The Year of Ponzi Schemes
Apparently, 2009 is the year of of Ponzi schemes, as more than 150 schemes were discovered this year, accounting for 21% of the SEC’s workload. According to an analysis by the Associated Press, tens of thousands of investors lost over $16.5 billion in 2009 in all 50 states. Why? Ponzi schemes!
In 2008, only 40 Ponzi schemes were taken down, which took up 17% of the SEC’s workload. 2008 does win on one count, though. 2009’s biggest Ponzi schemer, Allen Stanford (shown above), is like a kid who stole a lollipop from a candy store compared to 2008’s Ponzi master, Mr. Bernie Madoff.
Via: NY Mag
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