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Search ResultsShowing 1 - 10 of 38 results for "Ponzi"
Financial crime victims fume at Shipton, Crennan
ELIZABETH MCARTHUR  |  WEDNESDAY, 28 OCT 2020
... of 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
... report," the 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 ...
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
... be particularly wary of bitcoin and cryptocurrency schemes, saying she has seen many of these collapse and turn out to be Ponzi schemes. "I have seen so many scams in cryptocurrencies. I would honestly say, 'just don't go there'," she said. "A lot of ...
Ponzi scheme allegations levelled at Mayfair 101
ELIZABETH MCARTHUR  |  TUESDAY, 18 AUG 2020
... that Mayfair 101's launch of Australian Property Bonds was a last ditch effort by the embattled wealth manager to set up a Ponzi-like scheme. ASIC expressed concerns that Mayfair 101 founder and managing director James Mawhinney's efforts to raise funds ...
iProsperity accused of being a Ponzi scheme
ELIZABETH MCARTHUR  |  FRIDAY, 14 AUG 2020
... embattled 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 ...
Adviser jailed over $2m Ponzi scheme
JAMIE WILLIAMSON  |  TUESDAY, 4 AUG 2020
... and; $27,000 was withdrawn in cash or transferred overseas.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". ...
Former investment adviser charged with $85m fraud
ELIZA BAVIN  |  MONDAY, 20 JUL 2020
... Exchange Commission have charged a former registered investment adviser with fraud for his alleged role in a US$60 million Ponzi-like scheme. The SEC alleges that David Hu, the co-founder and chief investment officer of International Investment Group ...
Investment scams pry $126m from Aussie hands
ALLY SELBY  |  MONDAY, 22 JUN 2020
... a surge in popular interest in cryptocurrency. Now, most investment scams involve cryptocurrency and modern versions of Ponzi schemes. "Investment scams have become the scam category with the highest reported losses to Scamwatch, with over $61 million ...
The next big short
ALLY SELBY  |  THURSDAY, 23 APR 2020
... argued, 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 ...
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