3/28/2023 0 Comments Google voice sign in ian bickChicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account In 2012, Stanford was sentenced to 110 years in federal lockup. The scam involved fake certificates of deposit, and prosecutors accused Stanford of funneling funds into his personal interests, including real estate and cricket tournaments. Allen Stanford masterminded a 20-year scheme via his offshore bank in Antigua, cheating almost 30,000 investors from more than 100 countries out of billions. The scam is reportedly the biggest in Minnesota history. But that’s not what happened, and in 2010 Petters was sentenced to 50 years in prison. Petters promised investors that by pouring money into his organization, they’d fund the purchase of retail merchandise that would then be sold to discount retailers for a profit. Jerry Holt/Star Tribune/Getty Imagesīusinessman Tom Petters was accused of stealing money from hedge funds, missionaries and pastors alike, according to the New York Times. He was sentenced to 50 years in prison in 2010 – a term that’s held despite his attempts at reduction. According to the Miami Herald, Rothstein convinced his investors to buy into bogus legal settlements. It isn’t always finance types who run the biggest scams: Scott Rothstein used his Fort Lauderdale law firm to run an eye-popping $1.2 billion Ponzi scheme. In 2003, the former Santa Barbara investment manager pleaded guilty to defrauding his investors of more than $500 million across 15 years, starting in 1986. Known as a co-founder of EarthLink, the internet service provider that launched in the mid-90s, prosecutors say Reed Slatkin’s massive Ponzi scheme began long before the company existed. At the time, the IRS called it one of the biggest Ponzi schemes it had ever investigated. In the 1990s, Gerald Payne and leadership at his Greater Ministries International Church convinced nearly 20,000 investors to hand over millions in a program that claimed it could “Double Your Blessings.” The IRS began to investigate based on suspicious bank activity, and by 2001 Payne was convicted and sentenced to 27 years in prison. Gerald Payne and Greater Ministries International – $448 million In 2008, he was convicted of conspiracy and money laundering charges and sentenced to 25 years in federal prison. In addition to being sued by the very boy bands he created for stealing money, Pearlman swindled investors and banks out of more than $300 million on the basis of companies that only existed on paper. The man behind platinum-selling boy bands ‘NSYNC and the Backstreet Boys, Lou Pearlman’s legacy also includes a massive Ponzi scheme.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |