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★ Ponzi Schemes

Ponzi Schemes: see Fraud & Theft & Robbery & Stocks & Con & Forgery & Conceit & Finance & Greed & Cult & Investment & Scandal & Crime

Mitchell Zuckoff - Steve Fraser - Chuck Fagar - Kapaneeh Doe & Siahyonkron Nuanseor - Don Hall - Tom Krebbs - American Greed: Greater Ministries International TV - Across the Line: The Exodus of Charlies Wright 2010 - Metro - Bernard Madoff: 65 Billion Dollar Swindle TV - Harry Markopolos - Richard Behar - Frontline TV - Hillary The Movie 2008 - This World: The Madoff Hustle TV - True Crime with Aphrodite Jones TV - Storyville TV - The Wizard of Lies 2017 - Marcia Clarke Investigates TV - Money for Nothing: Inside the Federal Reserve 2013 - The 2000s: The Platinum Age of Television TV - Runner Runner 2013 - Jeffrey Epstein: Filthy Rich TV - Murder on Middle Beach TV - BBC online - John Lea -  

 

 

85,486.  There are two pieces to a Ponzi scheme: you always have to attract new investment, and you have to make sure you don’t have a sudden outflow.  The key is stability.  Mitchell Zuckoff, author Ponzi’s Scheme

 

 

85,487.  Ponzi schemers tend to be charming.  In Ponzi’s case he was the guy you would put at the head of a parade.  You would follow him anywhere.  He had that charisma.  Mitchell Zuckoff

 

 

85,488.  Ponzi is a small-timer, shady underground character.  He arrives in the United States from Italy, already a convicted smuggler, forger and vegetable peddler.  He is a man from nowhere.  Steve Fraser, author Wall Street: America’s Dream Palace

 

 

85,489.  You practically had to have an embossed invitation testifying to your worthiness to invest in Bernie Madoff’s Ponzi scheme.  Steve Fraser

 

 

13,475.  In the wake of one of the largest financial frauds in American history, five former leaders of the Greater Ministries International Church (GMIC) have been sentenced to long prison terms.

 

The scheme took in at least $500 million from 18,000 Christian investors who believed God would double their money.

 

In a Tampa federal court in early August, Gerald Payne, the leader of the scam, was sentenced to 27 years for his conviction in March on 19 counts of fraud, conspiracy, money-laundering, and related charges. His wife, Betty Payne, received 12 years and 7 months.  (Cults & Ponzi Schemes)  Chuck Fagar, article ‘Fraud: Greater Ministries Leaders Get Lengthy Prison Terms’

 

 

13,476.  The Greater Ministries International Church, Greater Diamond Company, Rock Church International, Freedom Gold, Greater Group of Africa, Amalia Gold and Diamond, etc. have become synonymous with scams, unscrupulous investors, hustlers, con artists, hiding under the cloak of religion and posing as investors, doing business in Liberia.  These organizations, using clever marketing schemes, religion and bribery, associated with organized crime in America, Europe and the world, have found willing partners in the Taylor regime, that is now combing the Liberian economy, transforming it into a hub for money-laundering, arms-trafficking and drug-smuggling.

 

These organizations, many of which are religious-based are involved in investment scams passing for legitimate businesses, which have become very lucrative business ventures with international dimensions.  (Cults & Ponzi Schemes)  Kapaneeh Doe & Siahyonkron Nuanseor, article August 2001, ‘God, Diamonds and Investment in the Name of God’

 

 

13,477.  Put money in God’s hand, and God gives it back to you double.  (Cults & Ponzi Schemes)  Don Hall, US broadcast 26th July 2007   

 

 

13,478.  God never intended for his church to be poor.  He said blessed are the poor in heart.  Not pocket-book.  (Cults & Ponzi Schemes)  Don Hall, Greater Love Ministries  

 

 

13,479.  Broken dreams, and that’s what makes me mad ... These are names of people who were victimised in the state of Georgia.  We’ve just got the computer printouts on the lists of victims, and there are just thousands.  Tens of thousands of ’em.  The main thing: we’re shutting ’em down ...  We ultimately found about $450,000,000 taken from people all over this country ... They destroy dreams, they destroy lives.  And remember, they did it in the name of God.  (Cults & Ponzi Schemes)  Tom Krebbs, Alabama Attorney

 

 

13,480.  Selling investments requires a licence – a licence Gerald Payne doesn’t have ... After a four year inquiry, a Grand Jury hands down a twenty-year indictment, charging Gerald Payne and six church elders with conspiracy, money laundering and mail fraud ... According to the defense there was no fraud ... Gerald Payne receives twenty-seven years behind bars.  (Cults & Ponzi Schemes)  American Greed: Greater Ministries International

 

 

22,476.  Charlie Wright is charged in a ten billion dollar Ponzi scheme.  (GBH Films & Ponzi Schemes)  Across the Line: The Exodus of Charlie Wright 2010 starring Andy Garcia & Aidan Quinn & Mario von Peebles & Jordan Belfi & Corbin Bernsen & Luke Goss & Gary Daniels & Raymond J Barry & Danny Pinoet et al, director R Ellis Frazier, Agent Hobbs

 

 

85,490.  Ponzi scheme earns Stanford 110 yrs jail: Former tycoon and cricket supreme Allen Stanford was yesterday sentenced to 110 years in jail for defrauding thousands of investors out of £4.5 billion.  The 62-year-old’s term was handed down after two people told the court how his 20-year Ponzi scheme, one of the largest in US history, had affected their lives.  Metro 15th June 2012, article Fred Attewill

 

 

85,512.  A flamboyant stockbroker is facing a substantial jail sentence after admitting carrying out a £32 million ‘ponzi’ fraud.

