Like Monopoly money, but it buys real stuff.

Judge Hits Bitcoin Ponzi Scheme With $40.7 Million Penalty

If someone convinces you to invest with him by promising returns of 7% weekly, and that he’s never lost money and there’s no risk, you should be incredibly concerned about giving him your money, regardless of whether it’s a dollar or a Bitcoin. But the operator of a Bitcoin-based Ponzi scheme in Texas was able to rake in millions based on completely empty promises — and now has to pay it all back. [More]

(smcgee)

Former Politician Ran Ponzi Scheme Promising Investors He’d Get Pre-IPO Facebook Shares

A former politician who ran for governor back in 1994 has pleaded guilty to defrauding investors in a textbook example of a Ponzi scheme. Craig Berkman admitted that he’d told investors he could get the jump on pre-IPO shares of Facebook, as well as LinkedIn, Groupon and Zynga. [More]

(Great Beyond)

Prepaid Funeral Service Was Actually A Massive Ponzi Scheme

It’s a good idea to lay out your plans and wishes for your funeral ahead of time, either in writing or with a trusted funeral director. It keeps your family from second-guessing some very expensive decisions at the same time they’re grieving. [More]

College Football Hall Of Fame Coach Accused Of Swindling $80 Million From Colleagues, Players In Ponzi Scheme

College Football Hall Of Fame Coach Accused Of Swindling $80 Million From Colleagues, Players In Ponzi Scheme

The Securities and Exchange Commission is calling out a former college football coach for allegedly acting in less than a sportsmanlike manner, accusing him of taking $80 million from other coaches and players and losing it in a Ponzi scheme. The man was inducted into the College Football Hall of Fame in 2009 for his time coaching at two universities. [More]

Victims Of Bernie Madoff’s Ponzi Scheme Could Get Another Few Billion Back Soon

Victims Of Bernie Madoff’s Ponzi Scheme Could Get Another Few Billion Back Soon

It’s a tough job, but someone’s gotta do it: Irving Picard, the trustee in charge of liquidating Bernie Madoff’s assets is asking a New York court if he can distribute another $1.5 billion to $2.4 billion to victims of Madoff’s Ponzi scheme. He says he’s probably recovered around $9.1 billion but thus far, has only been able to hand out $1.1 billion of that. [More]

Madoff Victims Will Start Getting Refunds This Week

Madoff Victims Will Start Getting Refunds This Week

Those who lost money investing with jailed shyster Bernie Madoff will be getting some of their ill-advised expenditures back this week, thanks to the bankruptcy court-mandated liquidation of his estate. [More]

US Accuses Full Tilt Poker Of Being Global Ponzi Scheme

US Accuses Full Tilt Poker Of Being Global Ponzi Scheme

Looks like Full Tilt Poker just went bust. The Department of Justice has accused the site’s proprietors of operating a “global Ponzi scheme” in which the owners got paid with money they told players was being safely held. [More]

The Amish Bernie Madoff

The Amish Bernie Madoff

It seems you don’t need electricity to commit fraud. A man has been likened to being “The Amish Bernie Madoff” after he was accused of operating a Ponzi scheme that defrauded over 2,700 Amish families, nonprofits and businesses out of $16.8 million. [More]

Judge Tells Madoff Investors They Won't Get All Their Fake Money Back

Judge Tells Madoff Investors They Won't Get All Their Fake Money Back

A federal judge shot down an appeal from Madoff investors who didn’t just want the money they’d invested back, they wanted the amount of money Madoff said they were worth on paper. The judge said that Madoff’s financial statements were “fictitious” and thus can’t be used as a basis for claims by investors. [More]

Man Convicted Of Running $100 Million Ponzi Scheme Sentenced To 10 Years

Man Convicted Of Running $100 Million Ponzi Scheme Sentenced To 10 Years

A Connecticut man was convicted of tricking investors out of $30 million in a Ponzi scheme that involved a total of $100 million in cash exchanged in an elaborate ruse was sentenced to 10 years in prison. Once he gets out, he’ll have to pay $500 a month in restitution, although the actual figure will be based on what he can afford. [More]

Madoff: Chase Execs Were Aware Of Ponzi Scheme

Madoff: Chase Execs Were Aware Of Ponzi Scheme

Despite evidence to the contrary, the folks at JPMorgan Chase have denied knowing anything at all about Bernie Madoff’s multi-billion dollar Ponzi scheme. But in a new interview, the scam artist says that senior Chase execs weren’t exactly in the dark about what he was doing. [More]

Lawsuit: Mets Owners Made $300 Million In "Fictitious
Profits" From Madoff Ponzi Scheme

Lawsuit: Mets Owners Made $300 Million In "Fictitious Profits" From Madoff Ponzi Scheme

Since the 2008 revelation that Bernie Madoff’s wildly profitable investment business was all just smoke and mirrors, the owners of the New York Mets have claimed they were one of the victims of the Ponzi scheme. However, a newly unsealed lawsuit says that the Mets owners not only ignored warnings that Madoff was too good to be true, but that they made hundreds of millions off the scheme. [More]

Documents Show Chase Doubted Madoff But Did Business With Him Anyway

Documents Show Chase Doubted Madoff But Did Business With Him Anyway

Newly released documents reveal that executives at JPMorgan Chase were aware of the possible Ponzi-ness of Bernie Madoff’s investment business more than 18 months before it was revealed to be a mammoth scam. [More]

Billionaire Widow Gives $7.2 Billion Back To Madoff Victims

Billionaire Widow Gives $7.2 Billion Back To Madoff Victims

Victims of douchebag-supreme Bernie Madoff’s Ponzi scheme are getting an early Christmas present. The widow of one of Madoff’s biggest beneficiaries has agreed to return $7.2 billion in proceeds to those who were defrauded. [More]

Read The Suicide Note Of A Ponzi Schemer

Read The Suicide Note Of A Ponzi Schemer

“For decades I’ve felt trapped, like, someone who has had a stroke who can think on the inside, but cannot communicate on the outside. … I feel like I have disappeared long ago. … So here is the story. My secret life of terrible crime.” So begins the suicide note of Robert Markman, whose 20-year Ponzi scheme was only discovered after he shot himself. [More]

Madoff Bragged That He Gave Away $9B To Friends Before Being Arrested

Madoff Bragged That He Gave Away $9B To Friends Before Being Arrested

The NY Post says that a fellow inmate of Bernie Madoff told them that the ponzi-schemer bragged about giving away $9 billion to three people before he was caught. [More]

10 Warning Signs Of An Investment Scam

10 Warning Signs Of An Investment Scam

Any one of us would love to be able to take what little money we have left after paying for our homes, food, family and clothing and invest in something that is guaranteed to turn a healthy profit in a short period of time with little risk. Only problem is, those situations are often scams that will have you worse off than you were when you began. [More]

Miami Businessman Charged With Running $900 Million Ponzi Scheme

Miami Businessman Charged With Running $900 Million Ponzi Scheme

It’s not exactly Bernie Madoff’s $65 billion, but the Securities And Exchange Commission has charged a Florida businessman with operating a $900 million Ponzi scheme, telling people they were investing — risk-free and at interest rates upward of 26% — in his grocery business, when in fact he was just using the money to fund his lavish lifestyle. [More]