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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis. What: Shares ...
Harry M. Markopolos (born October 22, 1956) is an American former securities industry executive and a forensic accounting and financial fraud investigator.. From 1999 to 2008, Markopolos uncovered evidence that suggested that Bernie Madoff's wealth management business was a huge Ponzi scheme.
The ploy Lewis was running was a classic "Ponzi scheme"; in this scheme, new investors contribute funds that get redistributed to earlier investors (including Lewis himself). As long as new investors keep contributing, earlier ones keep getting a return on their investment and the fraud continues. But eventually, new investors stop contributing ...
The stated purpose of the operation was to "root out and expose" investment scams within the U.S. and to educate the public. [1] It was announced that the operation involved 343 criminal cases with damages of $8.3 billion and 189 civil cases with damages of $2.1 billion; [2] more than 120,000 victims were affected. [3]
One of these, AmTrust, was no normal bank failure. The bank, which had a total of 66 branches, was closed by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance ...
In 2007, the bank changed its name to Amtrust Bank. [3] In January 2009, the bank sold its 5 branches in Columbus, Ohio, to WesBanco. [4] On December 4, 2009, as a result of bank failure, the bank was shut down by the Office of Thrift Supervision. It was placed into receivership and the Federal Deposit Insurance Corporation was named receiver.
On June 20, 2012; an Indianapolis jury convicted Durham of 10 counts of wire fraud, one count of securities fraud, and one count of conspiracy to defraud. On November 30, 2012; he was sentenced to 50 years in prison–at his age, effectively a life sentence. [ 9 ]