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WEDNESDAY, NOVEMBER 25, 2009
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5

New $130M Global Ponzi Scheme Busted

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(Newser) – London investigators have uncovered a $130 million Ponzi scheme that duped hundreds of celebrities and businessmen around the world, reports the Telegraph. The scammers were so slick that many of their victims refuse to believe they were sucked in by the ersatz high-yield fund, and are still expecting payment, according to authorities. "These victims have been totally hoodwinked," says one investigator. The probe is focusing on a Knightsbridge-based finance firm and several companies linked to it.

Cynthia Friedman, a victim of Bernard Madoff's Ponzi scheme, speaks to reporters before Madoff's sentencing outside Manhattan federal court last month.
Cynthia Friedman, a victim of Bernard Madoff's Ponzi scheme, speaks to reporters before Madoff's sentencing outside Manhattan federal court last month.   (AP Photo/Seth Wenig)
Keep your eye on your money.
Keep your eye on your money.   (©MOmilkman)
Investigators have uncovered a $140 million Ponzi scheme that has bilked hundreds of investors around the world.
Investigators have uncovered a $140 million Ponzi scheme that has bilked hundreds of investors around the world.   (©Photos8.com)
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5 comments
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nick
Jul 19, 09 8:17 AM CDT
Never underestimate the / gullibility / greed/ gullibility of seemingly intelligent, highly successful people. Reply
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+3
IN RESPONSE:
paul123
Jul 19, 09 2:13 PM CDT
Greed is not really a factor. Some people like to invest it in hopes of having a more secure future. That is wisdom, not greed. Now the type of investments range from low to high risk, but investing in and of itself is a smart thing to do if you can budget it.
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-2
SPH
Jul 19, 09 2:07 PM CDT
$130M?...Peanuts...What pikers..... Reply
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0
IN RESPONSE:
wwwonderer
Jul 20, 09 12:11 PM CDT
exactly. We're only outrage by swindlers in the billion-dollar-plus club. The question is, how many more of these $130M, or even $13M scams are we going to find out about.
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TerrifiedCitizen
Jul 20, 09 1:43 PM CDT
Does the government ever perpetrate Ponzi-like schemes on the people? Reply
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+1
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