Home » Tag Archives: ponzi

Tag Archives: ponzi

Mississippi man reports to Arkansas prison for Ponzi scheme

A former Mississippi businessman sentenced to almost 20 years in prison for operating the largest Ponzi scheme in state history is in a federal prison in Arkansas. The Clarion Ledger reported that 58-year-old Arthur Lamar Adams of Madison County reported to the Forrest City Low Correctional Institution in Forrest City, Arkansas, on Monday. Adams had asked to serve his sentence ...

Read More »

Stanford's Ponzi scheme trial to begin today in Texas

HOUSTON, Texas — Texas financier R. Allen Stanford built a vast fortune through his network of banks and other businesses in the U.S., Latin America the Caribbean, and led a lifestyle befitting a billionaire business magnate. Once considered one of the U.S.’s wealthiest people, with an estimated net worth of more than $2 billion, Stanford snatched up luxury homes and ...

Read More »

SEC decides to compensate Stanford fraud victims

WASHINGTON — The Security and Exchange Commission (SEC) has decided to compensate Stanford Group Company (SGC) victims, stating that people who invested money through SGC are entitled to protection by the Securities Investor Protection Corporation (SIPC). The SEC said it would formally ask SIPC to institute a claims process, according to Sen. Roger Wicker (R-Miss.) “Many in Mississippi lost their ...

Read More »

Goldman Sachs to pay record $550M to settle charges

WASHINGTON — Resolving a high-profile government case linked to the mortgage meltdown, Goldman Sachs & Co. has agreed to pay a record $550 million to settle civil fraud charges that it misled buyers of complex investments. The Securities and Exchange Commission announced the settlement yesterday with the Wall Street titan, just hours after Congress gave final approval to legislation imposing ...

Read More »