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Ponzi Scheme

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$4.3B Now Recovered For Madoff Ponzi Scheme Victims, DOJ Says $4.3B Now Recovered For Madoff Ponzi Scheme Victims, DOJ Says
$4.3B Now Recovered For Madoff Ponzi Scheme Victims, DOJ Says More than $4.3 billion has now been recovered for victims of Bernie Madoff’s massive and infamous Ponzi scheme, the Justice Department announced, as part of a decade-long effort that has compensated over 40,000 people worldwide for nearly 94 percent of their losses. The DOJ says  its 10th and final distribution from the Madoff Victim Fund (MVF), provided more than $131 million to over 23,000 victims. The latest distribution marks the culmination of a decade-long effort to recover and return forfeited funds tied to Madoff's fraudulent investment empire. Most victims, primarily small inv…

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by Joe Lombardi
Police & Fire
Disbarred NJ Attorney Admits To Ponzi Scheme That Cost Investors $1 Million: Feds Disbarred NJ Attorney Admits To Ponzi Scheme That Cost Investors $1 Million: Feds
Disbarred NJ Attorney Admits To Ponzi Scheme That Cost Investors $1 Million: Feds A 61-year-old Hillsborough resident pleaded guilty on Wednesday, Oct. 9 to running a Ponzi-like wire fraud scheme that caused losses of more than $1 million, authorities said. Lawrence Coven, who had previously been disbarred as an attorney, operated and controlled Sunrise Enterprises LLC, which purported to provide financial services to investors, US Attorney Philip Sellinger said.  In reality, Coven induced investors into sending him funds by falsely representing that he would invest their money through Sunrise in exchange for large profits by providing short-term loans to borrowers …

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by Sam Barron