Ponzi scheme

Zachary Horwitz, American actor better known as Zach Avery, has been sentenced to 20 years in prison after he was found guilty of running a $650 million Ponzi scheme which he used to finance a lavish lifestyle of yachts, jets and fast cars.…

Sokoto zonal office of Economic and Financial Crimes Commission (EFCC) has arrested three suspects over their alleged involvement in a N3.5 billion online investment fraudulent scheme. Bawa Kaltungo, EFCC head in Sokoto state, disclosed…

Operatives of Economic and Financial Crimes Commission in Sokoto state have arrested Omotade-Sparks Amos Sewanu, operator of Inks Nation Ponzi Scheme. Omotade-Sparks who hails from Badagry, Lagos State was declared wanted by EFCC in…

Bernie Madoff, mastermind behind world’s largest Ponzi scheme in history, has reportedly died in prison on Wednesday, April 14 at 82. Madoff, who headed up fraud amounting to $65million, died in federal prison of natural causes,…

American actor, Zach Avery was arrested by Federal Bureau of Intelligence (FBI) agents in Los Angeles on Tuesday for allegedly masterminding a Ponzi scheme that defrauded investors of hundreds of millions of dollars, US authorities said.…

A finance question posed by a financial analyst simply identified as Kalu Aja has spurred many Nigerians to share their heartbreaking experiences with various Ponzi schemes. Ponzi scheme is a form of fraud that lures investors with…

Loom, a new Ponzi scheme which has been described by a top-notch media as a new dangerous money-making scam, is presently taking over the Nigerian internet, targeting young people on social media. According to Daily Mail, ‘the scheme…

Days after Russian Criminal Sergey Mavrodi's MMM Ponzi scheme crashed, a new money doubling scheme, NNN, has resumed operation in Nigeria. It is believed that the new scheme is modeled after MMM. The major difference however is…