bubble, a Ponzi scheme and an environmental disaster".
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Ezubao turned out to be a Ponzi scheme that solicited 50 billion yuan in less than two years from more than 900,000 retail investors.
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Friday's ruling that Herbalife effectively is not a Ponzi scheme adds another layer to an already brutal year for hedge fund titan Bill Ackman.
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Much of its business came from criminals seeking to launder proceeds from Ponzi schemes, credit card trafficking, identity thefts and computer hacking, prosecutors said.
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The company fell behind in paying the contractor building its factory in Nevada, where state treasurer Dan Schwartz called Faraday Future a Ponzi scheme.
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Between the lines: Stevanovich made $280 million lending money to convicted Ponzi schemer Thomas Petters; he got out, suspiciously, just before the scheme collapsed.
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All those pyramids, all those Ponzi schemes came crashing down, and the politicians who didn't see it coming panicked just as the bankers panicked.
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Bernie Madoff, who oversaw the largest Ponzi scheme in U.S. history, has filed a request for an early prison release citing terminal kidney disease.
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And as Vasek noted, you can't be certain you've fallen victim to a Ponzi scheme until it shuts down and disappears with the money.
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Ezubao used savvy marketing, authorities said, to fund "a complete Ponzi scheme", that used investor funds to support a lavish lifestyle for company executives.
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Ezubao was a Ponzi scheme, the Xinhua report said, and more than 95 percent of the projects on the online financing platform were fake.
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A top executive at a Shanghai investment firm, Zhongjin Capital Management, or Wealthroll, last week confessed on state television to operating a Ponzi scheme.
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Madoff, 77, would be deposed at the North Carolina prison where he is serving a 150-year sentence for running a huge Ponzi scheme.
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McFarland and Ja Rule -- who heavily promoted the festival show -- are still facing a class action lawsuit accusing them of running a Ponzi scheme.
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Madoff is serving 150 years in prison after pleading guilty to running a financial Ponzi scheme considered the largest financial fraud in U.S. history.
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In December, Shkreli was arrested and charged with running his investment funds and companies in a manner that prosecutors compared to a Ponzi scheme.
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Over the years, email obtained from Internet service providers has provided crucial evidence against wrongdoers who commit Ponzi frauds, insider trading and accounting fraud.
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Shkreli was also arrested last December for his involvement with another drugmaker, Retrophin, which federal prosecutors said he operated like a quasi-Ponzi scheme.
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Ponzi schemes inevitably crash when incoming cash from investors is no longer sufficient to cash out earlier investors and pay them a "profit," too.
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Ponzi schemes tend to collapse when it becomes difficult to recruit new investors or when a large number of investors ask to cash out.
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Woodbridge imploded into bankruptcy in 2017 and the SEC later charged it with operating a $1.2 billion Ponzi scheme that defrauded 8,400 retail investors.
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And, with the majority of Bitcoin being owned by the small group that started promoting it, it has been compared to a Ponzi scheme.
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But H.R. 5037 would take away states' ability to protect their constituents from financial ruin at the hands of corporate fraudsters and Ponzi schemers.
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THE PROLIFIC AUTHOR and podcaster explains why people so often misunderstand strangers and the consequences when they do, from police injustice to Ponzi schemes.
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Ponzi took advantage of international postal reply coupons, which allowed customers in one country to buy a voucher redeemable for stamps in another country.
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In July, Matt Stieb at New York laid out some possibilities: He could have been running a Ponzi scheme or a money-laundering operation.
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There is another particular subtlety to the classic Ponzi scheme: Not just anyone can pull one off; doing so requires cleverness, charm and charisma.
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His Ponzi scheme, estimated to have begun as early as the 1980s, destroyed or crippled the finances of many individuals and charitable organizations worldwide.
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As if that's not enough, the 81-year-old Ponzi schemer says he's also battling hypertension, cardiovascular disease, hyperparathyroidism and a bladder neck obstruction.
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My first column ran the day after Bernard L. Madoff was arrested in his Manhattan apartment as his $64 billion Ponzi scheme fell apart.
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"His case is not about murder, drug cartels, organized crime, the Madoff Ponzi scheme or the collapse of Enron," Manafort's defense attorneys wrote Monday.
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The Supreme Court on Monday let stand convictions for two former financial executives for helping orchestrate one of the nation's largest-ever Ponzi schemes.
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There have also been cases of outright fraud, the most well-known being Ezubao - a $27 billion Ponzi scam involving more than 22,000 investors.
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I learned it because early internet people were like a Ponzi scheme, so I had to understand where they were lying to me financially.
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A world-famous New York City-based investor who was arrested in 2008 on fraud charges – he operated the largest Ponzi scheme in U.S. history.
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Investment fraud of all types, including Ponzi and pyramid schemes, committed over the past three years cost victims an average of $8,648, according to ADT.
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This, claimed the corporate sleuth, who shot to fame by uncovering Bernard Madoff's Ponzi scheme, may dig a $38bn hole in the industrial conglomerate's books.
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Ge's alleged financial fraud attracted so much attention because it was revealed by Harry Markopolos, the whistleblower of the biggest ponzi scheme in financial history.
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In this case, a Ponzi scheme can offer an annual return of about 5% indefinitely, simply by taking a steady share of each generation's income.
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The overpayment amounts to a contribution to a Ponzi scheme, redeemed not by the earnings of the underlying asset, but by overpayments from later investors.
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To start to bring an end to the Ponzi scheme of zollars and dollars, the government would need to give up the myth of parity.
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It collapsed in February, with executives saying the firm was "a complete Ponzi scheme", which used investor funds to support lavish lifestyles for its executives.
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Ponzi schemer Bernard Madoff requested compassionate release from prison due to terminal kidney failure and other "chronic, serious medical conditions," including hypertension and cardiovascular disease.
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SEOUL (Reuters) - Hackers have stolen millions, lawmakers are pushing for new taxes and regulations, and a leading financial official has called them a "Ponzi scheme".
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Murphy's Fairfield Greenwich fund had invested more than $7 billion with Madoff before it became known in 2008 that Madoff was running a Ponzi scheme.
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Prosecutors said Shkreli engaged in a Ponzi-like scheme, defrauding hedge fund investors and then misappropriating $11 million in assets from Retrophin to repay them.
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"The FBI is investigating claims of a Ponzi scheme involving the Berkeley wine company Premier Cru," FBI spokeswoman Michele Ernst told CNBC in a statement.
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It was about someone out there spotting that this giant debt-inspired buyback "Ponzi" would soon be exposed if rates got anywhere near historic norms.
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IN 22 the collapse of several large Ponzi schemes in Albania precipitated mass disorder, the overthrow of the government and the deaths of 22,22015 people.
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Ezubao, until recently China's biggest P2P firm, was declared a Ponzi scheme this year; it had faked many of its 50 billion yuan in loans.
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But they were always likely to see that $162 million reduced through the trustee's efforts to recover the $17.5 billion lost in Madoff's Ponzi scheme.
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This truism was probably invented by the liars themselves—scumbags throughout history like P.T. Barnum, Charles Ponzi, Charles Dawson, and car dealers the world over.
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When developer Robert Shapiro pleaded guilty in August to leading a $2000 billion real estate Ponzi scheme, he faced up to 2603 years in prison.
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Mr. Caspersen's lawyer had argued that his client had a "compulsive gambling addiction and mental illness" that prompted him to mastermind a Ponzi-like scheme.
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You will hear that the program is bankrupt, its reserves are nothing but a bunch of IOUs, or that Social Security is a Ponzi scheme.
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Madoff, 79, is serving a 150-year prison term for running what prosecutors called a $65 billion Ponzi scheme, which was uncovered in December 2008.
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Or when the Y's endowment was hit particularly hard after many donors lost considerable sums of money by investing in Bernard L. Madoff's Ponzi schemes.
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Stephen Maiden was sentenced in February 2015 to seven years in prison for carrying out a Ponzi scheme, following his guilty plea the prior year.
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There are already dozens of functioning applications built on Ethereum, enabling new ways to manage and pay for electricity, sports bets and even Ponzi schemes.
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"What the government wants with Ponzi schemes and things like this is a little old lady who sits on the stand and cries," he says.
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The Indian government has issued repeated warnings against digital currency investments, saying these were like "Ponzi schemes" that offer unusually high returns to early investors.
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Prosecutors said Shkreli had engaged in a Ponzi-like scheme, defrauding investors in MSMB and misappropriating $11 million in assets from Retrophin to repay them.
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"It was a Ponzi-like scheme," he said in an interview: selling one artwork more than once to get the funds to pay for another.
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Everything about Diane's progress within the firm feels fresh and vital; nearly everything about the Rendell family and its Ponzi scheme feels tired and formulaic.
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Ex-NFL player Will Allen just got HAMMERED by the judge in his Ponzi scheme case -- he'll do 6 YEARS in federal prison ... officials say.
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What's more ... BIG3 says the head of the Champions League is "a serial con-artist, fraudster and ponzi-schemer" who blames his failures on others.
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Ponzi took advantage of international postal reply coupons, which allowed postal customers in one country to buy a coupon redeemable for stamps in another country.
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Hundreds of victims of Ponzi scheme kingpin Bernie Madoff really don't want him to get out of prison despite his claim that he is dying.
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On April 8 that year, Mr. Peralta was arrested in Georgia and charged with running what the government described as a $12 million Ponzi scheme.
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As the S.E.C. recovered from the debacle over the failure to detect the Ponzi scheme perpetrated by Bernard L. Madoff, aggressive enforcement became the watchword.
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An Internet search quickly revealed that Wes Wessels was the alias Wessel used while perpetrating a Ponzi scheme for which he had recently been convicted.
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The teachers' pension fund in Puerto Rico looks very much like a legalized Ponzi scheme — one that might hold a warning for teachers across America.
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What has caught the attention of some legal experts is a recent action(here) by the Commodity Futures Trading Commission against a bitcoin Ponzi scheme.
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But scandals including the $7.6 billion Ponzi scheme uncovered at one-time P2P market leader Ezubao in February have prompted closer scrutiny from the authorities.
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In 2012, Allen Stanford was convicted and given a 110-year sentence in federal prison for running the second-largest Ponzi scheme in US history.
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If there's a market downturn in the coming year, expect more cases involving Ponzi schemes and accounting frauds, says former Manhattan federal prosecutor Telemachus "Tim" Kasulis.
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His company was multifaceted, but it was the advisory and wealth management component of Bernard L. Madoff Investment Securities LLC that was shouldering the Ponzi scheme.
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Watch: Gary Shilling: Bitcoin is 'some kind of a grand Ponzi scheme' The recent downturn started in mid-November, when bitcoin first abruptly fell below $6,000.
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In a Ponzi scheme, money from one set of investors is used to pay off other, earlier investors, or is used for the perpetrators' personal gain.
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"We are, make no mistake … in the middle of an enormous multivariate kind of Ponzi scheme," Palihapitiya said at a San Francisco conference three weeks ago.
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The Money Exchange, in conjunction with other family-owned financial businesses, were used to perpetrate "one of the largest Ponzi schemes in history," the judgment added.
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And it seems like every day a new Ponzi scheme gets busted, throwing yet more doubt on the credibility of plenty of less than legit ICOs.
