Pyramid and Ponzi schemes

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  • Ponzi Pyramid Scheme Case Study

    QUESTION 2 Start the question by defining a Ponzi and a Pyramid scheme; A Ponzi Scheme: "A con artist offers obligations that promise very high returns at seemingly very low risk from a business that does in fact exist or a secret idea that does not work out. The con artist helps himself to the investors' money, and pays a promised high returns to earlier investors from the money handed over by these and later investors. The scheme ends when there is no more money from the new investors"(Frankel, 2009, p.2) A Pyramid scheme: "An illegal investment scam based on a hierarchical setup. New recruits make up the base of the pyramid and provide the funding, or so-called returns, given to the earlier investors/recruits above them." as reported by…

    Words: 1214 - Pages: 5
  • Ponzi Scheme Case Study

    story of the failed “Ponzi” scheme seems to be the inescapable in the national news. From Bernie Madoff, Kenneth Starr to Nicholas Cosmo, we are inundated with stories of the collapsed financial scheme. Unfortunately, the stories worthy of broadcast news represents a fraction of the actual convictions by the Securities and Exchange Commission. The term “collapsed” is more accurate than failed” as “failed” infers that there was a chance of financial viability. To begin, we will consider the…

    Words: 848 - Pages: 4
  • Examples Of Asset Misappropriation

    misappropriation that peaked my interest are Ponzi schemes, a kind of pyramid scheme involving fraudulent investment ventures. The recession in 2008 serves as an illustration for the omnipresent nature of the scheme: a lengthy list of Ponzi schemes bears examples of the fraudulent manipulation of unknowing investors both before and after the global economic downturn. In this chapter we will deal specifically with Ponzi schemes, an archetype of asset misappropriation, linking it with the…

    Words: 1527 - Pages: 7
  • Personal Narrative: A Streetcar Named Desire

    It is constantly bombarding us with advertisements that offer us something, that on the surface seems appealing. Weight loss pills, clothing, cosmetics, dating sites, and the good old “get rich quick” business opportunities. Often times, people fall victim to ponzi schemes, “paid” survey participation, investments, or pyramid schemes that are all said to offer a lot of money with little to no work. These kinds of schemes only offer immediate gratification and don’t require any effort at all. …

    Words: 1028 - Pages: 4
  • New England Patriots: Case Study

    Adalius Thomas former NFL linebacker signed a contract with the New England Patriots for five years for thirty-five million dollars. Thomas at the time was the highest paid free agent for the New England Patriots. Thomas went to go buy a car and during the transaction his credit was below what it should be, not allowing him to buy the car. Gary Stern was his attorney at the time to deal with his taxes. Stern was involved in creating a fraudulent tax scheme which left Thomas to pay back the IRS…

    Words: 270 - Pages: 2
  • Financial Fraud Case: Nicholas Cosmo And Bridge Loan

    arrested and later pleaded guilty to mail fraud related to a stock investment scheme. He was sentenced in 1999 to 21 months in prison and ordered to pay restitution of $177,000 plus interest and to undergo therapy for gambling. His broker's license was revoked in 2000 and he made restitution payments of $11,000, records show” (Amon, Dymski, Icantalupo, Maier, 2007).…

    Words: 403 - Pages: 2
  • Bernie Madoff's Ponzi Scheme Case Study

    Bernie Madoff, a well-respected financier, conducted one of the most well-known Ponzi schemes. Madoff lured in investors by guaranteeing them unusual high returns. Over several decades, Madoff was able to scam and convince thousands of investors to hand over their savings with a false promise of consistent profits in return. He was eventually caught in December 2008 and was charged with 11 counts of fraud, money laundering, perjury, and theft (Yang). On June 29, 2009, he was sentenced to 150…

    Words: 1181 - Pages: 5
  • Bernard Froff: The Case Of The Bernard Madoff Case

    The Bernard Madoff case is a great example of how a person will continue to commit a fraudulent act until they are caught. It is also a story that will forever be told and used as a learning guide for investors and others within the financial industry. The term “Ponzi scheme” is one that is often heard in the world of finance. It comes from the fraudulent act committed by Charles Ponzi in the early 20th century. ( Ferrell, 2009) Charles Ponzi is believed to have been the first to successfully…

    Words: 1086 - Pages: 4
  • Chasing Madoff Analysis

    Chasing Madoff Chasing Madoff is a 2011 documentary film by Jeff Prosserman, based on the 2010 memoir No One Would Listen: A True Financial Thriller written by the film’s arguable protagonist Harry Markopolos. Chasing Madoff examines Markopolos and his cohorts pursuit of now infamous ponzi schemer Bernard Madoff. Madoff robbed tens of thousands of people, of tens of billions of dollars. Investigative journalists from several large publications were sought out and tried to bring forward expose…

    Words: 1265 - Pages: 6
  • Crazy Eddie Research Paper

    Crazy Eddie Eddie Antar, better known as “Crazy Eddie,” is a very prevalent fraudster in the world of accounting. Antar is well known for his schemes regarding Crazy Eddie Electronics, the company he cofounded with his father. Eddie was a family man, a ladies man, and a rich man. Eddie was a millionaire, with roughly 53 million dollars in swiss bank accounts until he was caught by the downfall of his family Antar was born in Brooklyn, NY on December 18, 1947. He grew up in Brooklyn, with his…

    Words: 900 - Pages: 4
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