Ponzi scheme

(redirected from Ponzi scam)
Also found in: Dictionary, Legal, Financial.

Ponzi scheme:

see under Ponzi, CharlesPonzi, Charles or Carlo,
1882–1949), Italian-American swindler. He came to the United States from his native Italy in 1903, then went in 1907 to Canada, where he was convicted of check forgery.
..... Click the link for more information.
.
References in periodicals archive ?
Look at how Al Gore (backed by big business) and the EU (any opportunity to tax and tax and control) have jumped on the 'carbon trading' pyramid Ponzi scam and ask yourself why -- and how -- you allowed yourselves to be duped so easily.
It remains to be seen, however, whether the Upper East Side co-op that Madoff lived in before he went to jail for the largest Ponzi scam in history will also command such heavy buyer interest -- and such a significant price premium.
The people who need straight answers regarding the foundations and endowments that lost billions of dollars in the Ponzi scam allegedly run by Bernie Madoff are the clients who desperately needed the services provided by the charities that now have their funding cut because of the scam.
The companies were operating on the pyramid principle, the old Ponzi scam, under which high returns were paid to existing investors out of funds contributed by new ones.
In the case of a Ponzi scam, she said this was an investment fraud which promised high financial returns or dividends equivalent to 6-29 percent a month.
The division bench had rejected the bail petition, moved by Former union minister and senior lawyer Kapil Sibal, on the grounds that it might hamper the process of ongoing Supreme Court- monitored CBI probe in connection with the ponzi scam.
So far, the agency has found that a maze of 338 bank accounts and 224 companies were used by the perpetrators of the ponzi scam, which allegedly duped investors in various states including West Bengal, Odisha and Assam.
Kolkata: In a big embarassment to the ruling Trinamool Congress, its Rajya Sabha MP Srinjoy Bose was on Friday arrested by the CBI for alleged involvement in the multi-crore Saradha ponzi scam and West Bengal Textiles Minister Shyamapada Mukherjee was quizzed in another related case.
New Delhi, May 6 ( ANI ): West Bengal Finance Minister Amit Mitra met Prime Minister Manmohan Singh on Monday and asked him to expedite President Pranab Mukherjee's assent on the new bill to protect the interests of depositors in the aftermath of the multi-crore ponzi scam in the state.
knew about the massive Ponzi scam of the bank's client Bernard Madoff much before it became public but turned a blind eye to it, hoping to protect the bank's interests, according to a $6.
Madoff, who carried out his Ponzi scam for decades, finally met his fate yesterday in a crowded Manhattan court.
Sources in the probe agency said that Kundu was put under arrest following investigation in the Ponzi scam that was allegedly perpetrated by this consortium of companies.