While the alleged Bernard Madoff Ponzi scheme is capturing most of the headlines, other Ponzi schemes are also coming to light.
According to newspaper reports, Japanese police have arrested a 75-year-old bedding company executive on suspicion of running a "pyramid scheme" that promised investors high returns.
According to some experts, Ponzi schemes are increasing and are recurrent. Estimates suggest that in 2002, US citizens lost $9.6 billion to Ponzi schemes. Some suggest that Ponzi schemes are happening with increasing frequency and point the finger at unregulated hedge funds or alternative investments put together by investment advisors.
Friday 6 February 2009
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