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A Ponzi scheme is a fraudulent investment operation that pays returns to separate investors from their own money or money paid by subsequent investors, rather than from any actual profit earned. The Ponzi scheme usually entices new investors by offering returns other investments cannot guarantee, in the form of short-term returns that are either abnormally high or unusually consistent. The perpetuation of the returns that a Ponzi scheme advertises and pays requires an ever-increasing flow of money from investors to keep the scheme going.
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Tom Petters, Ponzi schemer, likely to face life sentence next month
Minneapolis City Pages (blog) 12 hours, 42 minutes agoBy Andy Mannix in Tom Petters A federal judge announced Monday that he will sentence Tom Petters on March 10 for running a $3.65 billion Ponzi scheme, ...
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Fund Manager Stein Sentenced to Nine Years for Fraud
BusinessWeek 6 hours, 48 minutes ago9 (Bloomberg) -- New York hedge-fund manager Edward T. Stein was sentenced to nine years in prison for running a $46 million Ponzi scheme that preyed upon ...
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