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Such an interest rate would turn a $2016,226 investment into more than $213 million in just three years — a definite sign it was a Ponzi scheme.
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The US Securities and Exchange Commission has been warning people against crypto Ponzi schemes as far back as 2013, two years before Pelletier started attracting investors.
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In Riverdale, Veronica's now the daughter of a criminal involved with Ponzi schemes, and Betty and Archie have a much rougher relationship than meets the eye.
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A Ponzi scheme, most famously used by Bernie Madoff, is a type of investment fraud that uses funds collected from new clients to pay existing investors.
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Because Ponzi schemes succeed by amassing more and more new members, social channels like Telegram, Twitter, and bitcoin forums are rich recruiting grounds for their proprietors.
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But after her husband's Ponzi scheme tumbled, the family's assets were seized and their bank accounts were frozen, and she was faced with some difficult choices.
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"We are, make no mistake … in the middle of an enormous multivariate kind of Ponzi scheme," said Palihapitiya, at the Launch Scale conference in San Francisco.
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In 2008, he was sentenced to 20 years in prison for running what was until that point was one of the largest Ponzi schemes on record.
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It's no coincidence that the RNC's list of speakers was replete with bootstrapping capitalists like energy mogul Harold Hamm and ponzi scheme maestro Michelle Van Etten.
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Some of the top websites driving traffic offered stolen credit card data, prosecutors said, while about $1.4 billion in transactions were tied to online Ponzi schemes.
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Federal authorities raided Petters' offices in September 2008 and criminally charged him that December, the same month Bernard Madoff was charged over his own Ponzi scheme.
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The Indian government has issued repeated warnings against investing in digital currencies, saying these were like "Ponzi schemes" that offer unusually high returns to early investors.
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Bitconnect, the lending and exchange platform that was long suspected by many in the crypto community of being a Ponzi scheme, has announced it's shutting down.
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NEW YORK (Reuters) - The latest film about infamous swindler Bernard Madoff, whose decades-long Ponzi scheme cost clients more than $17 billion, ends with a question.
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" In April, AutoNation CEO Mike Jackson said Tesla's high valuation was "either one of the greatest Ponzi schemes of all time or it's gonna work out.
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"I think we should just be aware of not categorizing anything that has to do with digital currencies in those speculation, ponzi-like schemes," she said.
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Either it knew about the Ponzi scheme and did not warn investors, or it was oblivious to the scam when it should have known about it.
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During those heady years of the Clinton-Bush continuum, the United States, hoodwinked by the Pyongyang Ponzi scheme, gave North Korea in excess of $1.3 billion.
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Another peripheral figure, restaurateur Hamlet Peralta, was charged last year with running a $12 million Ponzi scheme in a case that grew out of the probe.
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At its root, bitcoin is a Ponzi scheme — it will stay afloat only as long as enough people buy the fiction that bitcoin represents real value.
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The hearing focused on cases of alleged sexual misconduct, theft, a Ponzi scheme and other cases that the OIG had closed in the last two years.
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It is common for misconduct involving accounting issues and fraudulent trading, such as a Ponzi scheme, to come to light years after the misdeeds took place.
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"People in the industry bristle at the word, but it's like a Ponzi scheme if you don't reserve that money like an annuity," Mr. Cumming said.
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Ex-NFL cornerback Will Allen just kissed his Florida home goodbye ... after he was convicted of screwing people out of MILLIONS in an illegal Ponzi scheme.
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Madeline gets at the heart of Maia's naïveté by asking how Maia could have possibly had no idea about Lenore's affair or her father's Ponzi scheme.
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McFarland capitalized on his youth, confidence and burgeoning reputation as a wunderkind entrepreneur to con investors with a variation of the good old-fashioned Ponzi scheme.
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Gérard Lhéritier, a collector, is accused of orchestrating a $1 billion literary Ponzi scheme, in which bibliophile investors bought shares of rare manuscripts at inflated prices.
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The Wilpons lost money by investing with Ponzi scheme operator Bernie Madoff, and have been dealing with the fallout from that for the last 11 years.
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By contrast, Bernie Madoff's Ponzi scheme resulted in at least $17.5 billion in losses, but the number of investors who were cheated numbered in the thousands.
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The SEC accused Bandimere of acting as an unregistered broker from 2006 to 2010 in making sales of securities in two entities that enabled Ponzi schemes.
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Chamath Palihapitiya, one of Silicon Valley's most outspoken tech investors, doubled down on calling the venture capital and tech start-up economy a Ponzi scheme on Wednesday.
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In March 2009 Bernie Madoff, now 79, pleaded guilty to running a $65 billion Ponzi scheme and defrauding tens of thousands of people out of $20 billion.
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Earlier this month, Chinese authorities arrested 21 people involved with the country's largest peer-to-peer lending service, Ezubao, which is accused of conducting a Ponzi scheme.
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Eight years after Bernie Madoff confessed to the biggest investment fraud of all time, a single utterance from the Ponzi-meister in prison can still grab headlines.
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Prosecutors said Shkreli engaged in a Ponzi-like scheme in which he defrauded investors in MSMB, and misappropriated $11 million in assets from Retrophin to repay them.
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In a Facebook Messenger conversation with BuzzFeed News, Pelletier, 38, said he always intended to pay back the loans, and painted himself as an accidental Ponzi schemer.
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In the end, an entire industry disappeared into the ether, leaving behind a trail of destruction — as well as Ponzi schemes like what Pelletier ended up running.
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A radio show host who was listed by Barron's as one of the nation's top financial advisors, Bennett, 57, was in fact running a massive Ponzi scheme.
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Prosecutors claim that he engaged in a Ponzi-like scheme in which he defrauded investors in MSMB and took millions in assets from Retrophin to repay them.
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Appcoin poster child Steemit, for instance, provoked so much skepticism they were reduced to posting "7 reasons Steemit is not a Ponzi scheme" on their official blog.
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And BitConnect, a platform that borrowed customers' crypto-currency in exchange for monthly returns, folded in mid-January following allegations that it was running a Ponzi scheme.
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And what he means by that is putting us players to work again, in his ponzi scheme of keeping us in perpetual bell debt through home loans.
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Prosecutors said Jarmaillo ran a "Ponzi-like" scheme in which he solicited money from more than two dozen investors, promising them steady returns from commodity futures contracts.
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Epstein's multipronged response to the investigation included suing Bradley Edwards, a lawyer representing accusers, in 2009 alleging his representation of accusers was linked to a Ponzi scheme.
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The following year, it agreed to pay $2.6 billion to settle charges that it willfully looked the other way when facilitating Bernie Madoff's multibillion-dollar Ponzi scheme.
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"There's no cure for my type of disease," Madoff told The Washington Post in a phone interview, expressing remorse for orchestrating the largest Ponzi scheme in history.
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U.S. prosecutors have accused Shkreli, dubbed the "pharma bro," of running a Ponzi-like scheme at his former hedge fund and a drug company he once ran.
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The failure, in another country lacking robust financial regulation, of a huge Ponzi scheme is not going to lead to the overthrow of its president, Xi Jinping.
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The Securities and Exchange Commission's (SEC) decades-long "sweep it under the carpet attitude" ignored industry whistleblowers like Harry Markopoulos who identified the Bernie Madoff Ponzi scheme.
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As part of a plea agreement, prosecutors dropped charges that Meli helped run a Ponzi scheme that defrauded investors in a hedge fund, Sentinel Growth Fund Management.
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But critics say that the wealth fund was nothing more than a Ponzi scheme and that huge sums it borrowed were fraudulently diverted to well-connected insiders.
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While cyber currencies do not have an operator, per se, "miners," who produce and sell fresh "cryptocoins," collectively are comparable to the operator of a Ponzi scheme.
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Tuesday also witnessed the collapse of BitConnect, an anonymously operated crypto exchange that had been repeatedly accused of running a Ponzi scheme via its proprietary BCC currency.
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Luxury cars, private jets, and piles of cash: Warren Buffett inadvertently funded the lavish spending of a couple accused of running an $800 million 'Ponzi-type' scheme
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Kupperman also thinks the Federal Reserve's policies have created a "Ponzi economy" — and that a day of reckoning is nearing for the likes of WeWork and Tesla.
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NEW YORK (Reuters) - A New York hedge fund manager on Thursday pleaded guilty to federal charges that he defrauded investors through a nearly $22 million Ponzi scheme.
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The estates of Bernie's late sons -- Mark and Andrew -- have agreed to forfeit $23 million in money they acquired through years of their dad's infamous Ponzi scheme.
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Chinese media reported on a number of Ponzi scheme stories concerning dubious platforms that tempted would-be investors with fat bonuses for referring family and friends, too.
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Stanford was convicted in March 2012 for running what prosecutors called a $7.2 billion Ponzi scheme centered on fraudulent certificates of deposit from his Antigua-based bank.
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Emiliano Ponzi has created artwork for The Washington Post, the New York Times, Le Monde, the New Yorker, Apple, Louis Vuitton, Moma NY, Hermes and Der Spiegel.
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In extreme cases, CDDs can function like Ponzi schemes, and many of the developers behind them didn't take into account what might happen when a recession hit.
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Last year, Chinese authorities said an online finance company had bilked investors out of more than $7.6 billion in what they said was a huge Ponzi scheme.
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It was the first attempt to combine a Ponzi, or pyramid scheme, in which one person entraps another, with malware that holds a computer hostage for payment.
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Federal officials accused him of a quasi-Ponzi scheme and said he used money from his company to pay off money-losing investors in his hedge funds.
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Her nest egg was invested with two of her oldest friends, Henry and Lenore Rindell (Paul Guilfoyle and Bernadette Peters), who plowed it into a Ponzi scheme.
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Once her father's Ponzi scheme blows up and she loses her job at Lockhart & Lee — now that she's a social pariah — how will she reconstruct her identity?
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But after losing her money in the Ponzi scheme, it becomes clear to her just how fickle her connections and friendships are in the face of tragedy.
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The payments were made by the Madoff Victim Fund, a government entity created to help people who lost money when Mr. Madoff's long-running Ponzi scheme unraveled.
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Jim Chanos, the legendary short seller and founder Kynikos Associates, is known on Wall Street for his uncanny ability to spot frauds, Ponzi schemes, and accounting illusions.
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Embattled Chinese internet conglomerate LeEco has been branded a "Ponzi scheme" in an online comment made and endorsed by some of the country's leading lights in technology.
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Former "Survivor" contestant Michael Skupin is now a registered sex offender, and on his way to prison for possession of child porn and running a Ponzi scheme.
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On its face a crypto exchange and lending venture, Bitconnect was widely considered—even among the often pie eyed digital token enthusiast communities—to be a Ponzi scheme.
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" Coeure also said he agrees with BIS head Agustin Carstens, who in June said, "Cryptocurrencies are, in a nutshell, a bubble, a Ponzi scheme and an environmental disaster.
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The swindler, now 78, pleaded guilty three months later, and is serving a 150-year prison term for running what federal prosecutors called a $64.8 billion Ponzi scheme.
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As details were revealed of Bernie Madoff's Ponzi scheme in December 2008, CNBC covered the breaking news, the court proceedings and spoke with the victims of his lies.
