Schemes on the record
Ponzi and pyramid schemes, and how each one ended
22 schemes in 11 countries where a court or regulator has made a finding, with losses as stated, the outcome for each operator and what investors got back.
Afinsa Bienes Tangibles stamp investment contractsSpain · To May 2006, when the company was judicially intervened · losses The 2016 ruling ordered the convicted parties to jointly compensate clients with 2,574 million euros, according to Orain. Vozpópuli reported that at the time of the court intervention liabilities to clients were 2,574 million euros against assets of 766 million euros.Agape World Inc. bridge loan investmentsUnited States · 2005 to January 2009, according to the SEC · losses The SEC described a $415 million scheme and said Cosmo lost $80 million trading futures in personal accounts.Bernard L. Madoff Investment Securities (Madoff investment advisory business)United States · To December 2008 (start date not stated in the sources reviewed) · losses The SEC said in December 2008 that the alleged fraud totalled $50 billion, based on Madoff's own estimate. The court ordered forfeiture of $170.799 billion, described by prosecutors as the proceeds of and property involved in the crimes.BitConnectIndia (operated worldwide) · Not stated in the Justice Department release, which says the Lending Program was shut about a year after it began · losses The Justice Department said BitConnect obtained about $2.4 billion from investors and reached a peak market capitalisation of $3.4 billion.Capitol Investments USA grocery distribution investmentsUnited States · January 2005 to November 2009, according to the FBI · losses The FBI said about $930 million was solicited, that Capitol owed more than $100 million to investors when it went bankrupt in November 2009, and that more than $35 million of investor funds were used for Shapiro's personal benefit.DC Solar mobile solar generatorsUnited States · To 2018 (sources reviewed do not give an exact start) · losses The US Attorney's Office said investors were defrauded of about $1 billion.EminiFXUnited States · Not stated in the sources reviewed · losses The US Attorney's Office said Alexandre took over $248 million from investors.Ezubao (Yucheng Group online lending platform)China · Mainly 2014 to 2015, according to AFP · losses CNBC, citing Xinhua and Reuters, reported that Ezubao raised more than 50 billion yuan ($7.6 billion) and had failed to repay 38 billion yuan by the time of the arrests.Fórum Filatélico stamp investment contractsSpain · To May 2006, when the company was intervened by the authorities · losses The Spanish judiciary said claims recognised by the bankruptcy administration exceed 3.7 billion euros.Kapa-Community Ministry InternationalPhilippines · To 2019 (shut down after SEC and government action in 2019) · losses No official total was found in the sources reviewed. The case decided in December 2023 involved eight complainants.MMM (Russia, 1990s)Russia · To July 1994 (main collapse, according to the Christian Science Monitor) · losses No official loss figure was found in the sources reviewed.MMM Federal Republic of NigeriaNigeria · Active in 2016, according to the Securities and Exchange Commission Nigeria · losses Not stated by an authority in the sources reviewed.Mirror Trading International (MTI)South Africa (operated internationally) · To December 2020 (provisional liquidation on 29 December 2020) · losses The High Court recorded that about 2,600 bitcoin in withdrawal requests were never paid and that the liquidators could find only about 1,280 bitcoin. Daily Maverick cited the 2021 Crypto Crime Report as saying MTI received $588 million (R8.5 billion) in bitcoin.OneCoinBulgaria (operated worldwide) · To 2017 (prosecutors refer to coins distributed by 2015 and charges in October 2017) · losses The US Attorney's Office said OneCoin took more than $4 billion.Petters Company Inc. (PCI) note financingUnited States · To 2008 (the FBI release describes the scheme up to 2008) · losses The FBI described a scheme of about $3.7 billion. The Star Tribune reported $1.9 billion in cash taken.Rothstein Rosenfeldt Adler settlement and loan investmentsUnited States · To 2009 (sources reviewed do not give a start year) · losses The FBI said the scheme obtained approximately $1.2 billion from investors.Securities Exchange Company (postal reply coupon scheme)United States · December 1919 to August 1920, according to Smithsonian magazine · losses Smithsonian magazine estimated he took in about $15 million in eight months in 1920.Stanford International Bank certificates of depositAntigua and Barbuda, United States · About 20 years, according to the Justice Department · losses The Justice Department said Stanford misappropriated $7 billion from the bank and that more than $8 billion was owed to CD depositors by 2008.TelexFreeUnited States, Brazil · About two years to April 2014, according to the US Attorney's Office · losses The US Attorney's Office said about 1,855,000 participants lost money, with total losses of about $3,045,000,000, and that at its April 2014 bankruptcy TelexFree owed about $6 billion to participants but had about $120 million on hand.Trans Continental airline investments and Employee Investment Savings AccountsUnited States · To 2007 (sources reviewed do not give a start date) · losses The US Attorney's Office estimated losses from the three schemes at over $300 million. CBS News reported that prosecutors put about $200 million on individuals and $100 million on banks.Woodbridge Group of Companies first position commercial mortgage notesUnited States · About July 2012 to December 2017, according to the US Attorney's Office · losses The US Attorney's Office said investors put in more than $1.29 billion, including about $400 million of retirement savings.ZeekRewards (Rex Venture Group)United States · January 2011 to August 2012, according to the SEC · losses The SEC described a $600 million scheme in 2012. The Justice Department later described a $900 million Internet Ponzi scheme and said that by August 2012 the conspirators claimed investments worth nearly $3 billion but had only $340 million available.
By country
Antigua and Barbuda, United States (1)Bulgaria (operated worldwide) (1)China (1)India (operated worldwide) (1)Nigeria (1)Philippines (1)Russia (1)South Africa (operated internationally) (1)Spain (2)United States (11)United States, Brazil (1)