ARTICLES RELATING TO PONZI SCHEME

Madoff sheds light on meeting with Perez

2014-10-09 11:44

George Perez, a former computer programmer for Bernard Madoff who was convicted of aiding his boss' massive Ponzi scheme, got support from Madoff himself.

US judge: Ex-Madoff employees' convictions stand

2014-07-25 09:55

A US judge has refused to overturn the convictions of five associates of imprisoned swindler Bernard Madoff for helping him run a huge Ponzi scheme.

R699 car drivers moving forward

2014-07-13 11:50

Satinsky clients are taking action as information about the group’s undoing and possible fraud comes to light.

Ex-Madoff accountant expected to plead guilty

2014-06-18 10:06

Bernard Madoff's former accountant is expected to plead guilty to charges in connection with the convicted swindler's massive Ponzi scheme.

Claims from Madoff victims top $40bn

2014-05-14 09:35

The US government-overseen fund for victims bilked by Bernard Madoff's massive Ponzi scheme has received more than 50 000 claims worldwide topping $40bn.

SuraPure: Pyramid scheme or not?

2014-04-04 05:30

SuraPure investors who have been left out of pocket after FNB froze the firm's bank account will know by next week if the business will be permitted to continue operations.

JPMorgan to pay $2.6bn for Ponzi fraud

2014-01-08 10:47

JPMorgan Chase will pay $2.6bn to resolve charges that its lax oversight enabled the multibillion-dollar Ponzi scheme of Bernard Madoff.

Defencex boss opens up to Moneyweb

2013-07-04 13:33

The mastermind behind the R800m Defencex scheme has told Moneyweb in an exclusive interview that he will never win his fight against the Reserve Bank.

D-Day for Defencex boss

2013-03-25 10:44

Defencex boss Chris Walker is to appear in court on Tuesday to defend his company against Ponzi scheme allegations, but not everyone believes he will show up.

Defencex investors rubbish R1 000 claim

2013-03-13 09:38

An investor activist says Defencex participants are undergoing the first of the normal stages of loss people experience when a scheme is exposed.

How to spot a Ponzi scheme

2013-03-07 19:48

South African investors continue to fall victim to so-called Ponzi or pyramid schemes, with Net Income Solutions being the latest scheme to hit the headlines.

How to spot a ponzi scheme

2012-12-10 13:58

Despite numerous warnings about ponzi schemes, South Africans are still risking their hard-earned cash on fraudulent investment opportunities, says an expert.

$2.48bn payout for Madoff victims

2012-09-20 16:25

Victims of Bernard Madoff's fraud will soon receive $2.48bn to help cover their losses, more than tripling their total recovery to about $3.63bn.

US police arrest Madoff's brother

2012-06-29 14:13

The FBI says it has arrested Peter Madoff, the younger brother of swindler Bernard Madoff, who is serving a 150-year prison sentence for his multibillion dollar Ponzi scheme.

NY Mets owners in $162m Madoff settlement

2012-03-19 17:23

Owners of the New York Mets baseball team have been accused of ignoring Bernard Madoff's fraud and of receiving "fictious profit".

Stanford jury unable to reach verdict

2012-03-06 10:34

The jury weighing evidence against Allen Stanford said it was unable to reach a verdict in the trial of the former Texas financier.

Madoff: Banks had to know of fraud

2011-02-16 08:54

Wall Street fraudster Bernard Madoff has said banks and hedge funds were somehow "complicit" in his massive Ponzi scheme.

Krion matriarch 'shows no remorse'

2010-07-26 15:30

Krion swindler Marietjie Prinsloo has not taken responsibility for defrauding hundreds of people of their investments in the pyramid scheme, hears the Pretoria High Court.

Madoff's beach house for sale

2009-09-01 22:21

Those who see Bernard Madoff as the personification of greed and excess may be disappointed by his beach house: It's not that palatial.

Madoff heads to prison

2009-07-14 18:28

Disgraced financier Bernard Madoff has left a federal prison in Atlanta to start serving a 150-year sentence behind bars in North Carolina.