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Individuals who were allowed to live under house arrest with private guards included Ponzi schemer Bernard Madoff, Macau billionaire Ng Lap Seng and New York lawyer Marc Dreier.
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In one post, titled "Is JetSmarter a Ponzi Scheme?" he calculated that JetSmarter was losing up to $22,000 on an individual shuttle flight between New York and California.
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But six months into 2017, some 100 Ponzi schemes and cryptocurrency sites specifically aimed at the country have sprung up online, according to the Nigeria Deposit Insurance Commission.
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For a capitalist like Trump, winning the Republican nomination will be like pulling off the ultimate moral Ponzi scheme; losing simply means more speaking tours and book sales.
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A man thought to have been behind an alleged Bitcoin Ponzi scheme has had his house looted and burned to the ground in South Africa, reports Times Live.
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Richard Dreyfuss plays Bernard L. Madoff in the four-hour mini-series "Madoff," a story about the mastermind behind the country's greatest Ponzi scheme (8:00 Eastern, ABC).
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The case involves alleged collection of about 450 billion rupees ($6.8 billion) from roughly 55 million investors across the country, Gaur said, terming it a "Ponzi scheme case".
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WHEN bankruptcy trustees were appointed over a hectic weekend late in 303, there seemed no end to the losses caused by the collapse of Bernie Madoff's Ponzi scheme.
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In December, U.S. authorities arrested him on fraud charges unrelated to the pricing of Daraprim, saying he ran his investment funds and companies almost like a Ponzi scheme.
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New York (CNN Business)Bernie Madoff, the infamous mastermind behind the largest Ponzi scheme in history, is asking President Donald Trump to commute his 150-year prison sentence.
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Prosecutors claim that Shkreli engaged in a Ponzi-like scheme in which he defrauded investors in MSMB and took $11 million in assets from Retrophin to repay them.
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In typical Ponzi fashion, some returns to investors were paid, not from any profits earned on investments, but from existing investors' deposits or money paid by new investors.
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" The head of the nation's largest auto retailer even joked that Tesla was "either one of the great Ponzi schemes of all time or it's gonna work out.
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Nearly all had invested indirectly with Madoff, such as through "feeder funds," and roughly three-quarters have received nothing since the Ponzi scheme was uncovered in December 2008.
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The guys say they were offered stock to make up for the cash -- but they think the whole league is a Ponzi scheme and want their cash, asap.
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He took a keen interest in protecting the interests of small investors and cracked down on ponzi schemes by chit funds and collective investment schemes around the country.
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"Applying a modern spin to an age-old fraud, Trendon Shavers used a bitcoin business to run a classic Ponzi scheme," said the prosecutor, U.S. attorney Preet Bharara.
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Officials say he and another man concocted and executed a ponzi-style scheme to take millions of dollars from investors under the guise of a ticket scalping business.
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Post that you were tempted by this offer, too (putting yourself in the same boat as them), but after some research, you learned that it's a Ponzi scheme.
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After Bernard Madoff admitted to running a criminal Ponzi scheme in 2009, his attorney Ira Lee Sorkin requested to the judge that he be sent to FCI Otisville.
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Did FINRA allow Bernie Madoff's record-shattering Ponzi scheme to grow under its nose for decades because it failed to put enough resources into inspecting its members operations?
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Regulators have accused Woodbridge Group and its owner, Robert H. Shapiro, of making Ponzi payments to investors and using a web of shell companies to conceal the scheme.
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Published in 1984, the book runs through several of the most legendary market failures in history, from the Dutch tulip bubble to the original scheme by Charles Ponzi.
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Individuals who were allowed to live under house arrest with private guards included Ponzi schemer Bernard Madoff, Macau billionaire Ng Lap Seng and New York lawyer Marc Dreier.
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"There is a real and heightened risk of investment bubble of the type seen in Ponzi schemes", with investors risking a sudden and prolonged crash, the statement said.
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After finding himself the subject of several lawsuits, things went further south for Pearlman when he defrauded investors out of more than $300 million in a Ponzi scheme.
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Soon after, the Securities and Exchange Commission declared that Woodbridge, which Mr. Goodman had described with glowing confidence, was a billion-dollar Ponzi scheme with thousands of victims.
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According to the Times, JPMorgan's compliance team started a "wide-ranging review of its customers" at the end of 2008, after the Bernie Madoff Ponzi scheme was revealed.
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This portrait of a creative but haunted soul transforms into a banking drama when Vincent's boyfriend's fortune turns out to be the fruit of an enormous Ponzi scheme.
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He recounts the privatization of state-owned industries and the accompanying corruption and Ponzi schemes of unscrupulous men who hijacked the process, enriched themselves and eventually became oligarchs.
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Also, the Wilpons had invested more than $500 million with Bernard L. Madoff, who pleaded guilty in 2009 to running one of the largest Ponzi schemes in history.
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The Securities and Exchange Commission today unveiled new charges against five unregistered brokers in connection with a $1.2 billion Ponzi scheme that came to light late last year.
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Mr. Mulvaney was forced to address suggestions he had made in the past that Social Security was akin to a Ponzi scheme, and he played down that characterization.
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As detailed in court documents, the FBI leaked to a number of reporters that Nordlicht was running a "Ponzi-like scheme," which is a dog-whistle for prejudice.
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In the financial sector, JPMorgan Chase negotiated a similar deal over accusations that it had turned a blind eye to the Ponzi scheme run by Bernard L. Madoff.
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The SEC has had a unit dedicated to digital currency since 2013, though originally the focus was on Ponzi schemes where victims were force to pay in Bitcoin.
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In 2010, he and his brother, Alan, were sued over their mother's early investment with Bernard L. Madoff, an investor who was convicted of running a Ponzi scheme.
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Turner also oversaw the prosecution of Liberty Reserve, which prosecutors said laundered more than $6 billion for criminals involved in Ponzi schemes, hacking, child pornography and drug trafficking.
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We think not, and we believe it's time to wait patiently as the air is slowly let out of this bizarre Ponzi balloon created by the venture capital industry.
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Steve Heimoff, who lost his $2 million retirement nest egg to Madoff's Ponzi scheme, told Business Insider that Madoff should stay in prison "for the rest of his days."
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Instead of buying stocks with their money, Mr. Madoff had been running the biggest Ponzi scheme the world has ever known; when it collapsed, his investors lost $65 billion.
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As there is no formal body that sorts out legitimate projects from blatant Ponzi schemes, it's crucial to do thorough research of your own before investing in anything. Always.
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The reason why prices go up is because they expect the next person to take (the coin) at the price they want, and that really is a Ponzi scheme.
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This march of progress should allow a Ponzi scheme to pay a positive return to investors even if the scheme only takes a constant percentage from each generation's income.
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In Bandimere's case, the SEC accused him of acting as an unregistered broker from 2006 to 2010 in making sales of securities in two entities that enabled Ponzi schemes.
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In a separate Stanford-related case, the Supreme Court in 2014 ruled that investors in the Ponzi scheme can sue lawyers, insurance brokers and others who worked with him.
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Madoff's former longtime secretary also is asking Trump for a commutation of her six-year prison term for helping facilitate the Ponzi scheme, according to the Justice Department's webpage.
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Investment banks, retirement funds, and individual investors from the island and the mainland bought billions of dollars' worth, helping to prop up what amounted to a fiscal Ponzi scheme.
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The Asset Management Association of China (AMAC), the self-regulatory body that oversees private funds, said illegal fund pools could expose investors to major losses from Ponzi-like schemes.
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"Victims of Ponzi schemes should realize they can be successful pursuing recoveries against companies they consider financially responsible," Budwick, a partner at Meland Russin & Budwick, said in an interview.
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Career grifters like P.T. Barnum, Charles Ponzi, and Bernie Madoff are heroes so long as they are in the game; we only turn on them when they become goats.
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The Securities and Exchange Commission is responsible for holding those who commit securities fraud accountable, including Ponzi con artists and insider traders who harm investors and defraud our markets.
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The CFTC charged Dillon Michael Dean and his company, The Entrepreneurs Headquarters, with fraud for running a Ponzi scheme that promised high returns for investing in a cryptocurrency pool.
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In the case against JPMorgan, which was accused of failing to thwart Bernard L. Madoff's Ponzi scheme, Mr. Devlin-Brown and his colleagues stopped short of indicting the bank.
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However, a lack of regulatory oversight also made for a breeding ground of illegality, with Ezubao's 76 billion yuan ($11 billion) Ponzi scheme serving as the most notable example.
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In March, prosecutors charged two pastors with fraud for raising $25 million for their church — "The Church of the Healthy Self" — which they say was actually a Ponzi scheme.
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Once real-world valuations are applied to cryptocurrencies, these Ponzi schemes will collapse, wiping out hundreds of billions of dollars of fictional value "investors" in them thought they had.
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"We see bitcoin as a bit of a Ponzi scheme," David Gledhill, group chief information officer and head of group technology and operations at DBS, told CNBC on Wednesday.
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The Securities and Exchange Commission on Thursday announced charges against a group of unregistered funds and their owner, for allegedly fleecing retail investors through a $1.2 billion Ponzi scheme.
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In a Ponzi scheme, the perpetrator generally takes money from one set of investors to pay off others, often earlier investors or simply diverts the proceeds for private gain.
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Federal prosecutors claim that Andrew Caspersen ran a Ponzi-like scheme to defraud friends, family and a hedge fund foundation of nearly $295 million over an 203-month period.
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The novel design of Ethereum may also invite intense scrutiny by authorities given that potentially fraudulent contracts, like the Ponzi schemes, can be written directly into the Ethereum system.
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Prosecutors said Shkreli engaged in a Ponzi-like scheme, defrauding investors in his hedge fund MSMB Capital Management and misappropriating $11 million in assets from Retrophin to repay them.
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A former restaurateur, whose $12 million Ponzi scheme embroiled two businessmen accused of bribing New York City law enforcement officers, was sentenced on Friday to five years in prison.
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His case studies include the convicted pedophile Jerry Sandusky, the double agent Ana Montes, the Ponzi-schemer Bernie Madoff and — because Gladwell is nothing if not ambitious — Adolf Hitler.
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The Indian Ocean island seized the assets of Dawood Rawat, a Mauritius citizen, in April 2015 after accusing him of running a Ponzi-like scheme through a Mauritian insurer.
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Whether you call Social Security theft, fraud, a Ponzi scheme, or just a case of misleading politics, the real question now is: Why are we continuing to do it?
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The recent cannabis cases include allegations of a Ponzi scheme tied to a fictitious cannabis company and charges of securities fraud tied to an alleged criminal ring in Colorado.
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And Bernie Madoff, architect of the largest Ponzi scheme in history, has asked for early prison release on the grounds that he's been diagnosed with end-stage kidney disease.
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The Litwin charitable investments were nearly all managed by Bernard L. Madoff and substantially lost in his Ponzi scheme, which swallowed up many fortunes before being exposed in 2008.
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In a Ponzi scheme, the perpetrator generally takes money from one set of investors to pay off others, often earlier investors, or simply diverts the proceeds for private gain.
