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 the Times Online, the FSA also stated that it had “recorded a 190 per cent rise in intelligence reports of ‘illegal deposit-taking’ since last year, much of it Ponzi-style frauds of the type that came to prominence in the trial and conviction of the US financier Bernard Madoff.”

Read the Times Online article