 

Nicholas ‘Beano’ Levene, the former deputy chairman of Leyton Orient Football Club, cheated investors by paying returns from their own money or subsequent customers.  Metro news article

 

 

85,491.  In 1987 Frank Avellino and Michael Bienes, two advisers feeding Bernie Madoff with funds, opened a second office in Fort Lauderdale, Florida, and begun looking for a new well of investors.  Bernard Madoff: 65 Billion Dollar Swindle

 

85,492.  In a 1992 interview with the Wall Street Journal Madoff claimed he had no idea that his two front men were operating illegally.  ibid.  

 

85,493.  Documents show that after 1992 former Avellino' and Bienes’ clients began moving their money into partnerships that were Michael Sullivan’s conduits to Madoff.  Avellino and Bienes also continued to invest their own personal money with Madoff, and went on to amass fortunes.  ibid.

 

85,494.  By 2008 one third of all Geneva fund managers had invested with Madoff to the tune of $14,000,000,000.  ibid.

 

85,495.  Finally in January 2006, prompted by [Harry] Markopolos, the SEC launched an official investigation.  Insiders said that when SEC lawyers visited the offices, Madoff personally answered questions and was visibly nervous and irritable.  It took two years before the SEC issued a verdict: Madoff was cleared.  Another year of fraudulent trading followed.  ibid. 

 

85,496.  When the housing bubble burst in the spring of 2007 and markets collapsed, hedge funds were hurting.  ibid.

 

85,497.  In summing up, the trail judge said Madoff’s fraud was extraordinarily evil.  And he received the maximum possible sentence.  Bernie Madoff will die in prison for the sixty-five billion dollar swindle.  ibid.

 

 

85,498.  As the global economy unravelled one of its major players was exposed.  Bernard Madoff: his fraudulent activity gave a name and a face to all that went wrong, providing a focus for everyone’s anger.  Ripped Off: Bernie Madoff

 

85,499.  One of the biggest frauds was perpetrated by the American, who stole some $65,000,000,000.  He had been running the largest Ponzi scheme in history.  ibid.

 

85,500.  The Ponzi scheme is a simple scam, whereby one set of investors are paid unreal returns out of money received from another.  The scheme was named after Carlo Ponzi who established the fraud in Boston in 1920.  ibid.

 

85,505.  Reed Slatkin & Vilas Likhite: In the 1990s Scientologists were duped by a member of their Church – Reed Slatkin, whose success investing with internet service provider Earthlink gave him credibility.  By the time Slatkin’s Ponzi exploded nearly $600,000,000 had been lost.  ibid.

 

85,506.  Richard Piccoli: Charged with stealing $17,000,000; Arthur Nadel:  disappeared with $300,000,000; Joseph Forte: charged with running a $50,000,000 Ponzi; Nicholas Cosmo: allegedly absconded with $130,000,000; Paul Greenwood & Stephen Walsh: reportedly defrauded investors out of $554,000,000; Allen Stanford: charged by the Securities and Exchange Commission with conducting an $8,000,000,000 Ponzi scheme.  ibid. 

 

 

85,501.  They were paid so much to look the other way ... Those feeder funds were incentivised not to ask the questions.  To be wilfully blind, if you will.  And not to get too intrusive into the Madoff scheme.  (Ponzi Schemes & Whistleblowers)  Harry Markopolos, whistleblower, evidence to congressional inquiry

 

 

85,502.  When I met a Ponzi artist the first thing I thought was wow I like him.  He is so nice.   Richard Behar

 

 

85,503.  It was too good to be true.  But nobody wanted to ask questions.  Small time investors to sophisticated hedge fund managers.  And where were the regulators?  Frontline: The Madoff Affair, PBS 2009

 

85,504.  The largest stock fraud in history.  ibid.

 

 

101,157.  In the summer of 2007 Hillary was forced to return nearly $900,000 from fundraiser Norman Hsu who is now under indictment for running a Ponzi scheme.  (Clinton & Ponzi Schemes)  Hillary, The Movie, 2008, newspaper article

 

 

103,268.  He is the greatest grifter the world has ever seen.  He ran the longest of long cons.  He hustled the most money.  His marks include millionaires and movie magnets as well as thousands of ordinary victims all over the globe.  Tomorrow Bernie Madoff will be sentenced for masterminding the biggest con the world has ever seen.  (Ponzi Schemes & Con & Fraud)  This World: The Madoff Hustle, BBC 2009

 

103,269.  Had confessed to swindling billions of dollars from investors.  Madoff was the last person on Wall Street most people would have suspected of such a crime.  (Ponzi Schemes & Con & Fraud)  ibid.

 

103,270.  The supply of money and marks always dries up in the end.  (Ponzi Schemes & Con & Fraud)  ibid.

 

103,271.  Madoff may have stolen as much as $64 billion.  (Ponzi Schemes & Con & Fraud)  ibid.    

 

 

106,394.  He [Scott Rothstein] ran a Ponzi scheme from inside his law firm.  Then, the murder of a promising young attorney lifted the lid on a Pandora’s box of secrets.  Could the victim’s best friend have prevented the tragedy?  True Crime with Aphrodite Jones s2e4: Loyalty, Lies & Loss 

 

106,395.  ‘We’re lawyers; if we’re not going to break the law, who is?’  ibid.  Rothstein at party

 

106,396.  Rothstein offered potential investors the chance to make a tidy profit if they purchased settlements he claimed to have negotiated for his clients.  ibid.

 

106,399.  He relied on his connections to pull off the con.  ibid.

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