Ponzi Scheme

MicroStrategy Inc. (NASDAQ:MSTR) co-founder Michael Saylor responded on Monday to critics who call the firm's Bitcoin (CRYPTO: BTC) acquisition strategy a Ponzi scheme, equating it to Manhattan's real estate industry. What happened: During a CNBC interview, Saylor was asked his views on the...

A massive medical cannabis Ponzi scheme was dismantled in Europe on Thursday. A joint investigation by EU law enforcement authorities, backed by Eurojust and Europol resulted in the arrest of 9 suspects of Russian, Dutch, German, Italian, Latvian, Maltese, Polish, Jordanian, US and Venezuelan...

An alleged Ponzi scheme orchestrated by a Harvard MBA alum has been dismantled by a New York court after gathering more than $2.9 million from fellow alumni. What Happened: Vladimir Artamonov, a Harvard Business School alumnus, has been accused of deceiving investors, many of whom were individuals...

The Securities and Exchange Commission reported this week that it had obtained final judgments against a California-based beverages company that marketed a scam share scheme whose proceeds were spent on luxury items and casino binges. SHE Beverage Company and its principals Lupe Rose, Sonja Shelby...

The Securities and Exchange Commission (SEC) has charged podcaster Matthew Motil with orchestrating an $11 million real estate Ponzi scheme, Business Insider reported.  The SEC filed a complaint against the host of “The Cash Flow King” podcast in the Northern District of...

Elon Musk's admiration for Dogecoin (CRYPTO: DOGE) is no secret. On Wednesday, the billionaire owner of Twitter and CEO of Tesla posted a Scooby-Doo meme that boosted the value of the Shiba Inu-themed coin. What Happened: Musk's posts on Dogecoin have sometimes attracted trouble for the...

Russian President Vladimir Putin has announced a list of 500 individuals who are now facing travel and financial restrictions, which includes BJ Kang, the head of investigations for Binance.US and a former FBI agent. This move is believed to be in response to recent sanctions imposed by the United...

The U.S. Securities and Exchange Commission (SEC) has taken emergency action against BKCoin Management and its principal, Kevin Kang, following their alleged involvement in a cryptocurrency fraud scheme. What Happened: The SEC alleged BKCoin, which is based in Miami, and Kang raised $100...

A federal grand jury in the District of Oregon has charged four founders of Forsage, a purportedly decentralized finance (DeFi) cryptocurrency investment platform, with running Ponzi and pyramid scheme that raised approximately $340 million from victim investors. What Happened: The...

Crypto giant Binance reportedly processed almost $346 million in Bitcoin (CRYPTO: BTC) for the Bitzlato digital currency exchange, the founder of which was arrested by U.S. authorities last week for allegedly running a "money laundering engine," according to blockchain data,...

Remember the recent massive Ponzi scheme organized by marijuana investment platform JuicyFields? The pyramid scam that guaranteed 66% returns in three months then suddenly froze all cash withdrawals and deleted its accounts from social media? ...

A series of unusual Dogecoin (CRYPTO: DOGE) picked up by the DOGE community has led to the discovery of a Ponzi scheme run by a U.K.-based firm. What Happened: Popular DOGE community members, including Mishaboar, RepeatAfterVee and CalisCahin, traced a series of...

Bernard Madoff, the infamous Ponzi schemer, asked to be granted an early release due to his poor health conditions. What Happened Madoff, 81 has said that he is dying of terminal kidney disease and asked a judge on Wednesday for an early release from prison. He is currently serving a 150-...

Forensic accountant and financial fraud investigator Harry Markopolos is perhaps best known for producing early research suggesting Bernie Madoff was running on a Ponzi Scheme. On Thursday, he dominated financial headlines again for publishing a report against General Electric Company (NYSE: GE)....