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" Thousands of investors were taken in by the business, which Craig Carpenito, the United States attorney for New Jersey, called "little more than a modern, high-tech Ponzi scheme.
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"While perhaps intended as an alternative payment system with no government involvement, it has become a combination of a bubble, a Ponzi scheme and an environmental disaster," he said.
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A Ponzi scheme is a type of fraud whereby crooks steal money from investors and mask the theft by funneling returns to clients from funds contributed by newer investors.
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Regulators in the United States have continued to crack down on smaller virtual currencies like Bitconnect, which has been described as a Ponzi scheme by many in the industry.
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"In my very biased opinion, I think the (winemakers) who came to Oregon came here because they wanted to make wine, they didn't want to get rich," Ponzi said.
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The documents showed that Mossack Fonseca has worked with Ponzi schemers, diamond traders, members of FIFA, property tycoons, Saudi kings, wealthy art collectors, drug kingpins, and Ukrainian oligarchs alike.
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Among the cases Andres oversaw at the Justice Department was the prosecution of Texas financier Robert Allen Stanford, who was convicted in 2012 for operating an $8 billion Ponzi scheme.
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Shkreli pleaded not guilty last month to charges that he ran his companies like a Ponzi scheme, using each subsequent company to pay off defrauded investors from a prior company.
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An earlier report on the service found that it made up roughly 20 percent of dark web sites, including a number of bitcoin escrow services, Ponzi schemes and hacking forums.
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Told from the point of view of Bernard L. Madoff, now serving a 150-year prison sentence for perpetrating America's greatest Ponzi scheme, it's a story of chutzpah, not hubris.
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When I first caught wind of the Panama Papers a couple weeks back, I immediately recalled a conversation I had about six years ago with Bernard Madoff, ponzi schemer extraordinaire.
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"You might see Ponzi schemes come into play to capitalize off the excitement around opportunity zone funds," said Ben Edwards, a law professor at the University of Nevada Las Vegas.
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India does not have a unified regulatory regime to counter Ponzi, or pyramid, schemes whose operators typically grab new deposits to meet their promise of guaranteed returns to existing savers.
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" One user warned that "you guys are gonna bring the fucking fed into crypto... just accept you got duped," while another taunted, "Invest in a ponzi, expect to get rekt.
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Mark Firth, a home restorer who dreams of bootstrapping his way to greatness, is conned quite literally: He loses everything in a Ponzi scheme and then has his identity stolen.
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But Bitconnect's promise (and payment) of outsized and guaranteed returns led many to believe it was a ponzi scheme that was paying out existing loan interest with newly pledged loans.
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The company filed for Chapter 7 liquidation in January, after several customers filed lawsuits claiming it was operating a Ponzi scheme by taking their money, but never sending their wine.
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In one configuration (Charles Ponzi) or another (online phishing emails from so-called Nigerian officials), getting over on other people has endured since the earliest days of the American experiment.
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The Amber Gold Ponzi scheme - a type of fraud that relies on paying initial investors with money received from later ones - ran for over two years before collapsing in 2012.
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Mark Madoff, the older son of Bernard L. Madoff, hanged himself in his Manhattan apartment on the second anniversary of his father's arrest on charges of running a Ponzi scheme.
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As the scandal caused by Bernard L. Madoff's Ponzi scheme shows, it is as much a matter of taking whistle-blowers seriously as it is getting them in the door.
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This is the former headquarters of the Stanford International Bank, named for its American founder, R. Allen Stanford, who is serving time for running the bank as a Ponzi scheme.
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David Sheehan, a lawyer for Picard, said the decision protects victims of Madoff's Ponzi scheme, and recognizes the "compelling" U.S. interest in letting domestic bankruptcy estates recover fraudulently transferred property.
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In it, an orphaned girl who lives along Central Park discovers one day while she is sitting in Gray's Papaya that her fortune has been decimated in a Ponzi scheme.
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Lawmakers are asking a top federal regulator to crack down on several banks connected to a mid-2000s Ponzi scheme, arguing the government hasn't done enough to get victims compensation.
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Prosecutors said Caspersen ran a Ponzi-like scheme from November 163 to March 2016 to defraud more than one dozen investors, including friends, family and classmates, of nearly $150 million.
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And it only took a few minutes to figure out the other Bernie was referring to Bernard Madoff, the infamous stockbroker who committed the biggest Ponzi scheme in US history.
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Greenwood, who is housed at the same medium-security federal prison in Butner, North Carolina, as convicted Ponzi schemer Bernard Madoff, pleaded guilty in 2010 to charges including securities fraud.
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The 81-year-old Madoff, who orchestrated the largest Ponzi scheme in history, asked for compassionate release from prison last month, saying he has less than 18 months to live.
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And, stripped of the hype around self-driving cars and efficient algorithms, Uber looks less like a thoroughbred tech unicorn and more like a Wall Street boiler room Ponzi scheme.
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Lambast the NFL for its stadium Ponzi schemes, its heartless concussion approach, and its pay-for-play faux patriotism, but one legitimately lovable thing about the league is its parity.
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They got robbed blind by Bernie Madoff — but they still support the Ponzi scheme kingpin's request to get out of prison early so that he can die a free man.
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Madoff was arrested in December 2008 and later pleaded guilty to running a massive Ponzi scheme, a type of fraud where existing investors are paid with funds from new investors.
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"In some sense, that is the definition of a Ponzi scheme, other than the fraudulent part," said Dan Azzi, a former Lebanese bank executive and advanced leadership fellow at Harvard.
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He was charged in an unrelated Ponzi scheme whose investors included the two men, according to a criminal complaint filed in the case and a person briefed on the inquiry.
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All Ponzi schemes — whether they make international headlines or minor headaches for a handful of investors — have the same basic shape: They use new investors to pay the old ones.
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The notorious Ponzi scheme of the former stockbroker Bernard L. Madoff that involved the Mets owners Fred Wilpon and Saul Katz — which beleaguered fans noted by simply saying: Of course.
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The US Securities and Exchange Commission has filed charges against Robert Shapiro, alleging he bilked investors — many of them senior citizens — out of $1.2 billion as part of a Ponzi scheme.
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Notorious Ponzi schemer Bernard Madoff asked a federal judge to grant him "compassionate release" from his 150-year prison sentence on Wednesday, but his victims say he should remain behind bars.
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" When MMM was at its frenzied peak in Nigeria last year, an editorial in a Nigerian newspaper suggested that it compared favorably to "the national Ponzi scheme we call [the] economy.
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Much of this focused on Kabul Bank, an institution that turned out to be little more than a Ponzi scheme which provided multi-million-dollar, interest-free loans to its shareholders.
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Bernard L. Madoff, the mastermind of the largest Ponzi scheme in history, said in a court filing on Wednesday that he was dying and asked for an early release from prison.
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Prosecutors said they played critical roles in defrauding investors in a Ponzi scheme at Agape, which was founded by Nicholas Cosmo after he had served 21 months in prison for fraud.
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Shkreli pleaded not guilty last month to criminal charges that he ran his companies like a Ponzi scheme, using each subsequent company to pay off defrauded investors from a prior company.
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The Swiss attorney general's office also said Wednesday that a Ponzi scheme appears to have been used to hide the embezzlement from both the 1MDB fund and its former SRC unit.
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What Michael Lewis's book says is actually true: At the time, the likes of Michael Burry really were a tiny fraction of the market bulls piling into the mortgage Ponzi scheme.
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The movie — based on the true story of a Los Angeles Ponzi-scheming ring in the 1980s — also features Emma Roberts, Suki Waterhouse, Billie Lourd and, as Andy Warhol, Cary Elwes.
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Revelation after revelation about Trump's Ponzi scheme methods have come out over the past few weeks, such as his spending $258,000 of Trump Foundation money to settle his own legal problems.
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Judge Kaplan said Shavers carried out a "classic Ponzi scheme" by offering potential investors high returns to turn over their bitcoins, the cryptocurrency designed by Satoshi Nakamoto and released in 2008.
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One home damaged belonged to J. Ezra Merkin, the Wall Street hedge fund manager who invested more than $1.8 billion of his clients' money in Bernard L. Madoff's notorious Ponzi scheme.
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As PREPA and other agencies borrowed billions of dollars from international creditors (and from each other, a practice some have compared to a Ponzi scheme), the utility started skimping on maintenance.
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No. Despite Trump's campaign promises not to cut Social Security, the statements he made prior to running for office showed he considered it a Ponzi scheme and wanted to privatize it.
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NEW YORK (Reuters) - A federal judge has blocked litigation that the trustee liquidating Bernard Madoff's firm said could undermine a $7.2 billion settlement meant to benefit the Ponzi schemer's former customers.
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Narayan's partners at TTR helped cover up the fraud, according to the lawsuit, by engaging in "Ponzi-like payments"—using new fraudulently-obtained proceeds to cover the tracks of old ones.
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And so, at first, a lot of these cryptocurrencies, at least the experts told me, not all of them, but a lot of them were more like Ponzi schemes- They are.
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The stock market's dramatic plunge in recent weeks is also likely to expose long-running frauds, as it did in 2008 with people like notorious Ponzi schemer Bernie Madoff, Peiffer said.
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Originally, the investor in the play was Elie Wiesel, the author and activist who lost millions in his personal savings and his foundation's funds to Mr. Madoff's decades-long Ponzi scheme.
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The situation would be a fitting one for the character she plays on "Schitt's Creek": Alexis Rose, a fallen socialite whose family loses everything in a Bernie Madoff-esque Ponzi scheme.
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Federal prosecutors on Wednesday told a judge that they oppose Ponzi scheme kingpin Bernie Madoff's recent request for early release from prison on compassionate grounds due to his terminal kidney disease.
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Former Representative Mick Mulvaney of South Carolina, for example, the new White House budget director, has called Social Security a "Ponzi scheme" and helped engineer a government shutdown to cut spending.
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Even before her father's Ponzi scheme is exposed, Maia seems like a wisp of a woman, lacking confidence and at times easily lost among the more towering personas that surround her.
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To carry off the scam, Mr. Rechnitz suggested routing the transaction through a Ponzi-scheming ticket broker he had been involved with — yet another of the shady businesses he dealt in.
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It is also something of a political Ponzi scheme: Its members are rewarded when they entice others to become initiates — only then to come under more pressure to do even more.
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The average loss for Ponzi victims in the decade after Madoff was $150,000, according to an analysis of S.E.C. data, compared with $80,000 in the previous decade for non-Madoff scams.
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He has said there's no need for a federal minimum wage, called for privatizing the "Ponzi scheme" of Social Security and said those on government assistance lost their dignity and meaning.
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Of the art authenticity frauds investigated by the FBI in the last three decades, an estimated 20173 percent were perpetrated by art world "insiders," a sort of Ponzi scheme via canvas.
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In Europe, one high-profile banker slammed bitcoin Monday as a combination of "a bubble, a Ponzi scheme and an environmental disaster" that threatens the public's trust in traditional banking systems.
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In a ripped-from-the-headlines riff worthy of "Law & Order," Maia is the daughter of a powerful money manager (Paul Guilfoyle) who, it turns out, has been running a Ponzi scheme.
