It's a sign of the times and a battered economy. Associated Press reports that failed Ponzi schemes quadrupled in 2009. Starting off with Bernard Madoff's $55 billion scam, $7 billion bogus international banking empire orchestrated by financier Allen Stanford and disbarred Florida lawyer Scott Rothstein's $1.2 billion scheme.
According to Associated Press, the FBI opened more than 2100 securities fraud investigations in 2009, up from 1,750 in 2008. The Securities and Exchange Commission issued 82% more restraining orders against Ponzi schemes and other securities fraud cases this year than in 2008, and opened about 6% more investigations. Ponzi scheme investigations now make up 21% of the SEC's enforcement workload, compared with 17% in 2008 and 9% in 2005.
This is remarkable stuff. Especially given that up until this year, not many people even knew what a Ponzi scheme was.
no comment untill now