Madoff Aide Indicted

A federal grand jury in the Southern District of New York has indicted former Bernard Madoff aide, Daniel Bonventre, on charges related to the operation of Madoff’s $65 billion Ponzi scheme fraud. The indictment alleges that Bonventre facilitated the operation of the investment fraud by using $750 million in investment funds to hide the existence […]

Ponzi Schemers Usually Target Closest

Many if not most of the Ponzi schemes that have recently come to light appear to have targeted individuals or groups close to the scheme perpetrators. Even Bernard Madoff targeted wealthy individuals and philanthropists with whom he was well acquainted. In particular, smaller Ponzi schemes most often target individuals whom the schemer knows or who […]

Federal Authorities Foil Boston Area Affinity Scheme

Agents of the Federal Bureau of Investigation arrested Richard Elkinson at a casino in Mississippi yesterday. He is charged with operating a Ponzi scheme that defrauded more than 130 investors out of more than $29 million. Federal prosecutors in Boston filed the charges, which include mail fraud. The government alleges that Elkinson gave investors promissory […]

3 Indicted in Securities Scheme

A federal grand jury in the Southern District of Florida indicted three men for operating a Ponzi scheme targeting Haitian Americans. The indictment charges that the three defrauded the scheme’s victims of $14.3 million. Most of the proceeds of the fraud went to those charged with a minimal amount actually being invested. The government alleges […]

IG Finds Incompetence Not Corruption in SEC’s Madoff Failure

The Inspector General of the Securities and Exchange Commission has released his report of the investigation of the SEC’s failure to uncover Bernard Madoff’s Ponzi scheme. The IG did not find evidence that any SEC personnel benefited financially or in any other inappropriate capacity from a connection with Madoff that influenced the examinations and investigations. […]