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“Ponzi Scheme” is a term that was coined about 100 years ago. It was named after an Italian immigrant, Charles Ponzi, who realized he could get investors by promising large returns for undefined, high-yield investments. His endeavor needed to make just enough money to keep attracting new investors, whose money, after Ponzi’s cut, was used to pay some of the earlier investors. In our modern day, Bernie Madoff’s Ponzi scheme resulted in losses in the billions of dollars when the stock market tanked during the Great Recession. Selling the Deal Americans are just beginning to see the tip of the...

The Department of Justice announced today that the Madoff Victim Fund (MVF) began its sixth distribution of approximately $488 million in funds forfeited to the U.S. Government in connection with the Bernard L. Madoff Investment Securities LLC (BLMIS) fraud scheme, bringing the total distributed to almost $3.2 billion to nearly 37,000 victims worldwide. In this distribution, payments will be sent to over 30,000 victims across the globe, bringing their total recovery to 80.05 percent. This distribution represents the sixth in a series of payments that will eventually return over $4 billion to victims as compensation for losses they suffered from...

New York (AP) -- Bernie Madoff, the financier who pleaded guilty to orchestrating the largest Ponzi scheme in history, died in a federal prison early Wednesday, a person familiar with the matter told The Associated Press. Madoff died at the Federal Medical Center in Butner, North Carolina, apparently from natural causes, the person said. The person was not authorized to speak publicly and spoke to the AP on the condition of anonymity.

Bernie Madoff, the financier who pleaded guilty to orchestrating the largest Ponzi scheme in history, has died in a federal prison, a person familiar with the matter told The Associated Press on Wednesday. Madoff died at the Federal Medical Center in Butner, North Carolina, apparently from natural causes, the person said. The person was not authorized to speak publicly and spoke to the AP on the condition of anonymity. Last year, Madoff's lawyers filed court papers to try to get the 82-year-old released from prison in the COVID-19 pandemic, saying he had suffered from end-stage renal disease and other chronic...

Bernie Madoff, whose $65 billion Ponzi scheme made him one of the world’s most hated criminals and destroyed even his own family, died Wednesday at the secure federal medical center in Butner, North Carolina, where he was serving a 150-year prison sentence, according to prison officials. The Associated Press reported the 82-year-old scam king, who had been suffering from end-stage kidney disease and other chronic ailments, died of natural causes. Madoff would have turned 83 on April 29. His epic stock fraud, which came to light amid the global financial crisis of the late 2000s and remains the biggest in...

The Rise and Fall of Charles Ponzi. Charles Ponzi The Documentary | History of the Ponzi Scheme. Bernie Madoff who died in prison at the age of 82 is today the most famous Ponzi Schemer, but Charles Ponzi is the man this con was named after.Charles Ponzi The Documentary | 1:12:52Patrick Boyle | 556K subscribers | 1,419,258 views | November 8, 2020

[More about Sight-Words...] Your average criminal has a few aliases. It’s de rigueur in the underworld. But only real swashbucklers pass the half-dozen mark. Think about the confusion keeping your identities straight. Down South you’re Jackson Jones, but in New York you answer to Maxie Smith, however, guys in Atlantic City call you Lefty,” as in, “Yo, Lefty, still doing hits?” Which has to remind us of Whole Word, one of the greatest swashbucklers since Charles Ponzi’s business plan. This wise guy--I mean Whole Word-- came into the world as Look-say, with a few early aliases such as Word Method...

Robert MorleyColumnist The United Ponzi States of America January 20, 2009 | From theTrumpet.com If you thought Madoff’s Ponzi scheme was bad, don’t look now, but you’re in one. Robert Morley Anyone can work a simple swindle. But you need to be a special kind of con man to bilk billions from otherwise intelligent people. Bernard L. Madoff was one such man. Charles Ponzi was another. But the biggest fraud and scam master of all goes by the name of Uncle Sam. Just what does a person have to do to make his name synonymous with fraud? Charles Ponzi, the...

Enhanced pension deals are county's albatross... The county has the distinction of carrying more retirees (6,050) than active employees (4,631) on county health insurance. Add in 3,100 spouses and dependents of retirees, and the county is insuring more than 9,000 individuals on the retiree side. The county now pays out more in health care for retirees than for active employees. In addition to her monthly check, she was promised, and cherishes, free health insurance for the rest of her life. It is the sum of such promises to Schumann and 6,000-plus other retirees that is a major stumbling block as...

In the past several months as the debate over Social Security reform has taken center stage in the theater of the absurd that is modern American politics, the idea has been floated that the entire pay-as-you-go structure of this system closely resembles a Ponzi scheme, albeit one that is about to collapse. In reality, few people likely have any idea what a Ponzi scheme is, nor how closely America’s largest retirement system follows its tenets. As such, according to the Securities and Exchange Commission:http://www.sec.gov/answers/ponzi.htm “Ponzi schemes are a type of illegal pyramid scheme named for Charles Ponzi, who duped thousands...