Barclays faces legal scrutiny over role in £90m ‘Ponzi scheme within a Ponzi scheme’ Banking Barclays could be on the hook for as much as £37m over its role in a collapsed ‘Ponzi scheme’ after failing to dismiss claims brought by the company’s liquidators. The FTSE 100 finance giant provided banking services to a company called Denaro from 2013 until its demise a decade later, at which point it faced [...]
On this day: the arrest of Bernie Madoff Opinion On 11th December 2008, financier Bernie Madoff was arrested for the biggest Ponzi scheme in history, writes Eliot Wilson The 1990s had been an economic boom time for much of the West, with America growing at more than three per cent a year. It seemed as if the post-Cold War world might be one of [...]
HSBC: FTSE 100 lender’s profit slumps as legal costs jump Banking Europe’s biggest lender, HSBC reported better-than-expected revenue in the third quarter, but recorded a double digit decline in profit as it set aside over a billion dollars following a fresh ruling on the Bernie Madoff fraud scheme. HSBC’s pre-tax profit fell to $7.3bn (£5.4bn) in the three months to September 30, a fall of nearly [...]
Scammer City boss on the hook for £64m after fraud scheme June 21, 2025 A City boss compared to the The Wolf Of Wall Street has been ordered to pay back £64m over his role in a multi-million pound Ponzi-style investment scam, prosecutors said. Anthony Constantinou remains on the run after he fled the UK during his fraud trial at London’s Southwark Crown Court in June 2023. Hundreds of [...]
ETF Ponzi funds: How market bubbles are born every day May 28, 2024 'Ponzi funds' chasing a small number of stocks are inflating asset prices by as much as $500m every day, a new paper has revealed.