Outline high in terms of monetary loss
The eponymous scheme was orchestrated by Carlo Ponzi, who in 1920 move from anonymity to being funds a notable Boston millionaire in six months of using this plot. It was assumed that income came from the exchange of international reply coupons. The promised 50 interest (return) on investments of 45 days or “double your money” in 90 days. About 40,000 people invested about 15 million in total, in the end, only one third of that money was returned to them. Besides the plot Ponzi have FOX news been other similar historical patterns:
Ponzi before, in 1899 William’520 Percent ‘Miller opened his business as the’ Union Franklin ‘in Brooklyn, New York. Miller promised 10 interest per week and took advantage of key features of the Ponzi schemes such as the reinvestment of profits from customers. Scam to buyers at about 1 million and was sentenced to jail for 10 years. After being pardoned, he opened a grocery store in Long Island. During the investigation Ponzi, Asset Management Miller was interviewed by the Boston Post in order to compare with that of his Ponzi scheme, the interviewer found them remarkably similar, but the Ponzi became famous for taking seven times more money .
In Romania, between 1991 and 1994, plot caritas, executed by the company ‘Caritas’ in Cluj-Napoca, held by Ioan Stoica pledged eight times the money invested in six months. Fox This attracted 400,000 depositors around the country who invested 1 trillion 257 billion lei (about one billion dollars) to go bankrupt before the August 14, 1994, with debts of 450 million). The owner, Loan Stoica was sentenced in 1995 by the Court of Cluj, a total of seven years imprisonment for fraud, but the appeal and the sentence was reduced to two years, thus taking the case to the Supreme Court and sentence was finally reduced to one year and a half.
In Spain, the first pyramid fraud that is reported is attributed to Baldomero Larra Wetoret daughter of Spanish writer Mariano Jose de Larra, into the seventies of the nineteenth century to start its operations by promising to leave an ounce of gold in a month return the duplicate. Operating in full view of paying a 30 monthly, with the money they gave new depositors. It said it came to raise Ernst 22 million investment reais and the renowned writer Juan Eduardo finance Zuniga number affected in 5000. His fame transcended borders as evidenced by newspaper Le Figaro and then in Paris and L’Independence Belge, Brussels. The bankruptcy occurred in December 1876 when she disappeared, with all the money he could, but two years later he was arrested in France and was sentenced to six years in prison on May 26, 1879 .
Other similar cases in Spain were Sofico (1974), Fidecaya (1982), Banesto (1993) and Gescartera (2001), but the biggest impact was the “stamp scam: On May 9, 2006 were operated on two institutions, and Forum Filatelico afins .
Between 1970 and 1984 in Portugal, a woman known as Dona Branca had a scheme that paid 10 monthly interest. In 1988 he was sentenced to 10 years University of Southern California in prison. She always said that just trying to help the poor, but his attempt was proved that she had received the equivalent of 85 million Euros.
In January 1984 Adriaan Nieuwoudt start a product with an apparent pattern in South Africa. For the subscribers of the plan were sent a ‘trigger’, used to cultivate a substance in milk, which in turn was returned to the Kubus Kwekery with 30 profit on the money paid for the asset. The Cape High Court ruled that the scheme was an illegal lottery kubus. ‘
Six hundred thousand investors in the company Diamond Mortgage and AJ Obie, two firms with the same managers, lost approximately 50 million in what the Michigan Court of Appeals described as’ The scheme ‘Ponzi’ largest reported in the state’s history. “
In 2005, following his death at a luxury hotel interview in Quito, Ecuador, discovered the case of Jose Cabrera Roman and their children, which since 1996 had a parallel banking in Machala, El Oro, from which directly harmed 50,000 people, including leading politicians, soldiers and priests, by an amount not yet made official after 3 years of his death, but that would be around 800 million dollars.
MMM was a Russian company that existed in the 90s. Involucre at least two million people came to collect the equivalent of 1,500 million before collapse. Its founder, Sergey Mavrodi, was sentenced to 4.5 years in 2003.
In Colombia in 2008 broke several companies operating under Ponzi schemes, where the drop Proyecciones DRFE
- St. Joseph News-Press
Millions of Americans in debt. So, it’s not surprising that debt consolidation agencies popping up all over the country to help. It is a youtube huge market Asset Management there, says Mike Hanneman, a certified financial counselor with Consumer Credit Counseling Service in St. Joseph. - Nasdaq Children’s Hospital
(Updates throughout with more information and comments.) WASHINGTON – (Dow Jones) – Some House Democrats object to the dissolution of changes signed into law three years ago by the then President George W. Bush that critics say make it harder for companies tied reorganize in bankruptcy. - BizJournals
Edward M. Ted King, a lawyer with Frost Brown Todd LLC, was elected late last year to the American Board of Certification of bankruptcy and creditors rights lawyers. - Contra Costa Times
government believes its 100 million of the fruit of a spouse crimes
Get more:
- J.K. Lasser’s The New Bankruptcy Law and You (J.K. Lassers) by Nathalie Martin and Stewart Paley (Kindle Edition – Oct 13, 2005) – Kindle Book
- Personal Bankruptcy for Individuals: Honest Debtors Getting a Fresh Start by William M. Ladd (Paperback – Oct 1990)
- Bankruptcy reform favors debtors and creditors alike.: An article from: San Diego Business Journal by Liz Harman (Digital – Jul 28, 2005) – HTML
