Charles Ponzi

Charles Ponzi (March 3, 1882 – January 18, 1949) was an Italian businessman and con artist in the U.S. and Canada. His aliases include Charles Ponci, Carlo and Charles P. Bianchi. Born in Italy, he became known in the early 1920s as a swindler in North America for his money-making scheme. He promised clients a 50% profit within 45 days, or 100% profit within 90 days, by buying discounted postal reply coupons in other countries and redeeming them at face value in the United States as a form of arbitrage. In reality, Ponzi was paying early investors using the investments of later investors, a practice known as "robbing Peter to pay Paul." While this swindle predated Ponzi by several years, it became so identified with him that it now bears his namesake. His scheme ran for over a year before it collapsed, costing his "investors" $20 million.

Ponzi was probably inspired by the scheme of William F. Miller, a Brooklyn bookkeeper who in 1899 used the same scheme to take in $1 million.

This page contains text from Wikipedia, the Free Encyclopedia - https://wn.com/Charles_Ponzi

Latest News for: ponzi

Edit

U.S. SEC Shutters Ponzi Diamond-Backed Cryptocurrency Business

BTC Manager 22 May 2019

The U.S. Securities and Exchange Commission (SEC) on May 21, 2019, obtained an emergency order to halt the operations of an ongoing $30 million cryptocurrency Ponzi scheme. Necessary Safety Measures The U.S. SEC recently delayed the decision on VanEck’s Bitcoin ETF proposal once again and it’s not hard to guess the possible reasons behind it....

Edit

SEC Accuses Major U.S. Landlord With Running 'Ponzi Scheme-Like' Scam

Wall Street Journal 22 May 2019

The federal government accused one of the nation’s largest landlords with running a “Ponzi scheme-like” ......

Edit

Middletown, New Jersey, Investment Manager and Former Fire Chief Sentenced to 15 Years in Prison for Running Ponzi Scheme to Steal More Than $10 Million

Public Technologies 22 May 2019

NEWARK, N.J. - An investment manager with an office in Middletown, New Jersey, was sentenced today to 180 months in prison for running a Ponzi scheme, concealing losses, faking investment returns, and stealing more than $10 million in investor money, U.S Attorney Craig Carpenito announced today. Vincent P. Falci, 59, of Middletown, was convicted Dec....

Edit

Even with ICOs Dead Cryptocurrency Investment Scams Still Raging: Report

CoinGape 22 May 2019

The phase of investing in ICOs had created a lot of euphoria in the markets ... It was basically an exchange of one cryptocurrency for another ... Also Read ... Nevertheless, apart from these large-scale losses, there are other various smaller Ponzi schemes and unregulated crypto-investment opportunities being offered on the internet ... Also Read ... Report ... .......

Edit

SEC Moves to Halt Diamond-Linked Crypto ‘Ponzi Scheme,’ Freeze Assets

CoinDesk 21 May 2019

The U.S. Securities and Exchange Commission has taken action over what it alleges is a $30 million crypto scam based on supposed diamond investment ... ....

Edit

SEC Shuts Down Ponzi Scheme Which Duped 300 Into ‘Diamond-Backed’ Cryptocurrency

The Coin Telegraph 21 May 2019

The U.S. SEC has brought legal action to operators of several scam companies targeting crypto investors .......

Edit

Alleged Durban Ponzi scheme mastermind 'could convince the devil'

Independent online (SA) 21 May 2019

Moganberry Govender, 70, was the first witness to take the stand in the trial against siblings Mervyn Dennis, who owned the Durban-based company, and his sister MaryAnne Peter. They are accused of running a Ponzi scheme, targeting pensioners ... The pair allegedly convinced pensioners to invest their money with promises of good returns on the JSE....

Edit

Canadian twist to Madoff Ponzi scheme settled out of court

Canada Dot Com 21 May 2019

An attempt to have the Supreme Court of Canada hear a case involving allegations that the former auditor of three offshore investment funds should have discovered Bernie Madoff’s massive Ponzi scheme has been called off, as a settlement has been struck between the ex-auditor and the funds’ liquidators....

Edit

Russian GRU Officer Charged With Running Apple ‘Ponzi Scheme’ – RBC

Moscow Times 20 May 2019

At least 17 people were reportedly defrauded on promises of big profits from iPhone and MacBook imports. ....

Edit

Durban pensioner takes stand in alleged R139m 'Ponzi scheme' case

Independent online (SA) 20 May 2019

Durban - A pensioner and former police officer who was allegedly defrauded of R400 000 of his pension money was the first witness to take the stand in the multi-million rand Ponzi trial against siblings Mervyn Dennis and his sister Mary-Anne Peter....

Edit

PSA: Bitconnect ‘2.0’ Triggers Countdown to Resurrect Greatest Crypto Ponzi Ever

Cryptocoin News 20 May 2019

By CCN. In 2016 a cryptocurrency project named BitConnect came along offering 1% daily compounded interest for those who purchased and staked its token. When the BitConnect (BCC) bubble inevitably burst, the owners, as expected, made off everyone’s money. The BCC token price sunk by 99.9%, and a previously $2.5 billion valued project became worthless....

Edit

Embattled OneCoin Denies Multi-Billion Dollar Ponzi Scheme Allegations

BitRSS 19 May 2019

By CCN. OneCoin execs are sick of being called a Ponzi scheme. Allegations of ripping off churches are false too, they claim. In a lengthy letter to the Samoa Observer, the cryptocurrency-powered marketing company defended itself against what it considers ... ....

Edit