The website Scam Victims United warned its readers about last week’s arrested ponzi schemer, Nick Cosmo, nearly four months ago, based on a visit one of its forum members made to Cosmo’s office. Reuters points out that this site and others like it—Fraud Aid and Scam Warners, for example—are enjoying healthy traffic spikes right now, which is great news in the fight against fraud.
ponzi schemes
Suicide: Hedge Fund Manager Who Invested $1.4 Billion In Madoff Scheme Found Dead
By 12.24.08
A hedge fund manager, Rene-Thierry Magon de la Villehuchet, who invested $1.4 billion in Madoff’s $50billion Ponzi scheme was found dead by apparent, movie-style, suicide.
By 12.23.08
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Bernard Madoff’s Ponzi scheme was one of the biggest, but he’s got a lot of company. Here’s a list of the “9 Most Brazen Ponzi Schemes in History,” from Charles Ponzi (yep, that’s why we call it that) to Social Security. [Neatorama]
$50 Billion Ponzi Scheme Could Just Be For Starters
By 12.13.08
Madoff’s $50 billion scam came unwound when too many investors tried to pull their money at the same time, which means we’re likely to more big swindles get exposed in the coming months…
$50 Billion Ponzi Scheme Busted
By 12.12.08
Famous broker Bernard Madoff was arrested yesterday for running what was really a $50 billion pyramid scheme. Slate’s The Big Money has insight on how investors can spot an operator like Madoff:
Pursue Exciting Opportunities In Energy Deregulation
By 5.31.07
You too can work for an energy supplier and seize a piece of this exciting money-making opportunity! At least, that’s what the Craigslist ad told us.
You may know well the great promise of Network Marketing.
We love the part where they say the amount of money you can make from this depends on,
The timing of entry of the networker into the company growth curve.
aka, it’s better to be at the top of the Ponzi scheme. For the uninitiated, network marketing is just another name for multi-level-marketing (MLM), structurally similar to a pyramid scheme, except usually there’s an actual product being sold. Employees get money for selling products, and for signing up new recruits. A cut of your commission flows up to the guy who signed you up, and you get a cut of your recruits’ commissions, and so on up the pyramid. The FTC ruled that MLM isn’t illegal per se. Often they’re set up so the people on the very bottom don’t make much, or even end up losing, money. Amway is a famous example.
Department of Duh: Multi-Level Marketing Is A Scam
By 11.15.06
Ramit has a neat post on how Network Marketing and Multi-Level Marketing (MLM) are nothing more than a pyramid scheme in a cheap suit.
