Ponzi scheme news

Here are some recent news articles and updates on Ponzi schemes:

Recent Ponzi Scheme Cases:

  1. TelexFree Ponzi Scheme: In 2020, the US Department of Justice charged 17 individuals with running a $1 billion Ponzi scheme through the company TelexFree. The scheme promised investors high returns for participating in a voice-over internet protocol (VoIP) business, but was actually a pyramid scheme that defrauded thousands of people.
  2. OneCoin Ponzi Scheme: In 2019, the US Department of Justice charged 12 individuals with running a $3.7 billion Ponzi scheme through the company OneCoin. The scheme promised investors high returns for buying and trading a cryptocurrency called OneCoin, but was actually a pyramid scheme that defrauded millions of people.
  3. ZeekRewards Ponzi Scheme: In 2016, the US Securities and Exchange Commission (SEC) charged the founders of ZeekRewards, a company that promised investors high returns for participating in a multi-level marketing (MLM) program. The scheme was actually a Ponzi scheme that defrauded over 1 million people out of $1 billion.

Ponzi Scheme Investigations:

  1. SEC Charges Crypto Ponzi Scheme: In 2020, the SEC charged a company called BitConnect with running a $2.5 billion Ponzi scheme through a cryptocurrency called BitConnect Coin. The scheme promised investors high returns for lending their cryptocurrencies to the company, but was actually a Ponzi scheme that defrauded thousands of people.
  2. FTC Charges Ponzi Scheme: In 2020, the Federal Trade Commission (FTC) charged a company called Digital Altitude with running a $150 million Ponzi scheme through a series of online courses and training programs. The scheme promised investors high returns for participating in the programs, but was actually a Ponzi scheme that defrauded thousands of people.

Ponzi Scheme Prevention:

  1. SEC Warns of Investment Scams: In 2020, the SEC warned investors to be cautious of investment scams, including Ponzi schemes, that promise high returns with little risk. The SEC advised investors to do their research and due diligence before investing in any opportunity.
  2. FTC Warns of Online Scams: In 2020, the FTC warned consumers to be cautious of online scams, including Ponzi schemes, that promise high returns or quick profits. The FTC advised consumers to be wary of unsolicited investment opportunities and to do their research before investing in any opportunity.

Ponzi Scheme Statistics:

  1. Ponzi Schemes Cost Investors $100 Billion: According to the SEC, Ponzi schemes have cost investors over $100 billion in the past decade.
  2. Ponzi Schemes Target Vulnerable Populations: According to the FTC, Ponzi schemes often target vulnerable populations, such as the elderly, low-income individuals, and those with limited financial knowledge.
  3. Ponzi Schemes Are Increasing: According to the FBI, Ponzi schemes are increasing in frequency and sophistication, with many schemes using technology and social media to reach a wider audience.

I hope this information is helpful!