Warning: Investment Scam Artists at Work!
For the past few years, Ponzi schemes - investment frauds that involve the payment of purported returns to existing investors from funds contributed by new investors - have hit the headlines on a regular basis. Amazingly, at any one time, the U.S. Commodity Futures Trading Commission (CFTC) is investigating anywhere between 750 and 1,000 individuals or entities for various violations of the law.
Ponzimonium: How Scam Artists are Ripping Off America, a new book from the CFTC, tells the dramatic stories of these fraudulent schemes, their smooth-talking masterminds, and their many honest, hard-working victims, who often lose the money they've saved for their kids' college funds, needed health care expenses, or their own retirement as a result of misplaced trust in fraudsters.
Written by CFTC Commissioner Bart Chilton, Ponzimonium pulls no punches in recounting these sometimes dramatic cases of fraud and victimization. The goal: to describe these illegal schemes and help potential investors avoid the grief that so many Americans have endured at the hands of investment swindlers.
REVIEWS AND COMMENTARY ABOUT "PONZIMONIUM":
Publisher: Commodity Futures Trading Commission
Description: Tells these stories of crime and punishment in a readable style that can inform and educate anyone who wants to find out how to identify and avoid becoming entangled in an investment fraud. When dealing with possible Ponzi schemes, your best investment is in the facts - and you'll find those facts in Ponzimonium.
Publisher: Securities and Exchange Commission, Office of Investigations
Description: Reports on the SEC's Office of the Inspector General investigation which found that the SEC received numerous substantive complaints since 1992 that raised significant red flags concerning Bernard Madoff's hedge fund operations and should have led to questions about whether Madoff was actually engaged in trading and should have led to a thorough examination and/or investigation of the possibility that Madoff was operating a Ponzi scheme. It concludes that had these efforts been made with appropriate follow-up, the SEC could have uncovered the Ponzi scheme well before Madoff confessed.
Year/Pages: 2009: 477 p.
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