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China’s new plan to make public its “bad banks” is likely to saddle ordinary investors, including retirees, with bad loans the Party forced banks to make.
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 million.
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.
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 compensation.
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.
