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Federal prosecutors have charged three men in connection with an alleged $ 364 million Ponzi scheme that could have more than 400 victims nationwide. The men were indicted on charges of conspiracy, wire fraud, identity theft, and money laundering. The indictment alleges that the three men took $ 73 million of investors’ funds “to purchase […]
Regulators accuse a Nevada-based cryptocurrency company of misappropriating over $ 6 million from customers and funneling the money through their family members’ accounts to purchase luxury items. On Wednesday, the US Commodity Futures Trading Commission (CFTC) announced it had filed a lawsuit against My Big Coin Inc (MBC) founder Randall Crater and Mark Gillespie, who […]
India’s finance ministry has cautioned investors about the risks of trading in cryptocurrencies such as bitcoin, branding the ‘virtual currencies’ as akin to a Ponzi scheme. The warning comes a day after South Korea, a global hub for bitcoin trading, said it would ban anonymous cryptocurrency trading due to the “abnormal situation of speculation.” READ […]
John Moore / Getty Images The US Securities and Exchange Commission has filed charges against Robert Shapiro, alleging he bilked investors — many of them senior citizens — out of $ 1.2 billion as part of a Ponzi scheme. The SEC says it has frozen all remaining assets as it pursues its case, which includes […]
Money Sharma/AFP/Getty Images Hamish Douglass, the co-founder of the Magellan Financial Group with more than $ 37 billion USD under management, thinks ride share service Uber has a less than 1% chance of surviving the next decade. “It’s constantly losing money and its capital-raising strategy is a ponzi scheme,” he said at the annual Stockbrokers […]
