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The Madoff investment scandal was a major case of stock and securities fraud discovered in late 2008. [1] In December of that year, Bernie Madoff, the former Nasdaq chairman and founder of the Wall Street firm Bernard L. Madoff Investment Securities LLC, admitted that the wealth management arm of his business was an elaborate multi-billion-dollar Ponzi scheme.
Whether your bank refunds money lost in a scam depends on several factors: the type of scam, how you sent the funds, the bank’s policies and if you authorized the transaction. Learn more in our ...
In the third and the biggest Philippine Ponzi scam (involving $150 million and $250 million, respectively), criminal charges, based on a suit filed by 21,000 complainants, were filed in June 2008, with the Department of Justice, against Performance Investments Products Corp (PIPC) officers and incorporators for violation of the Securities ...
In microcap fraud, stocks of small companies of under $250 million market capitalization are deceptively promoted, then sold to an unwary public. This type of fraud has been estimated to cost investors $1–3 billion annually. [19] Microcap fraud includes pump and dump schemes involving boiler rooms and scams on the Internet.
While FDIC insurance protects your bank deposits up to $250,000, SIPC insurance safeguards your investment accounts differently. The Securities Investor Protection Corporation (SIPC) provides up ...
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Principal Financial Group, Inc. (PFG) is an American global financial investment management and insurance company headquartered in Des Moines, Iowa, United States. History [ edit ]
The U.S. Treasury Department reported nearly 700,000 cases of possible check fraud in 2023. Many customers don't realize that banks often credit their accounts before the check clears.