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NEWS ABOUT: pyramid scheme

New $130M Global Ponzi Scheme Busted

(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... More »

Feds to Charge Hsu on Pyramid Scheme, Dem Fundraising

Some of missing money said to be donated

(Newser) - Rogue Democratic fundraiser Norman Hsu’s troubles are deepening today, as federal officials are expected to charge the twice-on-the-lam financier with running a $60 million pyramid scheme and breaking campaign-finance laws. Hsu faces accusations that he falsely told investors their money was going into a clothing operation; some of was... More »

Ant Farm Con Man Gets Death

Fraudulent sales of "medicinal ants" earned him $400 million

(Newser) - A pyramid scheme built on an ant farm earned a Chinese entrepreneur over $400 million—and a death sentence. The sentence meted out to Wang Zhendong by a Chinese court last month is part of a nationwide crackdown on fraud. Wang swindled thousands of people by misrepresenting his wares... More »

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