Focus
Ponzi scheme
Chinese Banks Double Down on State-Sanctioned ‘Ponzi’
China’s new plan to make public its “bad banks” is likely to saddle ordinary investors, including retirees, with bad loans the Party forced banks to make.
Winans Sentenced: Judge, Victims Blast Ponzi Schemer Michael Winans
Winans sentenced: Gospel singer Michael Winans Jr. was slammed by a judge, prosecutor, and victims when he was sentenced for a Ponzi scheme that defrauded investors out of $8 million.
Madoff-Linked Firm to Pay $210 Million
A New York-based investment fund agreed to pay a $210 million settlement to investors who suffered losses from Bernard Madoff’s massive Ponzi scheme.
Madoff Victims Get $410 Million Settlement
Hedge fund manager J. Ezra Merkin, who lost about $1.2 billion of his clients’ money to Bernard Madoff’s investment scam, has agreed to pay his clients $405 million in compensation.
Ex-Billionaire Allen Stanford Gets 110-Year Jail Term
Allen Stanford, the former Texas billionaire financier, was sentenced Thursday to 110 years in prison for conducting a $7 billion Ponzi scheme, according to the FBI.
Toronto Man Accused of $60 Million Ponzi Scheme
A prominent figure in Toronto’s Chinese community has been charged with orchestrating a $60-million Ponzi scheme.