Ponzi Scheme News

What is a Ponzi scheme? An illegal endeavor, Ponzi schemes essentially aim to attract and take advantage of unsuspecting investors by touting untrue claims of low risk and significant reward. Ponzi schemes typically stay afloat by using money from newer participants to pay older ones, thus making the endeavor seem profitable — so long as new participants continue flowing in.  

The endeavor is named after Charles Ponzi, an Italian con artist who performed such a scheme in the 1920s in the United States, costing his investors about $20 million. Ponzi’s scam wasn’t the first of its kind, although it was one of the largest. Ponzi schemes share some commonalities with pyramid schemes, and neither of the two is legal in the United States. Bitcoin (BTC) has been called a Ponzi scheme at times over the years, although its performance and structure have proven otherwise.

News
Michael Ackerman faces up to 20 years in jail if convicted of fraud following his guilty plea.
Ohio man pleads guilty to fraud over $30M crypto scam promising 15% monthly
Martin Young
2021-09-10T05:51:32+01:00
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Scams make up the largest share of funds sent from Eastern Europe to illicit addresses.
Eastern European victims sent $815M to Ponzis and scams in the past year
Martin Young
2021-09-02T04:22:30+01:00
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Former BitConnect promoter Glenn Arcaro has pled guilty to his role in the saga, but the whereabouts of the firm’s founder, Satish Kumbhani, are unknown.
BitConnect promoter pleads guilty over Ponzi scheme as platform faces new SEC charges
Brian Quarmby
2021-09-02T03:13:41+01:00
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Unwitting DOGE investors were promised attractive returns of 100% in just 40 days in exchange for depositing their money.
Turkish prosecutors investigate alleged $119M Dogecoin mining scam
Inigo Vaca
2021-08-27T05:05:53+01:00
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The Federal Bureau of Investigation is joining the investigation into one of the largest alleged crypto scams of 2020.
FBI joins Mirror Trading probe in Africa to help recover US investor funds
Marie Huillet
2021-08-04T10:33:51+01:00
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Four of six U.S.-based promoters of the notorious BitConnect Ponzi scheme have reached settlement agreements with the SEC.
SEC closes in on settlements with US BitConnect promoters for millions
Samuel Haig
2021-07-08T03:25:39+01:00
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The SEC has appointed New Jersey Attorney General Gurbir S. Grewal as the Director of the Division of Enforcement.
SEC appoints New Jersey Attorney General as director of enforcement
Brian Quarmby
2021-07-01T06:59:29+01:00
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AfriCrypt’s founders deny running off with billions in customers funds, asserting they went into hiding after receiving death threats from “dangerous people.”
South African asset manager denies stealing billions from users, claims $5M was lost in hack
Brian Quarmby
2021-06-29T04:50:50+01:00
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