Interesting piece in the weekend edition of Montreal’s The Gazette about Carlo Ponzi (sometimes referred to as Charles Ponzi) and his connection to the Quebec city.
By now – thanks to Bernie Madoff – how a Ponzi scheme works is well known: It takes money from new investors to pay existing investors. There’s no real investment to generate returns. It’s a fraud that works only as long as new money keeps flowing in, but sooner or later it is doomed to fail or be revealed as redemptions or payouts outstrip new investments.
Well, it appears that Ponzi moved from Boston to Montreal as a young man and it was here that he was introduced to the swindle that would later bear his name. On the heels of Canada Day, it s not a Canadian connection to take pride in.
150 years. That’s the jail time that convicted fraudster Bernard Madoff was sentenced to today in a packed New York courthouse. In handing out the maximum sentence to Madoff, U.S. District Judge Denny Chin said, “Objectively speaking, the fraud here was massive,” he said. “Here the message must be sent that Mr. Madoff’s crimes were […]
BCSC staff ambassadors tour the province, helping people to protect themselves from fraud and unsuitable investments. Our goal is to enable BC investors to develop critical thinking skills so they can become more informed of steps they should take to protect themselves when investing. Where we are this month Nanaimo InvestRight seminar April […]