Search Results for: ponzi scheme
Broker sentenced in $3 million Ponzi scam
November 16th, 2016
A former Greenville broker accused of stealing from his clients in a long-running Ponzi scam was sentenced Tuesday to two years in a federal penitentiary. Claus C. Foerster, 56, of Spartanburg, defrauded clients of over $3 million while employed as ...
SEC Charges Oil Company and CEO in Scheme Targeting Chinese-Americans and EB-5 Investors
July 7th, 2015
The Securities and Exchange Commission today charged a Bay Area oil and gas company and its CEO with running a $68 million Ponzi-like scheme and affinity fraud that targeted the Chinese-American community in California and investors in Asia, including ...
Can an illegal scheme apply for business rescue?
April 24th, 2015
The concept of Ponzi schemes is one that is not new across the globe and has been around for decades. According to Wikipedia “a Ponzi scheme is a fraudulent investment operation where the operator, an individual or organisation, pays ...
Melbourne lawyer jailed for 12 years for $12m Ponzi fraud
December 10th, 2014
‘Many of your victims trusted you because you were a family member or friend, you exploited their trust for your own personal gain,’ judge tells Philip Linacre A Melbourne lawyer who stole from grieving widows, a famous musician and ...
Currency trader whizz kid ‘masterminded £5.5m Ponzi fraud’
December 4th, 2014
A foreign currency trader used investors’ cash as his “personal piggy-bank” and blew £1 million in casinos and £500,000 in nightclubs, a court heard. Financial whizz kid Alex Hope, 25, masterminded a £5.5m Ponzi fraud to fund his hedonistic lifestyle ...
World Bank Report: Bitcoin is a ‘Naturally Occurring’ Ponzi
July 17th, 2014
A recently published World Bank policy research working paper on Ponzi schemes mentions bitcoin as a “naturally occurring Ponzi”, clarifying that it has nothing to do with deliberate Ponzi schemes, as some bitcoin critics have claimed. Kaushik Basu, World ...
Lessons on inflation from the past
September 25th, 2020
This article examines two inflationary experiences in the past in an attempt to predict the likely outcome of today’s monetary policies. The German hyperinflation of 1923 demonstrated that it took surprisingly little monetary inflation to collapse the purchasing ...
Big banks moved trillions despite knowing money was illegal; FinCEN
September 22nd, 2020
Leaked documents reveal major flaws in the global effort to curb money laundering. Major international banks are in hot waters again. Confidential documents leaked to journalists show that some of the biggest international banks continued to do business with corrupt ...
Individual and Company charged with ongoing Forex and Commodity fraud
December 18th, 2018
The Commodity Futures Trading Commission (CFTC) has issued an announcement to inform about the filling of a civil enforcement action against an individual and his Illinois limited liability company for ongoing Forex and Commodity fraud. In accordance the announcement ...
Regulator calls on Google to ban ads for binary options, cryptocurrencies
February 6th, 2018
Following Facebook’s announcement last week that it was banning all advertising for binary options, cryptocurrencies and initial coin offerings, a Canadian regulator has called on Google to do the same. Jason Roy, a senior investigator at the Manitoba Securities ...
