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Federal fund for Bernie Madoff’s victims gets more than $40 billion in claims

The U.S. government-overseen fund for victims bilked by Bernard Madoff’s massive Ponzi scheme has received more than 50,000 claims worldwide topping $40 billion, the fund’s chief said Tuesday. Richard Breeden, the “special master” managing the Justice Department’s Madoff Victim Fund, said it had received more than 51,700 claims from 119…

Former ‘God’s Money’ host accused of luring retirees into Ponzi scheme through radio show

The former host of a Saturday morning Christian radio show was arrested this month in connection with a Ponzi scheme that bilked 38 people in Florida out of $6 million. Gary Gauthier was arrested last week in Tampa, reported the St. Petersburg Tribune, and charged with one count each of…

SEC: Bitcoin banker’s $4.5 million investment fund was a giant Ponzi scheme

The Securities and Exchange Commission (SEC) said Tuesday that a Texas man who ran an online investment fund that traded in the virtual currency Bitcoin was actually operating a giant Ponzi scheme that grew to over $4.5 million in value before collapsing. In its advisory, the SEC unmasked Trendon T.…

Allen Stanford found guilty in Ponzi scheme trial

Allen Stanford, the former chairman of the defunct financial company Stanford Financial Group, was found guilty of conspiracy and fraud charges by a grand jury Tuesday afternoon for leading a $7 million Ponzi scheme from his offshore bank in Antigua. According to Reuters, a jury of eight men and four…

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