Ponzi

A shareholder once asked Warren Buffett, Charlie Munger if Social Security is a ‘government-sponsored Ponzi scheme for retirees’ — their answer was received with laughter and applause

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A shareholder once asked Warren Buffett, Charlie Munger if Social Security is a ‘government-sponsored Ponzi scheme for retirees’ — their answer was received with laughter and applause Social Security has long been a subject of intense discussion in America, but investing legend Warren Buffett’s position on the issue is unmistakably clear. During Buffett’s company, Berkshire … Read more

Bernie Madoff victims get $159 million from Ponzi recovery fund

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Bernie Madoff leaves federal court in New York on March 10, 2009. Jin Lee | Bloomberg via Getty Images The fund for victims of Bernie Madoff’s historic Ponzi scheme has begun its ninth payout, distributing about $159 million in government-seized funds to nearly 25,000 people worldwide, the Department of Justice said Monday. The announcement, made … Read more

‘Cryptoqueen’ accomplice will get 20 years jail in $4 billion ponzi fraud

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Damian Williams, the highest federal prosecutor in Manhattan, speaks at a press convention to announce the addition of “Cryptoqueen” Ruja Ignatova to the FBI’s most-wanted fugitives checklist, in New York, June 30, 2022. Luc Cohen | Reuters The co-founder of the fraudulent OneCoin cryptocurrency, an enormous pyramid scheme that amassed over $4 billion from tens … Read more

Victims want Morgan Stanley to answer for Ponzi scheme

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A former Morgan Stanley financial advisor has been sentenced to more than seven years in prison after admitting he ran a $7 million Ponzi scheme at the firm for more than a decade. But even though the scam targeted Morgan Stanley clients and the advisor admitted using a Morgan Stanley product to carry it out, … Read more