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Victims of Bernard Madoff's Ponzi scheme said the 81-year-old should remain behind bars after he asked a federal judge to grant him "compassionate release" from his 150-year prison sentence.
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Online payment processor PayPal has been hit with a proposed class action accusing it of aiding an alleged Ponzi scheme that authorities say took in more than $207 million from investors worldwide.
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His sons, Mark and Andrew (played by Tom Lipinski and Danny Deferrari), were the ones who turned him in after he confessed to them that he had been running a Ponzi scheme.
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He's an avatar of bad luck, a reminder of Romania's miserable history, not least the ruinous large-scale Ponzi scheme that wiped out much of the country's meager wealth in the 1990s.
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The regulator will encourage financial innovations in an orderly way and take steps to fend off systemic risk, but will "severely" crack down on Ponzi schemes disguised as financial innovations, Zhou said.
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Bitcoin "has become a combination of a bubble, a Ponzi scheme and an environmental disaster", Agustín Carstens, the head of the Bank for International Settlements, warned this week, calling for more oversight.
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A federal appeals court has declined to revive a lawsuit accusing Wells Fargo of negligence for not halting a $168 million Ponzi scheme by the late Florida hedge fund manager Arthur Nadel.
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Pearlman got in a heap of legal trouble in 2008 ... he was convicted of one of the biggest Ponzi schemes in U.S. history, swindling 1,700 people out of half-a-billion bucks.
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According to settlement papers, Ruth Madoff, 77, who was never charged in connection with her husband's Ponzi scheme, will pay $250,000 in cash and give up $813,000 of trusts for two grandchildren.
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Among them, she led the case against Ivy Asset Management related to Bernard L. Madoff's Ponzi scheme and the action against Ernst & Young for its role as the auditor of Lehman Brothers.
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Greenberg Traurig has agreed to pay $65 million to victims of an estimated $7 billion Ponzi scheme who said the law firm helped the now-convicted swindler Allen Stanford perpetrate his fraud.
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Richard Dreyfuss stars as Bernie Madoff, the three-time NASDAQ chair who went to prison at age 93 for running a Ponzi scheme regarded as the biggest financial fraud in American history.
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And to the extent that we can have rules and more enforcement to get people like [Ponzi schemer] Bernie Madoff out of the financial system, the better it is for the economy.
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Liberty Reserve operated a widely used digital currency, processing more than $8 billion in transactions while helping launder proceeds from Ponzi schemes, credit card trafficking, identity thefts and computer hacking, prosecutors said.
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Former NBA player Tate George was sentenced Thursday to nine years in prison for orchestrating a Ponzi scheme for more than $2 million, the New Jersey U.S. Attorney's Office confirms to PEOPLE.
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Bubble, Ponzi, tulip and trouble have been among the words used by crypto-critics over the past year as bitcoin powered from under $1,403 and passed the much talked about $10,000 marker.
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To top it off, last Thursday GE was accused of covering up $38 billion by Harry Markopolos, an accounting expert who was one of the first whistleblowers of Bernie Madoff's Ponzi scheme.
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But if his gamble is to be any more than a cultural Ponzi that collapses at the first quake of dissent, he must deliver on some of the dreams he is promising.
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Through a synagogue acquaintance of Mr. Wiesel's, it invested its endowment with the money manager Bernard L. Madoff, and his decades-long Ponzi scheme, revealed in 2008, cost the foundation $15 million.
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Ten years after the second biggest investor fraud in U.S. history, victims of the $2200 billion Ponzi scheme run by disgraced financier R. Allen Stanford have recovered practically nothing, court records show.
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Many banks have gambled with deposits or run Ponzi schemes with impunity for years, in part because they are owned by well-connected elites, religious foundations or the Islamic Revolutionary Guards Corps.
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General Electric shares plunged more than 11% Thursday after Harry Markopolos, who is famous for blowing the whistle on Bernie Madoff's Ponzi scheme in 103, accused GE of orchestrating a massive fraud.
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Allen -- who played for the Giants, Dolphins and Patriots -- pled guilty to running a $35 million Ponzi scheme back in November and just filed new legal docs detailing his personal financial collapse.
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The company led by the American billionaire Koch brothers, along with dozens of banks and fund managers, kept billions of dollars in profit from Bernard L. Madoff's Ponzi scheme in accounts offshore.
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"We recognize that our decision today provides no remedy to appellants, who have undoubtedly suffered along with too many others as a result of Madoff's Ponzi scheme," the three-judge panel wrote.
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It's also a chance for her to rescue her protégé's career, and despite the fallout from the Ponzi scheme, Diane sympathizes with Maia's position and convinces Boseman to take her on, too.
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Senator Dianne Feinstein, Democrat of California, and Senator Charles E. Grassley, Republican of Iowa, introduced legislation in January to eliminate the program, pointing to Ponzi schemes and high-profile cases of abuse.
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The scheme that Christopher Parris has been accused of running leaned on more traditional Ponzi pitch tactics; the investments were said to be in businesses including financial services, insurance and real estate.
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The indictment, which finally came in 1979, was for a classic Ponzi scheme: paying her earliest victims "profits," which were really just funds from her next group of investors, and so on.
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Other times, governors have profited from a basic law of politics: They are usually more popular than legislative bodies, whose job favorability is little higher than that of perpetrators of Ponzi schemes.
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Natan filed suit against Lil Wayne and Migos back in January, claiming they were "Ponzi scheme artists" who created shell companies to get money for shows they never planned to really perform.
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In July 2013, FSCO opened a file after the Canada Revenue Agency "had advised (FSCO legal counsel Joe) Nemet they suspected Fortress to be Ponzi in nature," an internal FSCO email states.
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Shkreli stepped down as Turing's CEO in December after being indicted on charges that he engaged in a Ponzi-like scheme at a hedge fund and Retrophin Inc, a company he once headed.
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He has big American dreams that his small American income can't match, so he starts soliciting investments from his fans, promising high returns — and in the process, unwittingly creating a doomed Ponzi scheme.
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But if such Ponzi-style frauds get big enough, they could potentially distort the economy, the regulator has warned, as people pull out money from legitimate investments and sink it into fraudulent ones.
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By the time the mini-series is over, we've learned what a Ponzi scheme is — pretending to invest people's money but actually making payouts to exiting investors with new money from incoming investors.
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Fighting fraud allegations, recession worries Culp faced a major test over the summer when Harry Markopolos, who famously blew the whistle on Bernie Madoff's Ponzi scheme, called GE a bigger fraud than Enron.
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Simond said the central bank's financial engineering to support foreign reserves had succeeded for now, but its reliance on inflows of FX deposits from commercial banks meant the situation resembled a Ponzi scheme.
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Once considered a billionaire but later declared indigent, Stanford, 69, was convicted of fraud by a Houston jury in 2012 over what prosecutors called a $7.2 billion Ponzi scheme that lasted two decades.
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In 2011, household items belonging to American financier Bernie Madoff—who executed the largest Ponzi scheme in US history—were sold off in an effort to recoup back $65 million owed to victims.
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However, last month the Federal Trade Commission reached a settlement with the supplements company that, while determining Herbalife was not a pyramid or Ponzi scheme, called for the company to change its operations.
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But executives at Ezubao's parent company, Yucheng Group, now say it was "a complete Ponzi scheme", which used investor funds to support a lavish lifestyle, the official Xinhua News Agency reported this week.
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OneCoin was a particularly prominent Ponzi scheme that bilked investors around the world out of $350 million, seems to have never issued an actual coin, and resulted in the arrest of numerous organizers.
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The Balls also claim they had no knowledge of Foster's checkered past ... and that he spent several years in federal prison in the early 2000s for his alleged role in a ponzi scheme.
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Control-Finance and Reynolds were also accused of creating "sham" customer account balances and profit statements, and making "Ponzi scheme-like payments" to customers requesting withdrawals to conceal the fraud and feign profitability.
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"His plots were matched only by efforts to conceal the fraud, which led him to operate his companies, including a publicly traded company, as a Ponzi scheme," the FBI said in a statement.
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The trigger for Sino-Forest's bust was less spectacular but just as damaging: a report published in 2011 by Muddy Waters, an American research firm, which labelled it "a multibillion-dollar Ponzi scheme".
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"Some of these foreign banks are growing their presence in the U.S. without having shown any willingness to acknowledge or account for the victims harmed in the Stanford Ponzi scheme," the lawmakers wrote.
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While this racket was hardly on the order of a Ponzi scheme, the mini-bottles typically sell for eight dollars on planes, meaning that her employer was denied a potential $40,000 in sales.
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Bernie Madoff's investors who were ripped off for billions of dollars are finally getting some of their money back -- the U.S. has begun the first distribution of funds to his Ponzi scheme victims.
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He tries an exaggerated Polish accent in this movie, in which he stars as the real-life polka star Jan Lewan, who ended up in jail for running a Ponzi scheme (perhaps unknowingly).
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Tkacik's profile goes on to describe Rebekah's interest in the Kabbalah, Jivamukti yoga, and acting; she also helped plan the crazy parties that got people investing in the couple's Ponzi scheme-esque venture.
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Tkacik's profile goes on to describe Rebekah's interest in the Kabbalah, Jivamukti yoga, and acting; she also helped plan the crazy parties that got people investing in the couple's Ponzi scheme-esque venture.
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But before long, she and fellow investors learned that they had become victims of a Ponzi-like scheme — one, it turns out, that leads back to a former high-ranking European Union official.
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Most cases brought by the US Securities and Exchange Commission involve operations that purport to be cannabis businesses but instead are schemes -- typically of the Ponzi and pump-and-dump variety, she said.
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Lance says he 100 percent wishes the big fella pulled the trigger and signed them -- but adds he's not certain Shaq could've saved them from manager Lou Pearlman and his infamous ponzi scheme.
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The S.E.C. brought 50 percent more Ponzi prosecutions in the decade after Mr. Madoff's arrest than in the 19203 years before, according to a New York Times analysis of the agency's enforcement announcements.
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Sports talk radio star Craig Carton was arrested in a fake discount ticket business that the government says was more like a Ponzi scheme, according to a court document unsealed in the case.
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The former pharmaceutical executive was convicted of securities fraud and conspiracy in 2017 for defrauding investors out of more than $10 million between 2009 and 2014 in what prosecutors called a Ponzi scheme.
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In response to the Ponzi scheme accusation, Sun Hongbin, chairman of Sunac China, who poured in 15 billion yuan to bail out Jia's LeEco, urged the public to be more tolerant towards "failure".
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The trustee did not accuse Koch of wrongdoing, but said U.S. law entitled him to recoup sums that helped Madoff further his Ponzi scheme, even if recipients did not know about the fraud.
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Currently, Bitcoin exchanges are virtually unregulated and subject to all the usual problems that afflict unregulated financial markets, including outright theft, fraud, Ponzi schemes, spoofing, pumping and dumping, wash sales and other manipulations.
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One of the largest recent instances of fraud involved real-estate investment firm The Woodbridge Group of Companies, which scammed 8,400 retail investors in a $1.2 billion Ponzi scheme that collapsed in 2017.
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Executives at Ezubao's parent company admitted in comments carried by official news agency Xinhua early this month that it was "a complete Ponzi scheme" that used investor funds to support their lavish lifestyles.
