Ponzi scheme

Stories 341 - 351 | << Prev 

Red Flags Didn't Stop Colossal Madoff Fraud

Steady returns, tiny auditors prompted questions

(Newser) - Bernard Madoff's investment operation—found this week to be a massive Ponzi scheme that lost as much as $50 billion—raised plenty of red flags over the last decade, the Wall Street Journal reports. As far back as 1999, Madoff’s steady returns in wide-ranging markets seemed unrealistic to some...

Big Names Bilked in $50B Madoff Fraud

Swindler was money manager of choice in elite circles

(Newser) - Some of America's wealthiest people are finding themselves a lot poorer in the wake of the Bernard Madoff fund scandal, the Wall Street Journal reports. Madoff strived to become known as the investor of choice in elite circles, and counted New York Mets owner Fred Wilpon and GMAC chairman Ezra...

Madoff Fraud Will Hit Hedge Funds Hard

$50B Ponzi scheme will stagger funds, send investors to exits

(Newser) - Even as hedge funds face their worst yearly returns ever, they may take another collective $10 billion hit on money invested in Bernard Madoff’s namesake firm, which was revealed to be a giant Ponzi scheme yesterday, Bloomberg reports. Madoff was arrested and charged with fraud after admitting that his...

Top Broker Collared for Running $50B Ponzi Scheme

FBI arrests Bernard Madoff; SEC on trail

(Newser) - The FBI has arrested a giant among Wall Street brokers and charged him with bilking his investors of up to $50 billion, the Wall Street Journal reports. Federal agents busted Bernard L. Madoff, a former NASDAQ chaiman, after he admitted to employees that his investment advisory business was a "...

Boy-Band Promoter to Repay $300M

Court assesses damages of boy band promoter's ponzi scheme

(Newser) - Lou Pearlman and federal authorities have finally agreed on how much the former boy band promoter swindled from banks and investors in a decades-long scam: a staggering $300 million. That's how much the creator of the Backstreet Boys and 'N Sync will have to pay, at a minimum, in restitution...

Bridge 'Suicide' Ruled Fugitive
 Bridge 'Suicide' Ruled Fugitive 
Jun 17, 2008 3:57 AM CDT

Bridge 'Suicide' Ruled Fugitive

Hedge fund founder on the lam: marshals

(Newser) - A New York hedge fund manager who bilked investors out of $400 million has been declared a fugitive by federal authorities, reports Bloomberg. "Suicide has been ruled out,'' said a spokesman for the US Marshals Service. Samuel Israel disappeared the day he was scheduled to begin a 20-year...

Hedge Fund Fraud Gets 20 Years

Samuel Israel denied leniency in $400M investor 'ponzi scheme'

(Newser) - The founder of defunct hedge fund Bayou Group was given a 20-year prison term today for bilking investors out of more than $400 million, Bloomberg reports. Samuel Israel must also pay $300 million in restitution for masterminding a “ponzi scheme” in which investment returns were paid with new investors’...

Lehman Sues to Reclaim $350M Lost in Swindle

Says 2 workers at Japanese trading firm ran a Ponzi scheme

(Newser) - Lehman Brothers is suing Japanese trading company Marubeni, seeking to recover $350 million lost in a scam apparently engineered by two of the company’s employees. The scheme involved forged documents purportedly bearing a board member’s seal and two meetings at Marubeni headquarters, including one with an impostor posing...

Former Clinton Backer Charged in $60M Scam

Also indicted on election law crimes; could get 20 years

(Newser) - Shadowy fundraiser Norman Hsu was charged in New York today with running a $60 million "Ponzi" scam, Bloomberg reports. A grand jury also indicted him for mail fraud, wire fraud, and breaking election laws; he could get 20 years on some counts. In the "Ponzi" scheme, the former...

Hsu Hit With Another Fraud Suit
Hsu Hit With Another Fraud Suit
Sep 22, 2007 11:03 AM CDT

Hsu Hit With Another Fraud Suit

California investors say he swindled them and coerced contributions

(Newser) - In the latest legal woes to befall disgraced fundraiser Norman Hsu, a California investment company filed a lawsuit yesterday claiming he defrauded investors out of $23 million and demanded political contributions as a prerequisite for doing business. The allegations come a day after the feds filed criminal complaints against Hsu,...

Hsu Swindled Investors of $60M: Feds

'Ponzi scheme' bizman sought to be part of celeb campaign circuit

(Newser) - Businessman Norman Hsu swindled $60 million from investors across the country and made illegal campaign contributions to Hillary Clinton and others, federal prosecutors say. In a criminal complaint unsealed in Manhattan yesterday, the feds say Hsu broke US election law by reimbursing some of the political donors who participated in...

Stories 341 - 351 | << Prev