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1860s. Jacob Young, William Abrams, and Nancy Clem ran what author Wendy Gamber argues, in her book The Notorious Mrs. Clem: Murder and Money in the Gilded Age, was the first-ever Ponzi scheme. [ 1][ 2] In Munich, Germany, Adele Spitzeder founded the "Spitzedersche Privatbank" in 1869, promising an interest rate of 10 percent per month.
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 ...
Saradha Group financial scandal. The Saradha Group financial scandal was a major political scandal caused by the collapse of a Ponzi scheme run by Saradha Group, a consortium of over 200 private companies that was believed to be running collective investment schemes popularly but incorrectly referred to as chit funds [ 1][ 2][ 3] in Eastern India.
Steven Jude Hoffenberg (January 12, 1945 – August 2022) [ 2] was an American businessman and fraudster. He was the founder, CEO, president, and chairman of Towers Financial Corporation, a debt collection agency, which was later discovered to be a Ponzi scheme. [ 3] In 1993, he rescued the New York Post from bankruptcy, and briefly owned the ...
Telexfree (stylized as TelexFREE ), a trade name owned by Telexfree Inc., was a multibillion-dollar Ponzi scheme disguised as an internet phone service company. Prosecutors have described it as the largest fraud of all time in terms of the number of people affected - more than 1 million, with victims in various countries.
Shutterstock Charles Ponzi gave his name to the brand of scam in which "investors," promised lavish returns, are paid with the funds of those snookered after them. Bernie Madoff raised it to a ...
Scams and confidence tricks are difficult to classify, because they change often and often contain elements of more than one type. Throughout this list, the perpetrator of the confidence trick is called the "con artist" or simply "artist", and the intended victim is the "mark".
A pump-and-dump scam is a type of economic bubble, with the main difference between this scheme and most other types of bubbles being that the pump-and-dump bubble is deliberately perpetrated by unlawful activity. A pump-and-dump scheme is similar in many ways to a Ponzi scheme (in that both types of scam use misrepresentations in an effort to ...