Ponzi schemes have hit the headlines again twice this week as an American business man is convicted of conning investors out of £4.5bn and two more British men have been convicted in the con masterminded by Kautilya Pruthi. We take a look through the annals and recall some of the biggest Ponzis of all time.When Charles Ponzi sat in his New York office in 1919 did he realise the series of scams that would follow in his name?
Yesterday was saw the conviction of an American tycoon by the name of Allen Stanford. He was found guilty of conning investors out of a total of £4.5bn. The business man was known over this side of the Atlantic for a five year deal he cut with the English and Welsh Cricket board which saw him hand over $20m (in an ostentatious perspex briefcase) to secure a series of matches between England and an all star West Indian team.
On Monday closer to home, two men were convicted in connection with Britain’s biggest ever “Ponzi” scheme. The men were both found guilty of one count each of unauthorised regulated activity. Read More
