What are the most notorious Ponzi schemes in US history?

In 2016, Bick was convicted of defrauding his business investors of nearly $500,000. Whether on the smaller scale like Bick’s, or superlatively large like Bernie Madoff’s, this kind of financial fraud is unnervingly and increasingly common. Here’s a look at eight of the most notorious Ponzi schemes in US history: 1. Charles Ponzi – $15 million

How much money was stolen from a Ponzi scheme in 2019?

In 2019, $3.245 billion in stolen investments spread across 60 Ponzi schemes were uncovered by the Securities and Exchange Commission (SEC). Though headlines may focus on the operations that defraud millions of dollars from individual investors, most Ponzi schemes target average retail investors.

How did Ponzi defraud investors?

Early investors were seeing returns — but unknown to onlookers, Ponzi was paying them with funds collected from later investors to further entice new investors. In just eight months, Ponzi had defrauded investors of $15 million. He was so successful that the scheme was named after him.

Who was Charles Ponzi & what did he do?

Charles Ponzi became noted in 1920, in Boston, for his supposed arbitrage scheme, which ultimately proved to be merely a masquerade for paying off early investors with the deposits of later investors. The Ponzi Scheme is named after him.