Team to probe SA Ponzi scheme

2009-06-14 15:25

A special team has been established to investigate an SA Ponzi scheme allegedly run by Barry Tannenbaum.

 

Lawyers spar over forfeiture for Madoff aides

2014-07-30 13:30

After former Bernard Madoff aides have been convicted of helping conceal his Ponzi scheme, lawyers are still fighting over the trial's key question.

High life of the R699 kingpin

2014-07-13 14:54
129 comments

Albert Venter, the man at the helm of the controversial “R699 per month” car scheme, leads a lavish life which many of his customers can only dream of.

'R699' scam victims face debt default

2014-07-07 14:15

Car owners who have fallen prey to the “R699” finance scam need to act fast and approach their banks to see if they can reschedule their debt, says an expert.

Ponzi scheme mastermind up for arrest

2014-06-13 05:00

A warrant has been authorised to arrest a Cape Town man allegedly involved in a Ponzi-type investment scheme involving more than R11m.

SuraPure heads to court

2014-04-07 21:05

Anxious investors in drinks company SuraPure will know why the company's bank account was frozen when its case is heard in the South Gauteng High Court.

Ponzi scandal: Madoff aids found guilty

2014-03-25 09:14

Five former associates to investment manager Bernard Madoff have been convicted of helping their boss conceal his multibillion-dollar Ponzi scheme for years.

Ponzi scheme in action

2013-12-15 12:38

Ian Mann looks at how SA's Barry Tannenbaum ruined the lives of many.

Defencex case file goes missing

2013-03-26 20:01
121 comments

The file in the case of the Registrar of Banks vs Net Income Solutions CC and three others have "disappeared", it has emerged in the Western Cape High Court.

Too little, too late to stop Ponzi plots

2013-03-13 11:41

Any positive steps taken to protect the investing public have to be done with some form of authority and meaningful implementation, says an investor activist.

Defencex boss rallies support

2013-03-10 21:29
95 comments

The mastermind behind Defencex, an alleged Ponzi scheme, has tried to drum up investor support at a brief appearance at a meeting at Wits University.

Watchdog warns on new Ponzi scheme

2013-03-06 14:58

The Financial Intermediaries Association of Southern Africa has sounded a warning on the alleged Defencex scam, which may have collected R500m from investors.

Ponzi scheme: Accounts man pleads guilty

2012-11-09 07:53

The former controller at conman Bernard Madoff's firm has pleaded guilty to fraud and faces jail for offences linked to his boss' gigantic Ponzi scheme.

Major pyramid scheme exposed

2012-07-30 09:02

The Reserve Bank has reportedly swooped on key players in a pyramid scheme that has netted R265m.

Sarb warns of ponzi schemes

2012-06-28 16:51

South Africans should take care when choosing investments that offered large returns within a short period, warns the SA Reserve Bank.

Standford guilty of $7bn fraud

2012-03-07 08:14

Financier and cricket mogul Allen Stanford is guilty of perpetrating a $7bn Ponzi scheme, a US jury declared on Tuesday.

I made a lot of people rich: Madoff

2011-03-01 10:57

Bernard Madoff, in prison for the biggest pyramid scheme fraud in Wall Street history, says that in reality he made a lot of people rich and that he suffered alone.

No joy for many Madoff victims

2010-12-19 12:06

The news that some of Bernard Madoff's victims could be getting half their money back was of little comfort to those saw their life savings erased in the mammoth fraud.

Madoff has contempt for victims

2010-06-08 12:10

Ponzi schemer Bernard Madoff, serving a 150-year sentence for masterminding Wall Street's biggest fraud, has total contempt for his victims, a report says.

Krion 'a Ponzi-type scheme'

2009-07-28 22:16

The collapsed Krion investment scheme was a Ponzi-type scheme operated by an "organised crime family", the High Court in Pretoria has heard.

Billionaire jailed over $7bn fraud

2009-06-20 12:15

Brash Texas billionaire R Allen Stanford has been indicted and jailed on charges his international banking empire was really just a Ponzi scheme built on lies, bluster and bribery.

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