"I do not anticipate that another Charles Ponzi will ever appear in the financial world."
-Publicist William H. McMasters, who outed his infamous client in a 1920 newspaper exposé
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Thank the financial crisis. Were it not for investors who rushed to cash in their funds, we might never have discovered the mother of all Ponzi schemes.
But Bernie Madoff wasn't the only one preying on investors. Here's a roundup of alleged Ponzi schemes-among them, only Madoff has been convicted-that have come to light during the past year.
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Bernie Madoff
$65 billion ( U.S. )
MO: Promise everyone from Zsa Zsa Gabor to the Elie Wiesel Foundation they'll enjoy steady, moderate gains even during volatile markets
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$500 million+
Amount allegedly bilked by Canadians
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Alleged amount
$400 million
Gary Sorenson and
Milowe Brost
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Alleged amount
$1.6 million
Michele Longchamps
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Alleged amount
$4.6 million
John M. Marshall and
Stephen Z.
Adams
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Alleged amount
$40 million
Weizhen Tang
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Alleged amount
$650,000
Robin States
and Bernadette Bowden
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Alleged amount
$30 million
Earl Jones
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THE NUMBER OF PONZI CASES UNCOVERED BY THE U.S. SECURITIES AND EXCHANGE COMMISSION
2007: 15
2008: 23
2009 (as of Nov. 1): 18
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$110,000,000 ( U.S. )
Amount the U.S. is spending to hire 500 new FBI agents, 50 new assistant attorneys and 100 new SEC enforcement officials to crack down on Ponzi crimes
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$60,000,000
Annual estimated cost of Ottawa's plan to close the door on early parole for white-collar criminals and other non-violent offenders
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10
books about Bernie Madoff published this year
vs.
20
books about Bernie Madoff expected over the next year
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LOOK WHO'S SORRY NOW
"I used very poor judgment and I know what I did was wrong.
I want to explain to the court how sorry and ashamed I am."
-Edward T. Stein, after pleading guilty to a $30-million (U.S.) fraud
"I'm sorry-deeply sorry-for the harm and sadness I've caused to so many people. I know an apology doesn't fix anything. But at this point, all I can do is express my shame and remorse."
-Disgraced financier Marc Dreier pleads guilty to a seven-year, $400-million (U.S.) securities fraud
"I really am truly sorry. I made many decisions that were truly bad."
-Wayne Puff pleads guilty to orchestrating a massive real estate scam that bilked more than $80 million (U.S.) from hundreds of people