Ponzi Scheme

Winans Sentenced: Judge, Victims Blast Ponzi Schemer Michael Winans

February 28, 2013, 12:10 pm

Winans sentenced: Gospel singer Michael Winans Jr. was slammed by a judge, prosecutor, and victims when he was sentenced for a Ponzi scheme that defrauded investors out of $8 [...]

Brother of Bernie Madoff Gets 10 Years in Prison

December 20, 2012, 9:50 pm

The brother of jailed Ponzi schemer Bernard Madoff was sentenced to 10 years in prison for crimes he committed in connection with his brother’s case.

Madoff-Linked Firm to Pay $210 Million

November 13, 2012, 8:26 pm

A New York-based investment fund agreed to pay a $210 million settlement to investors who suffered losses from Bernard Madoff’s massive Ponzi scheme.

Madoff Victims Get $410 Million Settlement

June 25, 2012, 11:44 pm

Hedge fund manager J. Ezra Merkin, who lost about $1.2 billion of his clients’ money to Bernard Madoff’s investment scam, has agreed to pay his clients $405 million in [...]

Ex-Billionaire Allen Stanford Gets 110-Year Jail Term

June 15, 2012, 1:35 am

Allen Stanford, the former Texas billionaire financier, was sentenced Thursday to 110 years in prison for conducting a $7 billion Ponzi scheme, according to the FBI.

Bronx Tax Preparer Charged in $4.6 Million Ponzi Scheme

May 14, 2012, 8:52 pm

A Bronx tax preparer was charged with 35 counts of fraud, money laundering, and grand larceny in a Ponzi scheme worth around $4.6 million.

Is the Welfare State a Ponzi Scheme?

July 9, 2010, 6:39 am

Ponzi schemes rely on people falling for promises that are literally too good to be true.

Toronto Man Accused of $60 Million Ponzi Scheme

March 28, 2009, 2:08 pm

A prominent figure in Toronto’s Chinese community has been charged with orchestrating a $60-million Ponzi scheme.

Bankrupt Ant Farmer Commits Suicide

January 11, 2009, 1:12 am

A bankrupt Yilishen ant farmer killed herself by jumping off her apartment building in China’s northeastern city of Fushun on January 9, leaving behind her 13-year-old son and [...]