Can Better Financial Regulation Prevent Investors from Being Defrauded?
Chapter 6: Five other case studies: from shaking down the FBI to bitcoin fraud
In comparison with the Madoff operation, almost every other Ponzi scheme (with the exception of Allen Stanford’s) looks to be ‘small beer’. Yet, they are not to those who are victims. Although many investors whose life savings disappeared with Madoff were of relatively modest means, those caught up in other Ponzi schemes are, in comparison, more disadvantaged because they do not have Irving Picard and the deep pockets of the US Securities Investor Protection Corporation (SIPC) to pursue recompense for them. It is with these thoughts in mind, and because there are commonalities between Ponzi schemes, large and small, that some other Ponzi operations are examined in this and the next chapter.
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