Call for guidelines to guard against Ponzi schemes
NRIs warned to be wary of fraudsters promising huge returns on investments
NRIs warned to be wary of fraudsters promising huge returns on investments
A once-respected adviser who conned millions out of his community to feed his gambling habit has started a six-year prison sentence.
Investors across China are continuing to support the founder of an alleged Ponzi scheme, even after he turned himself into police, despite standing to lose CNY70bn (£7.9bn, $10.8bn, €8.9bn).
A federal judge has been urged by the US Securities and Exchange Commission to appoint a trustee to manage a bankrupt property developer accused of being a Ponzi scheme.
An elderly investment adviser from Houston, Texas has been sentenced to 10 years in federal prison after being found guilty of cheating more than $5m (£3.75m, €4.2m) from people he met at church.
Defence witnesses will take to the stand on Sunday on behalf of 54 men charged with scamming almost 2,000 people in a Ponzi-style investment scheme believed to be the biggest in Abu Dhabi history.
The architects behind a Ponzi scheme that cheated 900,000 investors out of CNY50bn (£5.8bn, $7.6bn, €6.4bn) will spend their lives behind bars.
The co-host of a US sports radio show has been arrested by the FBI on investment fraud-related charges in connection with an alleged fake ticket scam that he started after accumulating millions in gambling debts.
After a 12-week trial, liquidated Cayman Islands investment fund Primeo, which invested with infamous Ponzi scheme Bernard L Madoff Investment Securities (BLMIS), was found to be “to a very substantial degree the author of its own misfortune”, a judge has ruled.
China’s top prosecutor has vowed to intensify a crackdown on financial crimes disrupting the country’s securities and futures markets.
Ponzi schemes remain rife in China because of financial naivety and a collective desire for unfeasibly high returns, an academic at the Renmin University of China in Beijing has said.
The US Department of Justice (DOJ) is working to recover around $1.7bn (£1.3bn, €1.5bn) in assets linked to an international conspiracy to launder funds misappropriated from Malaysian sovereign wealth fund 1Malaysia Development Berhad (1MDB).