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Then there's a different type of fear, which is FUD, or the fear, uncertainty and doubt that this thing is all a giant Ponzi or there's going to be regulatory or ... KS: Tulips.
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HBO got Robert De Niro to star in Wizard of Lies, its film about Bernie Madoff and the eventual bust of his Ponzi scheme that swindled investors out of $65 billion over 20 years.
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Review: In 'Madoff,' What He Was Thinking | Richard Dreyfuss stars in a four-hour ABC mini-series that is told from the perspective of Bernard L. Madoff, the mastermind behind America's greatest Ponzi scheme.
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A federal court in Florida ordered a real estate investing firm and its former owner to pay $1 billion for operating a Ponzi scheme that targeted thousands of retail investors, many of them seniors.
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A Ponzi scheme is an investment fraud that pays current investors with money brought in from new investors, often without ever investing the money in the way it was advertised it would be invested.
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Ezubao, once China's biggest P1.53P lending platform, folded last year after it turned out to be a Ponzi scheme that collected 59.8 billion yuan ($9.14 billion) from more than 900,000 investors through savvy marketing.
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"We think not, and we believe it's time to wait patiently as the air is slowly let out of this bizarre Ponzi balloon created by the venture capital industry," Palihapitiya wrote in his letter.
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Failed bets on drugmaker Valeant and against Herbalife, a nutritional-supplement maker Ackman alleged was a Ponzi scheme, contributed to the fund's negative returns of 13.5 percent last year and 20.5 percent in 2015.
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TIBC, now administered by Bahrain's central bank, raised money in international markets, transferring the funds to AHAB in what a Cayman Islands court last year called one of the largest Ponzi schemes in history.
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"I gift wrapped and delivered the largest Ponzi scheme in history to them, and somehow they couldn't be bothered to conduct a thorough and proper investigation," Markopolos testified before a congressional subcommittee in 2009.
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E.V.E. Online (2003) allows players to create their own rules and laws, but this infamously results in other players exploiting those rules, for serious financial gain through theft or a good old Ponzi scheme.
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A federal judge has approved a final judgment against defunct Medical Capital Holdings, ending a 2009 Securities and Exchange Commission lawsuit accusing the medical financing company of running a nearly $1 billion Ponzi scheme.
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The unit was one of five specialty areas created in 2010 in an effort to bolster the SEC's enforcement program following revelations over the agency's repeated failures to detect Bernard Madoff's massive Ponzi scheme.
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Ezubao, once China's biggest P2P lending platform, folded in 2016 after it turned out to be a Ponzi scheme that collected 59.8 billion yuan ($8.7 billion) from more than 900,000 investors through savvy marketing.
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Confidence artists are the "aristocrats of crime", writes Maria Konnikova in "The Confidence Game", a fascinating look at the psychology behind every hustle, from Bernie Madoff's Ponzi scheme to a three-card-monte game.
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The OAG said in January it suspected misappropriations from 1MDB totaled roughly $4 billion, while alleging last week that a Ponzi scheme may have been set up to conceal an alleged $800 million fraud.
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Ezubao, once China's biggest P2P lending platform, folded last year after it turned out to be a Ponzi scheme that collected 59.8 billion yuan ($9.14 billion) from more than 900,000 investors through savvy marketing.
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PONZI schemes abound in China and the latest has bilked nearly one million investors; and we also look at why negative interest rates have gone from being a European phenomenon to a global one
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The Ponzi scheme con artist had Spirit Airlines, but the company canceled a day before the sponsorship deadline, so he was sent back to whatever overcrowded, underground privately owned prison he crawled out of.
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This all still doesn't sound much different from a ponzi scheme to me, but Zhenfund has gone in pretty deeply on cryptocurrency and it's hard to argue with that firm's track record of successes.
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The complaints said the two used a "Ponzi-like" scheme to divert $2000 million intended for future projects into a dizzying swirl of fraudulent accounts set up to try to keep earlier projects afloat.
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At the time, the regulatory agency was under fire for failing to detect Bernard Madoff's $65 billion Ponzi scheme and was being accused of lax oversight leading up to the 2007-2009 financial crisis.
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Lauber's office said in January it suspected misappropriations from 1MDB totaled roughly $4 billion and alleged last month that a Ponzi scheme may have been set up to conceal an alleged $800 million fraud.
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"What started in a cloud of cocaine use, a sudden fall into insolvency, and a crippling insecurity snowballed into a years-long Ponzi scheme from under which Mr. Bennett could not escape," Gatto wrote.
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Regaining trust However, a major obstacle that Akon's AKOin must overcome is regaining the trust of some Africans who are wary after losing savings to online investment ventures and ponzi schemes such as MMM.
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"Computer hacks, phishing attacks and cryptocurrency Ponzi schemes are all common types of cryptocurrency theft," said Jonathan Levin, co-founder of Chainalysis, an intelligence software firm that specializes in tracking and solving cryptocurrency crimes.
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Later that day, Ekstrom, then a high school senior, discovered the family were victims of her great uncle Bernie Madoff, the mastermind of the biggest Ponzi scheme in history, an $82.3 billion global scam.
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A Republican congressman from Florida is pushing the Department of Justice (DOJ) to start paying the victims of Bernie Madoff's multi-billion dollar Ponzi scheme some of the money that has been recovered. Rep.
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Seven lawmakers on Monday asked the Justice Department to investigate whether a Swiss bank is illegally blocking the transfer of restitution funds for victims of the second-largest Ponzi scheme in United States history.
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The attack late last year was, according to the cybersecurity researchers who discovered what they now call the Popcorn Time ransomware, the first Ponzi scheme for one of the internet's oldest types of cyberattacks.
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As part of a request for early release, the mastermind of the largest Ponzi scheme in history told a court yesterday that he had terminal kidney disease, David Yaffe-Bellany of the NYT reports.
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And across the Atlantic, the "Bernie Madoff of France," Gérard Lhéritier, is preparing his defense against charges that he orchestrated a literary Ponzi scheme involving a billion-dollar collection of rare books and manuscripts.
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In one of the most notorious examples, recounted on the next episode of CNBC's "American Greed," California wine merchant John Fox ran a Ponzi scheme disguised as a legitimate business known as Premier Cru.
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All Ukrainian eyes are on the battle over PrivatBank, formerly owned by Igor Kolomoisky, an oligarch who allegedly siphoned off $5.5bn from the bank in what the government described as a massive Ponzi scheme.
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"The way we operated our fund was with a Ponzi scheme method," Xu Qin, a man described by domestic media as a high roller, said on China's official state broadcaster, China Central Television (CCTV).
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The Boy Band Con: The Lou Pearlman Story isn't so much a Ponzi scheme documentary as it is a bitter obituary for a now-deceased conman, written by the people who hated him most.
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The FTC skirted the phrase "pyramid scheme" or "Ponzi" in its pronouncement, but by calling for changes to Herbalife's operations, rather than shutting the company down altogether, critics' main charges against Herbalife were largely quashed.
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A federal appeals court on Thursday refused to revive a lawsuit accusing Wisconsin's Associated Bank of aiding a $194 million Ponzi scheme, ruling that there was insufficient evidence that the bank knew about the fraud.
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Nordlicht and six other Platinum executives were charged by federal prosecutors in December with running a $1 billion "Ponzi-like" fraud in which they over-valued assets and selectively paid some investors ahead of others.
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Wiesel and his foundation both were victims of the wide-ranging Ponzi scheme run by New York financier Bernie Madoff, with Wiesel and his wife losing their life's savings and the foundation losing $222 million.
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Madoff, 81, is serving a 75-year prison sentence in a North Carolina federal facility for orchestrating the largest Ponzi scheme in history at his firm, Bernard L. Madoff Investment Securities in New York City.
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Two years ago, JPMorgan Chase paid $2 billion to settle Bank Secrecy Act violations in connection with its dealings with Mr. Madoff, the perpetrator of an enormous Ponzi scheme that came to light in 2008.
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The news section of the site features informational articles — some lifted word for word from cryptocurrency publications like Coindesk — and posts that regularly remind readers that iCenter is not a scam, Ponzi, or pyramid scheme.
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His company defrauded nearly 1,800 investors, and he was eventually charged with nine federal crimes, including wire fraud, investment advisor fraud, money laundering, racketeering, and public urination (that one was unrelated to his Ponzi scheme).
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Charles Scoville, who managed an internet advertising firm that sold investors a share of its purported revenue along with advertising services, was sued by the Securities and Exchange Commission for running an alleged Ponzi scheme.
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Epic Ponzi schemer Bernard Madoff asked a federal judge Wednesday to grant him a "compassionate release" from his 150-year prison sentence, saying he has terminal kidney failure and less than 18 months to live.
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Meli, 42, and Matthew Harriton, 52, were separately accused by U.S. Securities and Exchange Commission of orchestrating an $81 million Ponzi scheme by raising money from investors to buy and resell tickets for popular shows.
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NEW YORK (Reuters) - The U.S. government expects this year to begin payouts from a $4 billion fund for Bernard Madoff's victims, ending their nearly nine-year wait to begin recouping losses from his Ponzi scheme.
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According to court papers, Fairfield Greenwich investors suffered big losses on the more than $7 billion of their money that was sent to Bernard L. Madoff Investment Securities LLC, the epicenter of Madoff's Ponzi scheme.
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Prosecutors in December charged Nordlicht and six other executives at the hedge fund firm with running a $1 billion "Ponzi-like" fraud in which they overvalued assets and selectively paid some investors ahead of others.
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Now investigators and customers are looking into whether Premier Cru's futures business was also used to fund the largest-ever Ponzi scheme in the wine world — with some of the biggest victims coming from China.
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Prosecutors charged Nordlicht and six other executives at the hedge fund firm in December with running a $1 billion "Ponzi-like" fraud in which they overvalued assets and selectively paid some investors ahead of others.
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Kethledge has ruled in many fraud cases, including a notable decision last May when the court upheld a $112 million judgment against a Ponzi scheme dealer who scammed victims into buying fraudulent Saudi oil investments.
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The bank had to overhaul its anti-money laundering practices as part of an inquiry into whether lapses in its internal controls had allowed Bernard L. Madoff to keep a $50 billion Ponzi scheme going.
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Maybe they were running a wine Ponzi scheme, or, as in one memorable case, threatened to maim their online customers in the hope that outraged postings to complaint sites would improve their search engine results.
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While Shavers invested some of the bitcoins with Mt. Gox, the now-defunct Tokyo-based bitcoin exchange, he largely in typical Ponzi scheme fashion used new investors' bitcoins to pay back prior investors, prosecutors said.
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House Minority Leader Nancy Pelosi (D-Calif.) likened the proposal to a "Ponzi scheme," asserting that the cost of the tax cuts would be met by cutting spending on programs such as Medicare and Medicaid.
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Investors in Woodbridge Group of Companies, a property company federal prosecutors have alleged was a $1.3-billion Ponzi scheme, have sued nine law firms including Sidley Austin, who they say aided and abetted the fraud.
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The defendants allegedly committed "sex trafficking, peonage, forced labor and human trafficking offenses" while enticing members to join a company that "functioned as both a Ponzi scheme and a coercive community," according to the lawsuit.
