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Ponzi schemes sometimes begin as legitimate investment vehicles, such as hedge funds that can easily degenerate into a Ponzi-type scheme if they unexpectedly lose money or fail to legitimately earn the returns expected. The operators fabricate false returns or produce fraudulent audit reports instead of admitting their failure to meet ...
In the 1980s in San Diego, California, J. David & Company, a purported currency and commodity trading and investing operation named after its founder, J. David Dominelli, a withdrawn and shy currency and commodity trader, was revealed to be a Ponzi scheme which took in $200 million and returned $120 million to investors, leaving a net loss of ...
Kevin Bacon recently revealed his reaction to finding out he and wife Kyra Sedgwick lost money in one of history's largest Ponzi schemes.
The Madoff investment scandal was a major case of stock and securities fraud discovered in late 2008. [1] In December of that year, Bernie Madoff, the former Nasdaq chairman and founder of the Wall Street firm Bernard L. Madoff Investment Securities LLC, admitted that the wealth management arm of his business was an elaborate multi-billion-dollar Ponzi scheme.
The $65B ponzi scheme came crashing down and jailed Madoff -- but half a decade later, people are still feeling the pain. Katie Couric spoke with Richard Shapiro, Man recounts losing nearly ...
Dear Penny, How does one recover from investing in a Ponzi scheme? I am feeling very stupid and embarrassed. The SEC will take two to three years to figure out and recover any funds remaining. I ...
Any loss exceeding current income may result in a net operating loss, which can be carried back, at the taxpayer's election, 3, 4, or 5 years, with any loss still remaining carrying forward 20 years. These rules apply to all Ponzi schemes where there has been a federal or state indictment of the lead promoter.
Federal prosecutors say two Mississippi men have been sentenced for conspiracy to defraud people in a fake timber investment scheme.