Tags: US | Ponzi | Nation

Ponzi Collapses More Than Tripled in '09

Monday, 28 Dec 2009 02:43 PM

 

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink

It was a rough year for Ponzi schemes. An Associated Press analysis of all 50 states shows that the recession caused nearly four times as many Ponzi scheme collapses in 2009 as there were in 2008.

Tens of thousands of investors watched more than $16.5 billion disappear. That included the life savings of many people.

Investors lost more money to such scams in 2008 thanks to the failure of Bernie Madoff's long-running scheme estimated at $21 billion to $50 billion.

But experts say the main reason so many more Ponzi plots collapsed this year was that investors had less money to risk. The Madoff case also made investors more careful and brought tighter regulation from federal authorities.

More than 150 Ponzi schemes collapsed in 2009 compared with about 40 in 2008.

Special: Get Sarah Palin’s New Book – Incredible FREE Offer -- Click Here Now.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Ferguson Prosecutor: Some Witnesses Were 'Not Telling the Truth'

Friday, 19 Dec 2014 22:48 PM

Some witnesses who appeared before the grand jury investigating the death of unarmed black teenager Michael Brown were " . . .

Judge Dismisses Suit on Oklahoma Execution Access

Friday, 19 Dec 2014 22:40 PM

A federal judge on Friday dismissed a lawsuit filed by media organizations seeking greater access to the execution of Ok . . .

GOP Lawmakers Write Obama on Power Plant Pollution Regulations

Friday, 19 Dec 2014 22:06 PM

Ninety-six Republican lawmakers have signed a letter urging President Barack Obama to drop the Environmental Protection  . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved