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Showing 31 - 40 of 63 results for "Ponzi scheme"

Financial crime victims fume at Shipton, Crennan

ELIZABETH MCARTHUR | WEDNESDAY, 28 OCT 2020

... fraud, while overseas regulators manage to see victims compensated. Telford pointed to the example of Bernie Madoff's Ponzi scheme - victims managed to recover 78% of losses thanks to the actions of US authorities. "That the financial cop on the beat ...

Mawhinney lashes out at regulator

ELIZABETH MCARTHUR | TUESDAY, 29 SEP 2020

... liquidator said. The report also contained findings that parts of Mayfair 101's business essentially operated as a Ponzi scheme. "It is my opinion that distributions and redemptions paid to M Core noteholders were funded out of funds raised from other ...

Fake pastor herds believers into Ponzi scheme

ELIZABETH MCARTHUR | MONDAY, 31 AUG 2020

A man claiming to be a pastor in the US has been charged over a Ponzi scheme that targeted African immigrants, particularly those of faith. The US Securities and Exchange Commission (SEC) charged two companies based in Maryland for the scheme that allegedly ...

ACCC flags dangers of ERS

ELIZABETH MCARTHUR | WEDNESDAY, 19 AUG 2020

The Australian Competition and Consumer Commission (ACCC) has told Financial Standard that the nature of superannuation scams is shifting, having seen a 55% increase in cases of identity theft. The ACCC's national scam awareness week this year is focussed ...

Ponzi scheme allegations levelled at Mayfair 101

ELIZABETH MCARTHUR | TUESDAY, 18 AUG 2020

... payments to investors in different products. In the court documents, an Oxford Dictionary of Economics definition for a Ponzi scheme was included: "The promised returns can only be paid if the flow of new investment is sufficiently great." Mayfair 101 ...

iProsperity accused of being a Ponzi scheme

ELIZABETH MCARTHUR | FRIDAY, 14 AUG 2020

... investment group iProsperity, Cor Cordis, has released a damning creditors' report which includes accusations of Ponzi scheme style payments. The report suggests investor money was misappropriated by iProsperity for various purposes including repaying ...

Adviser jailed over $2m Ponzi scheme

JAMIE WILLIAMSON | TUESDAY, 4 AUG 2020

... $27,000 was withdrawn in cash or transferred overseas. In sentencing Miller, the judge described his conduct as a "Ponzi scheme" involving a "significant breach of trust" and a "cruel and deceitful betrayal inevitably leading to financial disaster". ...

Investment scams pry $126m from Aussie hands

ALLY SELBY | MONDAY, 22 JUN 2020

Australians lost $126 million to investment scams in 2019, with many fraudsters using 'celebrity' endorsements to rort investors. According to the latest figures coming out of the ACCC's Targeting Scams report, Australians were defrauded ...

The next big short

ALLY SELBY | THURSDAY, 23 APR 2020

... are not as liquid as they seem. "It's been an easy and cheap investment for a long time; it's a bit like a Ponzi scheme, the more money that comes in, the more it looks like a good idea," he said. "I think what you will find is that if people ...

Ponzi scheme rakes in almost $1.5bn

HARRISON WORLEY | TUESDAY, 28 JAN 2020

A California-based couple has been charged by the US Securities and Exchange Commission for allegedly running a Ponzi scheme worth just under $1.5 billion (USD$1billion). The SEC has charged Jeffery and Paulette Carpoff with violating antifraud provisions ...

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Australian Unity to shed 195 roles

MATTHEW WAI

Australian Unity is reducing its workforce by 195 positions due to underperformance stemming from delays in government support for its Home Health platform and the integration of several businesses.

Count shutters limited-advice business, slips in size ranking

MATTHEW WAI

Count Financial has reportedly wound up its restricted SMSF/limited-advice service, losing some 26 advisers on the Financial Adviser Register, latest data shows.

First Super recruits head of investments from Prime Super

MATTHEW WAI

First Super has appointed a new head of investments, replacing Chris Artis, who was in the position for the past three months on an interim basis.

BMO eyes Euroz Hartleys' capital markets business

KARREN VERGARA

Euroz Hartleys confirmed it is in discussions with Canada's BMO Financial Group for a potential sale of its capital markets business for $145 million.

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