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NEW YORK (Reuters) - Victims of Bernard Madoff's Ponzi scheme will receive another $32.1 million under a new settlement over the swindler's ties to Cohmad Securities Corp, whose clients invested more than $083 billion with him.
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In early 2009, Ms. Gabor discovered that she had joined a long list of celebrities who were victimized by Bernard L. Madoff, the financial swindler whose worldwide Ponzi scheme that cost investors tens of billions.
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The S.E.C. has changed since 2009, when Mary L. Schapiro, who had a strong regulatory background, took over after disastrous revelations about the agency's failure to catch the Ponzi scheme operated by Bernard L. Madoff.
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BEIJING (Reuters) - A top executive at a Shanghai investment firm, Zhongjin Capital Management, confessed on state television on Monday to operating a Ponzi scheme, a sign of the authorities' increasing scrutiny of systematic financial fraud.
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"While soliciting funds from investors for legitimate-sounding investments, Steven Simmons and Joseph Meli were in fact running Ponzi schemes," said Joon H. Kim, deputy United States attorney for the Southern District of New York.
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Investor money ensnared in alleged Ponzi schemes has hit its highest level in a decade, leading to concern that a booming stock market and de-regulatory agenda are pushing more fraudsters to bilk unsuspecting investors.
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The discovery that Ezubao, one of the largest P22P platforms in China, was in fact a classic Ponzi scheme, with approximately 95 percent of loan applications on the platform being false, has had a significant impact.
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The Securities and Exchange Commission, which announced the order on Monday, filed an emergency action in December 2017 charging the company with operating the $1.2 billion Ponzi scheme that defrauded 8,400 retail investors across the country.
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The Woodbridge Group of Companies LLC has agreed to allow its unsecured creditors' committee to pursue claims against affiliates of the bankrupt property developer, which has said its prior management defrauded investors through a Ponzi scheme.
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Over the past two years, cryptocurrency networks have experienced a kind of frenzy, with wildly fluctuating prices that triggered a boom in giant "mines" full of computer processors, alongside bitcoin scammers and multimillion-dollar Ponzi schemes.
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"In reality, as alleged, the supposed trading results were illusory, and any payouts to customers were derived from funds fraudulently obtained from other customers in the manner of a Ponzi scheme," the CFTC write-up summarizes.
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The accord calls for Ruth Madoff, 1503, who was not charged over her husband's Ponzi scheme and has denied knowledge of it, to pay $250,000 in cash and give up $344,000 of trusts for two grandchildren.
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Like its predecessor, The Good Wife, the CBS All Access spinoff The Good Fight often takes inspiration from current events: Trump's presidency, Bernie Madoff-style Ponzi schemes, and an alt-right antagonist modeled after Milo Yiannopoulos.
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Some P2P firms are running Ponzi schemes and raising funds illegally, said the China Banking Regulatory Commission (CBRC), which jointly released a new set of regulations with three other government bodies to tame the unruly sector.
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Prosecutors said the two played critical roles in defrauding unwitting investors in a classic Ponzi scheme at Agape, which was founded in 2000 by Nicholas Cosmo after he served 21 months in prison for defrauding investors.
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The film also recounts his fall from grace after it was discovered that he perpetrated one of the largest Ponzi schemes in American history and swindled earnings from the hard-working, globally successful acts he managed.
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In addition to those thefts, the research found that investors and exchange users lost about $725 million in cryptocurrency in 2018 to exit scams such as fraudulent initial coin offerings, phony exchange hacks, and Ponzi schemes.
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The Mets' owners are expected to begin paying by Wednesday what they owe the trustee representing the victims of Bernard L. Madoff, the former stockbroker who pleaded guilty in 2009 to running a vast Ponzi scheme.
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It represents a steep fall for Mr. Caspersen, an Ivy League-educated financier whose lawyer has argued that a "compulsive gambling addiction and mental illness" prompted him to mastermind a Ponzi-like scheme earlier this year.
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DWINDLING INFLOWS Nasser Saidi, a former central bank vice governor in the early part of Salameh's tenure, has described financial engineering as a "Ponzi scheme" as it relies on fresh borrowing to pay back existing debt.
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He said that using "Ponzi scheme" as a descriptor for Social Security was accurate because of "how the money flows" from workers to retirees, and because the program depends on there being more workers than retirees.
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But behind the scenes Tammy Faye was chomping down Ativan, their son Jay was on his way to alcoholism at age 11, and Jim Bakker was running a ponzi scheme and allegedly having sex with men.
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Failed bets on the drugmaker Valeant and against Herbalife, a nutritional-supplement maker Mr. Ackman said was a Ponzi scheme, contributed to the fund's negative returns of 13.5 percent last year and 20.5 percent in 2015.
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TOKYO — After Bernard L. Madoff, arguably the most notorious financial criminal of all time, was arrested for defrauding investors in a multibillion-dollar Ponzi scheme, he was released on $10 million in bail the same day.
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The skyrocketing price has brought forth no shortage of skeptics, from Jamie Dimon, the chief executive of JPMorgan Chase, to Warren E. Buffett, who have variously called it a fraud, a bubble and a Ponzi scheme.
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His wealth may have depended on the patronage of two men — Steven Hoffenberg, a notorious fraudster convicted of running a $224 million Ponzi scheme, and Leslie Wexner, the billionaire founder of retail chains including Victoria's Secret.
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But wait, I've come this far in my farewell without mentioning the joy of covering the legal battle between the owners of the Mets and the trustee for the victims of Bernard L. Madoff's Ponzi scheme.
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And Jay, we've been talking about this for a couple of years, you and I. You've made protecting the retail investors from the fraudsters, the scamsters, the Ponzi schemers, the whole lynchpin of your time here.
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It has been more than 10 years since Bernard L. Madoff was caught running the biggest Ponzi scheme in history, a case that became a cautionary tale for investors and a call to action for regulators.
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The request came 11 years after he pleaded guilty to multiple crimes related to his decades-long scam at Bernard L. Madoff Securities in New York, which has been called the largest Ponzi scheme in history.
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But in a region where get-rich-quick ideas usually involve ponzi schemes or defrauding the government, it's no surprise South Florida has developed a uniquely frenetic cryptocurrency scene despite red flags all over the place.
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But it all came crashing down in dramatic fashion for Mr. Ding this week, when the police alleged that his financing business, Ezubao, was a $7.6 billion Ponzi scheme and announced 21 arrests, including of Mr. Ding.
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One of the most infamous Ponzi schemes is that of Bernard Madoff, who is serving a 150-year prison sentence in connection with a record $65 billion decades-long scam for which he was arrested in 2008.
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They should have long ago shut down connections with Jones, in the same way and for the same reasons they wouldn't allow financial con men to operate a Ponzi scheme or check-kiting ring on their platforms.
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It centers around Good Wife favorite Diane Lockhart (Christine Baranski), who is planning an early retirement in France before a Ponzi scheme seemingly masterminded by two of her oldest friends decimates her savings and destroys her reputation.
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A review of public records found dozens of people across the U.S. who happen to share names with disgraced bankers, infamous Ponzi schemers, convicted securities fraudsters, and even fictional Wall Street villains Gordon Gekko and Patrick Bateman.
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Many of these customers have challenged Picard's methods in court, and also pursued litigation targeting alleged "enablers" who aided Madoff's Ponzi scheme, including lawsuits that seek billions of dollars from the estate of Florida investor Jeffry Picower.
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Two years earlier, a US federal judge sentenced Trendon Shavers, a Texan man known online as "pirateat40," to 18 months in prison for running a massive Ponzi scheme through the business he founded, Bitcoin Savings and Trust.
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The "Wolf of Wall Street" has some history with the notorious Ponzi scheme mastermind, but he tells TMZ regardless of that ... the notion of Madoff getting released -- when he was sentenced to 150 YEARS -- is utterly ridiculous.
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While critics call cryptocurrencies a Ponzi scheme that will end in tears for most investors, supporters say the coins are backed by powerful new technology that can replace traditional fiat currencies and upend the existing banking system.
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"We allege that Mr. Arbab used his college affiliations to operate a Ponzi scheme that drained valuable resources from current and former students," Richard R. Best, regional director of the SEC's Atlanta Office, said in a statement.
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The man who perpetrated the biggest Ponzi scheme in American history is dying of kidney failure and hopes to get enough sympathy from a federal judge to spend the rest of his life as a free citizen.
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Bongiorno was one of five Madoff employees convicted in March 2014 over their roles in a Ponzi scheme that a court-appointed trustee liquidating Bernard L. Madoff Investment Securities LLC has said cost customers about $17.5 billion.
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TIBC raised money in international markets, transferring the funds to now defaulted Saudi conglomerate Ahmad Hamad Algosaibi and Brothers (AHAB), in what a Cayman Islands court last year called one of the largest Ponzi schemes in history.
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Compared to the recent $400 million worth of NEM that was removed from Japanese exchange Coincheck, or the collapse of the massive suspected Ponzi scheme Bitconnect (sorry, BIIIIIT-COOO-NEEEEEEEECT), Prodeum's apparent ill-gotten gains barely register.
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Lou Pearlman, the mastermind behind bands like *NSYNC, The Backstreet Boys and O-Town, died on Friday, August 22016, at age 62, while serving a 25-year prison sentence for running a multi-million dollar Ponzi scheme.
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"For over 30 years, Stanley Chais unscrupulously defrauded Californians, many of them elderly, by taking their life savings, charging steep fees and funneling their money to Bernie Madoff's elaborate Ponzi scheme," Ms. Harris said in a statement.
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JPMorgan Chase Bank has been hit with a lawsuit accusing it of aiding an international Ponzi scheme that allegedly cheated victims of millions of dollars with the promise of large profits from Venezuelan and U.S. currency trading.
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He pleaded guilty in 2008 to charges of conspiracy and money laundering in connection with a decades-long Ponzi scheme that defrauded investors who had poured an estimated $300 million into a company that never actually existed.
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Their depictions are at odds with the government's, which has detailed how Mr. Caspersen ran a Ponzi-like scheme to steal nearly $40 million, only to lose it all in high-stakes bets on the stock market.
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The lawmakers called on the Office of the Comptroller of the Currency (OCC) to punish several banks for holding funds for Allen Stanford, convicted in 2012 of running the second-largest Ponzi scheme in United States history.
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Spacey plays a coked-out Beverly Hills big shot in Billionaire Boys Club, which stars Ansel Elgort and Taron Egerton as two young investors who come up quick off a (real-life) Ponzi scheme in the 80s.
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Picard accused principals Frank Avellino and Michael Bienes of helping conceal Madoff's Ponzi scheme, including in 1992 when Madoff created fake account statements to help their firm defend itself in a U.S. Securities and Exchange Commission probe.
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"Donald Trump, who lies whenever he speaks and whose foundation is a Ponzi scheme compared to the Clintons', is being graded on a ridiculously generous curve," liberal commentator Michael Tomasky wrote this week at The Daily Beast.
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Michelle Van Etten, in particular, runs a highly dubious-seeming enterprise that sells supplements designed by a naturopath (not a real doctor) through a multi-level marketing system that looks rather a lot like a Ponzi scheme.
