Ponzi Scheme Archives

Homeless, suicidal, down to last $1,000: Celsius investors beg bankruptcy judge for help

Jack J. Kelly Bankrupt, Cryptocurrency, Lending, Ponzi Scheme, Taxes August 3, 2022

Celsius Network, once a titan of the crypto lending world, is in bankruptcy proceedings and facing down claims that it was running a Ponzi scheme by paying early depositors with the money it got from new users. Some of the 1.7 million customers ensnared by the alleged fraud ...Read More

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Crypto lender Celsius is a ‘Ponzi scheme’ that used customer funds to manipulate token prices, former employee says in lawsuit

Jack J. Kelly Cryptocurrency, DeFi, Lawsuit, Ponzi Scheme July 12, 2022

Celsius Network, the crypto lender that froze assets last month, used customer funds to manipulate the price of its proprietary token and lost hundreds of millions of dollars by failing to hedge risk, a former money manager for the company said in a lawsuit. Celsius amassed more than ...Read More

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Crypto hedge fund Three Arrows Capital is an ‘old-fashioned Madoff-style Ponzi scheme,’ research firm FSInsight says

Jack J. Kelly Cryptocurrency, Hedge Fund, Ponzi Scheme June 29, 2022

The crypto industry was “brought to its knees” in recent weeks by an “old-fashioned Madoff-style Ponzi scheme” wrapped in a trade that was similar to the positions that sunk Long Term Capital Management (LTCM),” research firm FSInsight said in a report Friday looking at the implications ...Read More

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NY money manager charged in $1.8 billion Ponzi-like fraud

Jack J. Kelly Fraud, Ponzi Scheme February 8, 2021

NEW YORK (Reuters) – The founder of a New York money manager and two associates were criminally charged on Thursday with running a $1.8 billion Ponzi-like fraud where thousands of victims were falsely promised steady returns on their investments. David Gentile, the chief executive ...Read More

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