Ponzi scheme News

Ponzi scheme News From AOL News

Madoff to Magazine: 'Government Is a Ponzi Scheme'

NEW YORK -- Wall Street swindler Bernard Madoff said in a magazine interview published Sunday that new regulatory reform enacted after the recent national financial crisis is laughable and that the federal government is a Ponzi scheme. "The whole new regulatory reform is a joke," Madoff said during a telephone interview...

Bernie Madoff Interview: Were the Banks and the Mets' Owners in the Know?

What did the banks know? In Bernard Madoff's recent interview with a New York Times journalist -- the first interview he's granted from prison -- the Ponzi-schemer says that the banks "had to know" he was presiding over an enormous fraud. The accusatory statement is reverberating around the Internet today. What's...

Judge OKs $7.2 Billion Settlement Against Madoff Beneficiary

NEW YORK -- A Manhattan bankruptcy judge approved a historic $7.2 billion deal Thursday to settle a lawsuit brought against the estate of one of the oldest and wealthiest clients of disgraced financier Bernard Madoff. U.S. Bankruptcy Judge Burton Lifland signed off on the deal at the urging of a court-appointed trustee...

Settlement Brings Hope Madoff Victims Will Recoup Losses

(Dec. 17) -- Ten months after the arrest of Bernie Madoff, one of his biggest investors, Jeffry Picower, was found dead in his swimming pool at his Palm Beach, Fla., mansion. Now, 14 months after his death, Picower's estate has reached a $7.2 billion settlement with the federal government over a lawsuit that said he knew...

Trustee Secures $7 Billion for Victims of Madoff Fraud

Victims of the Ponzi scheme perpetuated by convicted fraudster Bernard L. Madoff will finally see some money come their way, following a settlement reached with the estate of one of the investors in the fraud.

Background on Ponzi scheme

A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own money or the money paid by subsequent investors, rather than from profit earned by the individual or organization running the operation.

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