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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 ...
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 ...
The Saradha Group financial scandal was a major political scandal caused by the collapse of a Ponzi scheme run by Saradha Group, a consortium of over 200 private companies that was believed to be running collective investment schemes popularly but incorrectly referred to as chit funds [1] [2] [3] in Eastern India.
Modi, who is prisoned at Wandsworth prison in south-west London since March 2019 which extended till 19 September and later further remanded to judicial custody until 17 October by a UK court which said it was working towards his five-day extradition trial hearing for 11–15 May 2020 and he must appear via video link before a court every 28 days.
Mantria Corporation Ponzi scheme; Matrix scheme; John McNamara (fraudster) J. Ezra Merkin; Barry Minkow; Mirror Trading International; MMM (Ponzi scheme company) MMM Global; Multitel; Mutual Benefits Corporation
The SEC alleges that Zeek Rewards is a $600 million Ponzi scheme affecting 1 million investors, which would be one of the largest Ponzi schemes in history by number of affected investors. A court-appointed receiver estimated that the $600 million amount could be "on the low end" and that the number of investors could be as many as 2 million.
As Russia did not have any laws against Ponzi schemes, the government decided to seek tax evasion charges. [6] At that point, Invest-Consulting, one of the company's subsidiaries, owed more than 50 billion rubles in taxes (US$23 billion in 1994), and MMM itself owed between 100 billion and 3 trillion rubles to the investors (from US$50 million ...
The Adarsh Credit Co-operative Society (ACCS) is a Ponzi scheme [1] fraudulently registered under the MSCS Act w.e.f. 1986. It opened in 1999, primarily to bluff the public in Rajasthan, and all money has been siphoned off by the family members of the owners to buy properties and dupe investors of funds worth Rs. 8,000 Crore.