Search results
Results from the WOW.Com Content Network
Ponzi schemes sometimes begin as legitimate investment vehicles, such as hedge funds that can easily degenerate into a Ponzi-type scheme if they unexpectedly lose money or fail to legitimately earn the returns expected. The operators fabricate false returns or produce fraudulent audit reports instead of admitting their failure to meet ...
In May 2012, Joseph Blimline was sentenced to 20 years in federal prison for operating two oil and gas Ponzi schemes. He operated a Ponzi scheme from 2003 to 2005 in Michigan, netting over $28 million. He then operated a Ponzi scheme in Texas, using a company called Provident Royalties, that lasted from 2006 to 2009 and netted over $400 million ...
Charles Ponzi was born in Lugo, Emilia-Romagna, Kingdom of Italy on March 3, 1882.He told The New York Times he had come from a family in Parma.Ponzi's ancestors had been well-to-do, and his mother continued to use the title "donna", but the family had subsequently fallen upon difficult times and had little money. [3]
Robert Allen Stanford (born March 24, 1950) is a convicted financial fraudster, former financier, and sponsor of professional sports. He was convicted of fraud in 2012, having operated an eight billion dollar Ponzi scheme, [1] [2] [3] and is now serving a 110-year federal prison sentence.
Chevelle's song "Face to the Floor", as described by the band, was a "pissed off, angry" song about people who got taken by the Ponzi scheme that Bernie Madoff had for all those years." [208] The heroine of Elin Hilderbrand's novel, Silver Girl, published in 2011 by Back Bay Books, was the wife of a Madoff-like schemer. [209]
What's a Ponzi scheme? Eric Brisker, an University of Akron finance professor, answers this and other questions to shed light on the investment world.
A Ponzi scheme is a form of investment fraud in which current investors are paid from the assets that are collected from new investors. Clearly, the Ponzi scheme is an unsustainable model, as the...
In 2005, the year the Ponzi scheme allegedly began, Villegas earned $80,000 a year. In 2007, her salary had increased to $145,000. Villegas received two Swiss watches — a Rolex and a Breitling — from her "employer". Rothstein paid off her couch and a bedroom set and held title to her two Honda water scooters. Villegas was living in a ...