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Ponzi Schemes

(Getty Images)
Policy
Regulations
OmegaPro Co-Founder Arrested in Turkey on Suspicion of $4B Ponzi Scheme: Reports
The firm said it invested in cryptocurrency and forex, and reportedly collapsed in 2022.
(Getty Images)
By Amitoj Singh
Aug 22, 2024 at 3:19 p.m. UTC
Aug 22, 2024
RegulationsTurkeyArrestscamFraudFranceCrimePonzi Schemes
HyperVerse's promoters paid an actor to pose as CEO, according to court documents. (HyperVerse on YouTube)
Opinion
Opinion
When Is a Ponzi a Ponzi?
U.S. authorities indicted the operators of HyperVerse, an alleged $1.8 billion “Ponzi scheme.” There’s a fine line between a “fraudulent investment scheme” and many crypto pro...
HyperVerse's promoters paid an actor to pose as CEO, according to court documents. (HyperVerse on YouTube)
By Daniel Kuhn
Jan 30, 2024 at 7:21 p.m. UTC
Jan 30, 2024
OpinionThe NodeNewslettersPonzi SchemesScamsFraudIndictment
(Shutterstock)
Finance
Fraud
Crypto Hedge Fund Fraudster Sentenced to 7 1/2 Years for Ponzi Scheme: Report
Australian national Stefan Qin bilked investors in his two hedge funds out of $90 million, according to authorities.
(Shutterstock)
By Nelson Wang
Sep 15, 2021 at 9:24 p.m. UTC
Sep 15, 2021
FraudPonzi Schemes
Kevin Dietsch/Getty Images
Policy
Bitconnect
BitConnect’s Top US Promoter Pleads Guilty to Fraud Charge
Glenn Arcaro faces up to 20 years in prison for his role in the alleged $2 billion Ponzi scheme.
Kevin Dietsch/Getty Images
By Cheyenne Ligon
Sep 2, 2021 at 4:08 p.m. UTC
Sep 2, 2021
BitconnectDepartment of JusticeU.S.Ponzi Schemes
Finiko founders Marat Sabirov, Kirill Doronin and Edvard Sabirov (left to right)
Markets
Russia
Founder of Alleged $95M Ponzi Nabbed in Russia, 3 More Sought
Finiko was labeled as a Ponzi scheme by the Bank of Russia but still attracted millions in investment.
Finiko founders Marat Sabirov, Kirill Doronin and Edvard Sabirov (left to right)
By Anna Baydakova
Aug 13, 2021 at 6:06 p.m. UTC
Aug 13, 2021
RussiaPonzi Schemes
Carlos Matos promoting Bitconnect
Policy
Ponzi schemes
The Lesson of Bitconnect: Promoters Can Be Liable
The SEC has filed charges against five promoters of the alleged crypto fraud. It's a chance to learn from the mistakes of Trevon James and Co.
Carlos Matos promoting Bitconnect
By David Z. Morris
Jun 2, 2021 at 2:50 p.m. UTC
Jun 2, 2021
Ponzi SchemesSecurities and Exchange CommissionOpinionBitconnect
SEC building
Markets
Ponzi schemes
SEC Sues 5 Over $2B Bitconnect Ponzi
Bitconnect collapsed in 2018 after state regulators in Texas and North Carolina filed cease-and-desist letters against its lending and exchange platform.
SEC building
By Nikhilesh DeKevin Reynolds
May 28, 2021 at 7:37 p.m. UTC
May 28, 2021
Ponzi SchemesSecurities and Exchange CommissionBitconnect
Securities and Exchange Commission building in Washington, D.C.
Markets
Sec
SEC Brings Enforcement Action Against Alleged $6.9M Ponzi Scheme
Shawn Cutting allegedly claimed to be an experienced financial adviser to raise funds from over 450 investors.
Securities and Exchange Commission building in Washington, D.C.
By Jamie Crawley
Mar 11, 2021 at 5:16 p.m. UTC
Mar 11, 2021
SECPonzi Schemes
Cape Town, South Africa
Policy
South africa
South African Regulator Seeks More Crypto Powers After Alleged Ponzi Schemer's Collapse
“At the point something becomes a Ponzi scheme, we have lost our jurisdiction,” a regulator told Bloomberg.
Cape Town, South Africa
By Tanzeel Akhtar
Jan 27, 2021 at 2:06 p.m. UTC
Jan 27, 2021
South AfricaRegulationPonzi SchemesCoinFlash