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"It is lawyer 248: You do not steal your client's money," Nicola T. Hanna, the United States attorney in Los Angeles, said at a news conference Thursday, describing Mr. Avenatti's business as a Ponzi scheme of sorts.
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The claims: Harry Markopolos, who's famous for blowing the whistle on Bernie Madoff's Ponzi scheme in 2008, said in a report released Thursday that GE (GE) had hid nearly $40 billion of losses in its insurance business.
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U.S. prosecutors in December charged Nordlicht and six other executives at the hedge fund management firm with running a $1 billion "Ponzi-like" fraud in which they overvalued assets and selectively paid some investors ahead of others.
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But maintaining that rate required continually bringing new dollars into the country, usually by enticing wealthy investors to make large dollar deposits for high interest rates, a strategy that some economists have compared to a Ponzi scheme.
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Andrew Caspersen, the disgraced scion of a wealthy Wall Street family, was sentenced on Friday to four years in prison for robbing his friends, family members and a large hedge fund foundation in a Ponzi-like scheme.
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But prosecutors said the defendants invested only $7.1 million, lost $3.9 million in less than a year of trading despite having projected triple-digit returns, and used $5.2 million to pay earlier investors in a "Ponzi-like" fashion.
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HONG KONG — A Chinese online finance company bilked investors out of more than $7.6 billion, spent lavishly on gifts and salaries and buried the evidence, according to local authorities who described the operation as an enormous Ponzi scheme.
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"Everybody knows that if we actually raise interest rates the government can't afford to service the debt — and individuals can't afford to service the debt — corporations can't afford to service the debt, and the Ponzi unwinds," Yusko said.
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Nearly 211.13-43/24 years after Bernard Madoff's Ponzi scheme was unmasked, the court-appointed trustee recouping money for the swindler's victims on Thursday sought court approval to free up another $225 million to help cover their losses.
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NEW YORK (Reuters) - A suburban New York hedge fund manager accused of losing or spending all but about $22,28 of the $21.8 million he told investors he had was criminally charged on Thursday with running a Ponzi scheme.
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"If your financial advisor is continually encouraging to reinvest or discouraging to withdraw from money that would give me a pause, because with Dawn Bennett, ultimately what she was doing is conducting a gigantic Ponzi scheme," Porco said.
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A picture caption on Friday with an article about a portfolio of courtroom drawings acquired by the Library of Congress described incorrectly the illustration of Bernard Madoff, the former investment manager who spearheaded a multibillion-dollar Ponzi scheme.
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Prosecutors said their evidence included a videotape in which Nissen told executives at one of his victims, a Manhattan diamond wholesaler, that he was "borrowing from Peter to pay Paul" after being accused of running a Ponzi scheme.
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If the combination of those factors reveal that a country's debt is on an ever-rising path, it will only be a matter of time before markets figure out that the country is engaged in a Ponzi scheme.
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But in ABC's new miniseries Madoff, about the downfall of the title character Madoff — who ran a ponzi scheme so large that Gekko and Belfort combined couldn't get a meeting — Richard Dreyfuss isn't exactly in the same league.
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Ezubao, once China's biggest P2P lending platform, folded last year after it turned out to be a "Ponzi scheme" that solicited 50 billion yuan in less than two years from more than 900,000 retail investors through savvy marketing.
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That is true of parents whose children have been poisoned by tainted food or toxic soil, investors who have lost money in Ponzi schemes or civil-society groups that are being prevented from trying to make society better.
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Meli and Harriton instead used some of the money to pay back earlier investors to keep the fraud going, known as a Ponzi scheme, while using at least $2 million on jewelry, private school tuition and casino payments.
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Markopolos is a Boston-based accounting expert who gained attention after pointing out irregularities with Bernie Madoff's investment strategy, and how it was impossible to generate the returns the fraudster claimed years before the Ponzi scheme was exposed.
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A Los Angeles jury on Wednesday said MetLife and two of its affiliates should pay $15.6 million to a woman who said she was swindled in a reported Ponzi scheme that had links to a MetLife insurance agent.
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Hacked text messages stolen from the phone of Manafort's other daughter, Andrea, reveal that Manafort had a "50/50" stake in the company with Yohai and that Andrea suspected her brother-in-law was running a Ponzi scheme.
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In the last decade alone, consider the following: leaking by the acting director of the FBI; misuse and compromise of State Department communications by the secretary of State; and the failure to detect the largest Ponzi scheme ever.
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All his interests, from aviation to boy bands and to the Ponzi scheme that lead to his conviction in 2008, were housed under the Trans Continental companies, whose financial centerpiece was an airline that existed only on paper.
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The separate fraud involved Hamlet Peralta, the former owner of the now-closed Hudson River Cafe in Harlem, who was sentenced on Friday to five years in prison after pleading guilty to running a $12 million Ponzi scheme.
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The alleged fraud is not nearly as massive as in the case, say, of the Bernie Madoff Ponzi scheme or recent Wells Fargo shenanigans, but it does involve a healthy amount of cash in America's favorite new industry.
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The spot runs down clips of Cruz referring to Social Security as a "Ponzi scheme," calling to prosecute Planned Parenthood, promising to eliminate five government agencies, defending his role in the 2013 government shutdown and touting gun rights.
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On Friday, Mr. Rechnitz said he had known of about a dozen instances in which a friend's ticket reselling business, which was later accused of being a Ponzi scheme, used money from new investors to repay old investors.
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It was unclear on Wednesday what would happen to Mr. Spacey's remaining film project, "Billionaire Boys Club," an indie film about a group of affluent high school boys in Los Angeles who get involved in a Ponzi scheme.
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But those moves only came after BitConnect had operated openly for months, collecting hundreds of millions of dollars from people around the world despite being labeled a Ponzi scheme by many prominent people in the virtual currency industry.
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They said the value of these investments had grown to more than $3 billion, based on account statements from Madoff now known to be bogus, by the time the con man's Ponzi scheme was uncovered in December 2008.
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A Manhattan restaurateur who bilked investors out of more than $12 million in a Ponzi scheme involving a fictitious wholesale liquor business pleaded guilty on Thursday in Federal District Court in Manhattan to one count of wire fraud.
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That lawsuit contains details about Sentinel matching that of a previously-unnamed hedge fund that prosecutors said was operated as a Ponzi scheme with the help of two men, including one, Joseph Meli, implicated in the "Hamilton" case.
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In one case, convenience store chain Linjia had to close earlier this month after police began investigating its sole investor for organizing a Ponzi scheme disguised as a P2P lending platform, Chinese financial news site Yicai Global reported.
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BOSTON (Reuters) - Federal prosecutors on Wednesday accused the manager of a Boston-based hedge fund of defrauding investors out of millions of dollars, nearly two months after state regulators charged him with engaging in a Ponzi-like scheme.
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" James McDonald, head of enforcement at the CFTC, said "the defendants here preyed on customers interested in virtual currency, promising them the opportunity to invest in Bitcoin when in reality they only bought into the defendants' Ponzi scheme.
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SHANGHAI (Reuters) - A court in China sentenced 0003 people to prison for running "a 40 billion yuan ($5.84 billion) Ponzi scheme", the collapse of which sparked protests by jilted investors and made headlines, state media reported on Thursday.
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The Metropolitan Correctional Center, which held Ramzi Ahmed Yousef, the mastermind of the 1993 bombing of the World Trade Center, and Bernard L. Madoff, who orchestrated a $20 billion Ponzi scheme, has a reputation for stringent security measures.
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Federal prosecutors have charged two people in connection with the probe: a member of a volunteer safety patrol in an Orthodox Jewish community for bribing police officers for gun licenses, and a former restaurateur for running a Ponzi scheme.
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A federal appeals court has declined to overturn a $40 million disgorgement award against former investment fund manager George Levin, found liable for fraud in 2015 for funneling money to a Ponzi scheme run by Florida lawyer Scott Rothstein.
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NEW YORK (Reuters) - Bernard Madoff is dying of kidney failure and has fewer than 2009 months to live, and is seeking to end his 150-year prison sentence for masterminding what prosecutors have called the largest Ponzi scheme ever.
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NEW YORK (Reuters) - Bernard Madoff is dying of kidney failure and has fewer than 2009 months to live, and is seeking to end his 150-year prison sentence for masterminding what prosecutors have called the largest Ponzi scheme ever.
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In one of the cases, Shanghai police took away more than 20 people from Shanghai-based Zhongjin Capital Management this month as part of an investigation into a suspected Ponzi scheme thought to have raised over 30 billion yuan.
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KaloBios Pharmaceuticals Inc, based in South San Francisco, California, filed for Chapter 11 bankruptcy in December just weeks after Shkreli was arrested for engaging in what U.S. prosecutors said was a Ponzi-like scheme at his former hedge fund.
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Ezubao, once China's biggest P2P lending platform, folded earlier this year after it turned out to be a Ponzi scheme that solicited 50 billion yuan in less than two years from more than 900,000 retail investors through savvy marketing.
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Bitcoin recovers some losses after its worst week since 2013 S.Korea to impose new curbs on cryptocurrency trading India likens cryptocurrencies to Ponzi scheme, cautions investors To view a graphic on Bitcoin's Banner 2017, click on this link reut.
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Central banks around the world are running nothing short of a "Ponzi scheme" by printing infinite amounts of cash and cutting interest rates to record lows in order to stimulate growth, the chief executive of Saxo Bank told CNBC.
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WASHINGTON (Reuters) - The Supreme Court on Monday rejected Texas financier Robert Allen Stanford's bid to overturn his conviction and 20143-year prison sentence for running what prosecutors called a $7.2 billion Ponzi scheme that bilked investors in 113 countries.
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NEW YORK (Reuters) - Victims of Bernard Madoff's fraud cannot pursue a Florida lawsuit to recover $11 billion from the estate of Jeffry Picower, who they say helped perpetuate the swindler's Ponzi scheme, a Manhattan bankruptcy judge ruled on Wednesday.
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BEIJING (Reuters) - A large Chinese online lending platform accused of illegal operations has suspended operations, one of hundreds that have been shut this year by the government, as China cleans up a sector ridden with stories of Ponzi schemes.
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"Merkin knew that several of the red flags he identified applied to BLMIS, but there is no evidence that he did anything to confirm that BLMIS was a legitimate operation and not a Ponzi scheme like Bayou," Bernstein wrote.
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" But in his 2000 book, "The America We Deserve," Mr. Trump referred to Social Security as "a huge Ponzi scheme," suggested raising the age for full benefits to 70 and said, "Privatization would be good for all of us.
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General Electric plunged 9.9%, and was on pace to post its biggest one-day drop in a decade, after a whistleblower in the Bernard Madoff Ponzi scheme case alleged that company financial filings masked the depths of its problems.
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Ezubao, once China's biggest P2300P lending platform, folded earlier this year after it turned out to be a Ponzi scheme that solicited 50 billion yuan in less than two years from more than 900,000 retail investors through savvy marketing.
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And so we have had a beautiful Rorschach test for the financial class these past few years regarding the company: it's either the greatest financial return of all time or a Ponzi scheme (and absolutely nothing in between dammit).
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