Search Results for: ponzi
SEC Charges Operators of Fake Day-Trading Firm With Defrauding Inexperienced Investors
December 22nd, 2016
The Securities and Exchange Commission today charged two men behind a phony day-trading firm with pocketing more than $1.4 million in deposits from hundreds of defrauded investors worldwide. The SEC alleges that Naris Chamroonrat of Bangkok, Thailand, recruited Adam ...
Authorities Allege $1 Billion Fraud at Platinum Partners
December 20th, 2016
In June 2014, the founder of hedge fund Platinum Partners sent a panicked email to his partner. “It can’t go on like this,” wrote Mark Nordlicht, fretting about mounting requests from investors for their money back. “This is code ...
Alert: Beware of Facebook investment scam
November 28th, 2016
Facebook users are promised an $800 payout if they can refer two other people into the “Blessing Loom” and deposit at least $100. Showing signs of a classic Ponzi scheme, authorities and observers warn Facebook users not to join ...
Ex-Wall Street exec sentenced to jail in a $38 million investment fraud case
November 7th, 2016
An Ivy league-educated financier who defrauded friends, family and even a 9/11 victim’s relatives of more than $38 million to feed a gambling habit was sentenced Friday to four years in prison by a Manhattan federal judge. Andrew Caspersen, ...
Inexperienced Chinese investors are getting stung by fintech scams
September 8th, 2016
China is witnessing a fintech boom. Companies providing electronic payments, cryptocurrency trading and other online financial services there are not only mushrooming, they are among the biggest and most highly rated in the world. The Fintech 100, a ranking ...
Baidu Freezes Bitcoin related promotions
August 29th, 2016
China’s leading search engine Baidu has halted—sans any warning—all bitcoin and digital currency-related advertising on its network. Chinese media outlet CnLedger broke the news on Friday, with a tweet that said Baidu “has stopped all virtual coin related keyword advertising (paid search), including bitcoin.” Local bitcoin exchanges ...
The Dubai government has shut down a foreign exchange trading firm
July 25th, 2016
The Dubai government has shut down a foreign exchange trading firm in Dubai pending further investigations. Officials from the Department of Economic Development (DED) closed the offices of Exential Group in Dubai Media City last week and ordered it ...
The founder of the Bitcoin Savings and Trust company gets 18 months in prison for Fraud
July 25th, 2016
Trendon Shavers, the mastermind behind the disgraced Bitcoin Savings & Trust Ponzi scheme, has been sentenced to 18 months in prison on one count of securities fraud. In addition, Shavers was ordered to forfeit $1.23 million and to pay ...
The 18 companies that control bitcoin in 2016
July 1st, 2016
Flashy startups like Coinbase, Circle, Blockchain, and BitPay are some of the most famous companies in bitcoin. But arguably more important are the miners — individuals and organisations who form the core backbone of bitcoin, ensuring the digital currency’s ...
Everything you need to know about Bitcoin and the new contender Ethereum
June 23rd, 2016
Well, if we leave the EU and the Pound plummets, there’s always Bitcoin,” a glum currency trader joked last week. “Assuming our computers still switch on after Brexit.” He was being facetious. But then the king of all currency ...
