Which is the best definition of a Ponzi scheme?
Which is the best definition of a Ponzi scheme?
This is a list of Ponzi schemes, fraudulent investment operations that pay out returns to investors from money paid in by subsequent investors, rather than from any actual profit earned from the operation of a business .
What was the largest Ponzi scheme in Michigan history?
1600 investors in Diamond Mortgage Company and A.J. Obie, two firms with the same managers, lost approximately $50 million in what the Michigan Court of Appeals described as “the largest reported ‘Ponzi’ scheme in the history of the state”. It led to the passage in 1987 of the Mortgage Brokers, Lenders, and Servicers Act.
Who was involved in the Woodbridge Securities Ponzi scheme?
In December, 2017, the Woodbridge Group of Companies (a/k/a Woodbridge Securities) was charged as an alleged US$1.2 billion Ponzi scheme run by real estate developer Robert H. Shapiro (not to be confused with Attorney Robert L. Shapiro) by The U.S. Securities and Exchange Commission (SEC).
Why did the Smith and Associates Ponzi scheme collapse?
Due to insufficient funds and partly due to the nationwide Panic of 1837, the KSS eventually collapsed amid accusations of fraud and mismanagement, with Smith and associates facing seventeen lawsuits.
Who was involved in bridge premium finance Ponzi scheme?
Bridge Premium Finance – SEC announced fraud charges and an emergency asset freeze against a Denver-based company and Colorado residents Michael Turnock and William Sullivan II for carrying out a $15.7 million Ponzi scheme harming more than 120 investors nationwide.
Who was charged in the Merendon mining Ponzi scheme?
Merendon Mining Inc. – SEC charged six individuals and four companies with perpetrating a $300 million Ponzi scheme on investors in a purportedly successful gold mining operation who were promised annual returns of between 18 and 36 percent.
Who was involved in the Orange County Ponzi scheme?
Matthew Jennings – SEC obtained an emergency asset freeze against an Orange County, Calif. man and four companies in a $53 million Ponzi scheme that promised investors exorbitant short-term returns as high as 130 percent annually.
Who was involved in the canopy financial Ponzi scheme?
Canopy Financial – SEC obtained an emergency asset freeze to halt a $75 million Ponzi scheme that defrauded investors in a private placement offering. The U.S. Attorney’s Office for the Northern District of Illinois brought parallel criminal actions against Canopy Financial’s founders.