CFTC Commissioner Warns of “Ponzimonium,” Confirms Hundreds of New Investigations

Charles Ponzi

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 as those against Bernard Madoff debacle and Allen Stanford. “Some of the crooks are so accomplished that they are hard to detect and remain below the radar for years,” Chilton said.

Read The Guardian article