pyramid scheme news stories on Newser

New $130M Global Ponzi Scheme Busted

Mary Papenfuss — Sun, 19 Jul 2009 07:53:00 CDT

London investigators have uncovered a $130 million Ponzi scheme that duped hundreds of celebrities and businessmen around the world, reports the Telegraph . The scammers were so slick that many of their victims refuse to believe they were sucked in by the ersatz high-yield fund, and are still expecting payment, according...

Feds to Charge Hsu on Pyramid Scheme, Dem Fundraising

Jonas Oransky — Thu, 20 Sep 2007 11:15:00 CDT

Rogue Democratic fundraiser Norman Hsu’s troubles are deepening today, as federal officials are expected to charge the twice-on-the-lam financier with running a $60 million pyramid scheme and breaking campaign-finance laws. Hsu faces accusations that he falsely told investors their money was going into a clothing operation; some of was allegedly...

Ant Farm Con Man Gets Death

J. Kelman — Wed, 21 Mar 2007 15:13:38 CDT

A pyramid scheme built on an ant farm earned a Chinese entrepreneur over $400 million—and a death sentence. The sentence meted out to Wang Zhendong by a Chinese court last month is part of a nationwide crackdown on fraud. Wang swindled thousands of people by misrepresenting his wares as...