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another ponzi scheme?

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Author Message
SVP
SVP
User avatar
Joined: 04 Dec 2007
Posts: 1689

Kudos [?]: 202 [0], given: 31

Schools: Kellogg '11
another ponzi scheme? [#permalink]

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New post 26 Jan 2009, 21:11

Kudos [?]: 202 [0], given: 31

CEO
CEO
avatar
Joined: 15 Aug 2003
Posts: 3454

Kudos [?]: 919 [0], given: 781

NYT: Hard Times Bring Mini-Madoffs to Light [#permalink]

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New post 28 Jan 2009, 07:40
More details from the NYT:

http://www.nytimes.com/2009/01/28/busin ... zi.html?hp

Quote:
According to federal regulators who have accused him of operating a Ponzi scheme, Mr. Theodule bilked thousands of investors of modest means, like Mr. Roseme, out of $23 million in all, and put $4 million in his own pocket. This money helped pay for two luxury vehicles for Mr. Theodule, a wedding, a lavish house in Georgia and a recent trip to Zurich that federal authorities are now investigating. The fate of the other $19 million is still unknown.


Quote:
Investors in Idaho say they lost $100 million in a scheme that promised 25 percent to 40 percent annual returns.


Quote:
In Philadelphia, a failed computer salesman tried his hand at trading nonexistent futures contracts for 80 investors and surrendered to federal authorities this month after losing $50 million.


Quote:
A Ponzi scheme in Atlanta that promised investor returns of 20 percent every month through something called “30-day currency trading contracts” was shut down this month after losing $25 million.

Kudos [?]: 919 [0], given: 781

NYT: Hard Times Bring Mini-Madoffs to Light   [#permalink] 28 Jan 2009, 07:40
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another ponzi scheme?

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