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03-21-2009, 04:26 PM #1
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Collapsing markets expose 'Ponzimonium' of scam artists
Collapsing markets expose 'Ponzimonium' of scam artists
Andrew Clark in New York guardian.co.uk,
Friday 20 March 2009 00.01 GMT
Financial authorities in the US are investigating "hundreds" of individuals and entities over suspected Ponzi schemes as turmoil on the global financial market exposes fraudsters, whose ill-gotten gains have remained undetected for years.
The commissioner of the US Commodity Futures Trading Commission, Bart Chilton, warned today of "rampant Ponzimonium". He was speaking as the biggest Wall Street fraudster on record, Bernard Madoff, failed to gain release from prison. A federal appeals court ruled that the 70-year-old must remain incarcerated until his formal sentencing in June, when he is expected to be committed to prison for the rest of his life.
Chilton said that regulators are uncovering more Ponzi schemes in the wake of high-profile cases such as the Madoff debacle and charges filed against Allen Stanford.
"Regulators are certainly seeing more of these scams than ever before," said Chilton. "Although some of the crooks are so accomplished that they are hard to detect and remain below the radar for years."
Chilton said that in the last month alone the CFTC had gone after fraudsters in seven states. "These guys are relentless - sending out bogus statements, slick monthly portfolios," he said. "One even used an imposter to pose as a successful investor who gave glowing testimonials."
He added that many of those responsible led high-profile lives. "It is incredible what they think that can get away with. One crook bought an expensive teddy bear collection while another bought - can you believe it? - an entire drag-racing team."
After three months under house arrest in his Manhattan penthouse, Madoff was jailed after pleading guilty last week to 11 criminal charges including fraud, theft, money-laundering and perjury.
A three-judge appeals panel said today that he must stay in prison because there were grounds to consider him at risk of flight. "The defendant has a residence abroad, and has had ample opportunity over a long period of time to secrete substantial resources outside the country."
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03-21-2009, 04:47 PM #2
It's shocking isn't it.....it's rampent all over.
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03-21-2009, 05:15 PM #3
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We can only hope they continue to uncover these people and remove them from our society just as with Madoff.
To me it is not severely shocking, the amount of corruption on Wall Street, as this is what the prospect of unlimited income will do to humans, some more than others.
As I mentioned before, our society and system is well over bloated with too much money and goods, and we as a people need to learn to live within our means and get hold of our government and financial system and give it all a really good overhaul, the sooner, the better for us all.“In the beginning of a change, the Patriot is a scarce man, Brave, Hated, and Scorned. When his cause succeeds however,the timid join him, For then it costs nothing to be a Patriot.â€
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