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Scott W. Rothstein (born June 10, 1962) is an American disbarred lawyer, convicted felon, and the former managing shareholder, chairman, and chief executive officer of the now-defunct Rothstein Rosenfeldt Adler law firm.
Barry Jay Minkow (born March 22, 1966) [ 1] is a former American businessman, pastor, and convicted felon. While still in high school, Minkow founded ZZZZ Best ( / ˈziːbɛst / [ 2] ), which appeared to be an immensely successful carpet-cleaning and restoration company. However, it was actually a front to attract investment for a massive Ponzi ...
Mutual funds and life insurance. Equity Funding Corporation of America was a Los Angeles -based U.S. financial conglomerate that marketed a package of mutual funds and life insurance to private individuals in the 1960s and 70s. It collapsed in scandal in 1973 after former employee Ronald Secrist and securities analyst Ray Dirks blew the whistle ...
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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 ...
The 2007–2008 financial crisis, or the global financial crisis ( GFC ), was the most severe worldwide economic crisis since the Great Depression. Predatory lending in the form of subprime mortgages targeting low-income homebuyers, [ 1] excessive risk-taking by global financial institutions, [ 2] a continuous buildup of toxic assets within ...
In its early years, Coors was the Heritage Foundation's primary funding source. [13] Weyrich was the foundation's first president. Later, under Weyrich's successor, Frank J. Walton, the Heritage Foundation began using direct mail fundraising , which contributed to the growth of its annual income, which reached $1 million a year in 1976. [ 13 ]
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%.