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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.
In case 1, Phillip Barry runs a Ponzi scheme in Brooklyn that scams over 800 investors of $40 million, resulting in a 20 year prison term. In case 2, Kevin Carney is running a Ponzi scheme in Chicago by claiming he invented a new stock trading computer program producing high returns. He scams $19 million and is sentenced to 13 years in prison. [30]
Charles Ponzi (1882–1949): Italian swindler and con artist; "Ponzi scheme" is a type of fraud named after him. [14] Soapy Smith (1860–1898): American con artist and gangster in Denver and Creede, Colorado and Skagway, Alaska, in the 1880s and 1890s [15]
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 ...
BurnLounge (shut down as pyramid scheme by FTC in 2012) Equinox International (dissolved in 2001) European Grouping of Marketing Professionals /CEDIPAC SA (dissolved in 1995) European Home Retail (dissolved in 2007) Fortune Hi-Tech Marketing (dissolved in 2013)
American Greed (also known as American Greed: Scams, Scoundrels and Scandals and as American Greed: Scams, Schemes and Broken Dreams) is an American documentary television series on CNBC. [ 1 ] [ 2 ] The series focuses on cases of Ponzi schemes , embezzlement and other white collar crimes and features interviews with police investigators, fraud ...
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".
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 ...