Though the words “Ponzi scheme” may conjure images of Bernie Madoff ripping off big investment funds, the scam can come in many shapes in sizes… or liquids, as a case out of California involving a wine shop owner accused of stealing $45 million in undelivered products shows.
It’s been a long time coming for many victims of Bernie Madoff’s Ponzi scheme — more than seven years, in fact — but some of them could soon finally see payouts from a $4 billion Department of Justice fund. [More]
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]
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]
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
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
“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.
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.