ponzi

Too Long; Didn't ReadA Ponzi scheme is an investment fraud where a fraudster collects money from people with a promise of higher than the usual market rate returns. A Ponzi scheme involves circulation of the capital instead of the distribution of profits. Such schemes go belly up because there is no profit-making involved. Too Long; Didn't ReadA Ponzi scheme is an investment fraud where a fraudster collects money from people with a promise of higher than the usual market rate returns. A Ponzi scheme involves…

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, the firm has fought efforts to hold it responsible.Victims say not only has Morgan Stanley resisted their efforts to recover money from the firm, it is also continuing to hold them responsible for lines of credit that…

June 5, 2023 5:40 am ETMike Johnson has endured some awkward Uber rides. He once held his nose throughout a trip because the driver was carrying chopped-up Durian—the world’s smelliest fruit. Another time, he was stuck in the back seat while a driver bickered with her boyfriend. Yet another driver tried to sell him a Ponzi scheme.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8 June 5, 2023 5:40 am ETMike Johnson has endured some awkward Uberrides. He once held his…

Fat Joe appears to have zero regrets about going independent. While speaking to the Wall Street Journal this week, the Grammy-nominated rapper discussed his decision to leave Atlantic Records and start his own indie imprint, Terror Squad Productions. Joe, who left Atlantic about 17 years ago, said he felt unappreciated and exploited by the industry giant, and eventually lost trust in its team.“I don’t believe in these people,” he told WSJ’s Jason Gay. “For one, I feel like the major label system is a Ponzi scheme, and…

Union Minister Nirmala Sitharaman on Sunday said the finance ministry is working with MeitY and RBI to clamp down on ponzi apps to prevent them from taking away hard earned money of gullible investors. Cautioning investors against ponzi apps, Sitharaman said investors should do their due diligence and should not be lured by claims of lucrative returns made by them. "There are also apps which are coming out and reaching out to people saying we can do this, we can do that. Your money will fetch you this much. "Many of them…

The Economic Offences Wing, Bhubaneswar arrested an accused on March 30 from Pune for running an online ponzi scheme and defrauding thousands of people, said an official.According to the officials of EOW, the accused identified as Vishal Sakharam Utkar, a resident of Latur, Maharashtra was arrested from Mundwa, Pune following a complaint filed by Dibyajyoti Kar, a resident of Nayapalli, Bhubaneswar, Odisha. The complainant in his complaint alleged that he got himself added to a WhatsApp group through a person identifying…

Once hailed as a genius, South Korean entrepreneur Do Kwon -- now facing multiple criminal charges over his failed cryptocurrency -- was a brash industry figure whose fame disintegrated into global notoriety.After months on the run, the 31-year-old, whose full name is Kwon Do-hyung, was arrested Thursday in Montenegro after being caught trying to catch a flight using fake Costa Rican travel documents.He is accused of fraud over the dramatic implosion last year of his company Terraform Labs, which wiped out about $40…

The CH4 website as it appeared in 2019, via the Wayback Machine.Screenshot: GizmodoStop me if you’ve heard this one before: A guy embezzled nearly $9 million by convincing investors he was turning cow poop into green energy—and then not building any of the machines at all.On Monday, 66-year-old Raymond Brewer of Porterville, California pled guilty to charges that he’d defrauded investors. Court records show that Brewer stole$8,750,000 from investors between 2014 and 2019 with promises to build anaerobic digesters, or…

As a dedicated defender and supporter of the theatrical experience, James Cameron will definitely remain on the list of high-profile creatives you’ll never see spearheading a project designed exclusively for streaming, which is only partially due to the fact he’s destined to spend the majority of his career churning out Avatar sequels. The roster of A-list talents never to have lent their name to an on-demand film or television title grows smaller by the week, but it would be very safe to assume that Cameron is destined…

The government will soon embark upon a campaign to create awareness about cryptocurrencies and online gaming. The Investor Protection and Education Fund (IPEF), which falls under the Ministry of Corporate Affairs, will launch an outreach campaign highlighting the legal status of cryptocurrencies and online gaming platforms, said a government official. It is aimed at educating people about the risks of putting money into such assets and platforms. This development comes as many small and retail investors in the country are…