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Scams in the News
Status: ScamsI'm sure everyone has heard by now of Bernard Madoff's $50 billion Ponzi Scheme, which is being described as the biggest scam in Wall Street history. It's already old news. So here are some other scam-related links:
• Slate offers a brief Guide to Financial Scams, explaining the difference between a Ponzi Scheme and a Pyramid Scheme. (Ponzi schemes funnel money to a single person; pyramid schemes distribute the money among a larger group of people.)
• The Wall Street Journal tells the story of the Ponzi Scheme that wiped out the fortune of President Ulysses S. Grant.
• It doesn't compare to Madoff, but a payroll manager has been accused of embezzling $3 million by depositing wages into the accounts of non-existent employees.
• A California woman had a website on which she was offering bargain rates for advertising space in the New York Times and Wall Street Journal. But it wasn't that much of a bargain considering the ads never appeared in either publication.
Posted by Alex on Fri Dec 19, 2008
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Interesting that the woman charged with fraudulently selling ad space in the New York Times and the Wall Street Journal is going to plead not guilty.Posted by Captain Al in Vancouver Island, Canada on Sun Dec 28, 2008 at 02:34 PM