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Over 150 Ponzi Schemes Collapsed in 2009, Up Nearly 300% from Last Year
Ponzi scheme collapses nearly quadruple in 2009, and total number of securities fraud investigations also rises.
SEC Charges Two Madoff Computer Programmers
Programmers allegedly helped Madoff cover up his fraud for more than 15 years.
Chadbourne & Parke Named as Defendant in Stanford-Related Class Action
Law firm Proskauer Rose was previously named as a defendant in the case.
Mx Factors Ponzi Scheme Operator Sentenced to 100 Years in Prison
Sentence is believed to be longest ever imposed in a white collar crime in the Central District of California.
UK: FSA Quadruples Team Investigating Ponzi Schemes
In the UK, the Financial Services Authority stated that it has more than quadrupled the size of the investigation team looking at Ponzi schemes. The team has gone from fewer than ten people to more than 40 lawyers, forensic accountants and prosecutors after a large increase in the number of cases.
According to [...]
Vanity Fair: “Bernie Madoff’s Secretary Spills His Secrets”
The June issue of Vanity Fair has a 9,000-word article co-authored by Bernard Madoff’s secretary of more than 20 years, Eleanor Squillari. Squillari reveals more about Madoff’s well-publicized bizarre behavior and the craziness that went on at Madoff’s firm through the years. According to a preview of the article, Squillari discusses:
Bernie’s personality: Madoff handled [...]
PBS Video: First Television Interview with Mary Schapiro
SEC Chairman Mary Schapiro gave her first television interview since rejoining the SEC to PBS’ Nightly Business Report. The interview touches on Ponzi schemes, rating agencies, and much more.
SEC’s OCIE Unit Ramps Up Training on Detecting Ponzi Schemes
Burned by its high-profile failure in the Madoff case, the SEC is ramping up its training of staff on how to detect certain types of securities fraud. Reuters reports that the SEC’s inspection unit (the Office of Compliance Inspections and Examinations) is now offering 90-minute classes for employees on topics such as “Basics of Ponzi [...]
CFTC Commissioner Warns of “Ponzimonium,” Confirms Hundreds of New Investigations
Putting a surprisingly high number on it, CFTC Commissioner Bart Chilton warned of “rampant Ponzimonium” last week and said that US financial regulators are now investigating “hundreds” of individuals and entities over suspected Ponzi schemes.
The Guardian reports that regulators were uncovering more of these scams than ever before in the wake of high-profile cases such [...]