Search results
Results From The WOW.Com Content Network
МММ was a Russian company that perpetrated one of the world's largest Ponzi schemes of all time. By different estimates from 5 to 40 million people lost up to $10 billion. The company started attracting money from private investors, promising annual returns of up to 1,000%.
Charles Ponzi was born in Lugo, Emilia-Romagna, Kingdom of Italy on March 3, 1882.He told The New York Times he had come from a family in Parma.Ponzi's ancestors had been well-to-do, and his mother continued to use the title "donna", but the family had subsequently fallen upon difficult times and had little money. [3]
A Ponzi scheme (/ ˈpɒnzi /, Italian: [ˈpontsi]) is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. [1] Named after Italian businessman Charles Ponzi, this type of scheme misleads investors by either falsely suggesting that profits are derived from legitimate business ...
Ivar Kreuger (Swedish: [ˈǐːvar ˈkry̌ːɡɛr]; 2 March 1880 – 12 March 1932) [ 1 ] was a Swedish civil engineer, financier, entrepreneur and industrialist. In 1908, he co-founded the construction company Kreuger & Toll Byggnads AB, which specialized in new building techniques. By aggressive investments and innovative financial instruments ...
Get-rich-quick schemes are extremely varied; these include fake franchises, real estate "sure things", get-rich-quick books, wealth-building seminars, self-help gurus, sure-fire inventions, useless products, chain letters, fortune tellers, quack doctors, miracle pharmaceuticals, foreign exchange fraud, Nigerian money scams, fraudulent treasure hunts, and charms and talismans.
The term “Ponzi scheme” — named for a mass swindle perpetrated by Charles Ponzi in the 1920s — refers to a fraudulent setup where an investment manager pays out returns to existing ...
Charles Ponzi is said to have swindled investors out of $20 million in 1920 ($300 million in current dollars), in a con immortalized as a Ponzi scheme. Leo Koretz is estimated from 1905 through 1923 to have bilked his family members and other unsuspecting investors of $30 million, equivalent to $450 million today. [3]
Kenneth I. Starr. Kenneth Ira Starr (born 1943/1944) is an American accountant and former money manager [1] convicted of running a $35 million Ponzi scheme with the money of numerous wealthy and celebrity clients. [2][3][4][5] Sentenced in March 2011, Starr has been released from the Otisville, New York Federal Correctional Institution under ...