It's been a rough year for Ponzi schemes. Nearly four times as many of the investment scams unraveled in 2009 as fell apart in 2008. Tens of thousands of investors watched more than $16.5 billion disappear like smoke in 2009, according to The Associated Press' national analysis. The recession has led to the exposure of many scams "that otherwise might have gone undetected for a longer period of time," said Lanny Breuer, assistant attorney general for the Justice Department's criminal division.
December 29, 2009 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
It was a rough year for Ponzi schemes. In 2009, the recession unraveled nearly four times as many of the investment scams as fell apart in 2008, with “Ponzi” becoming a buzzword again thanks to the collapse of Bernard Madoff’s $50 billion plot.
Tens of thousands of investors, some of them losing their life’s savings, watched more than $16.5 billion disappear like smoke in 2009, according to an Associated Press analysis of scams in all 50 states.
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