World-famous super interest rate scams 3
1. Tycoon Madoff and his $50 billion scam
As one of the founders of the Nasdaq stock exchange, Bernard Madoff runs an investment fund with assets of about 17 billion USD.
On December 11, 2008, the incident was revealed with a list of victims including world-famous names such as Santander Bank (Spain), HSBC (UK), Royal Bank of Scotland, BNP Bank.
Madoff cheated and the loss amounted to 50 billion USD.
2. Eight billion USD and a 250-year penalty for billionaire fraudster Allen Stanford
The first American to be knighted by the Commonwealth, Allen Stanford, shook the US financial and banking market with a highly profitable investment fraud discovered in June 2009.
The trick SIB used was to sell investment deposit certificates worth about 8 billion USD with interest rates ranging from 11% to 16% a year, then fabricate financial reports to pocket the entire amount.
This Texas billionaire has been charged with fraud and faces up to 250 years in federal prison.
Knight Allen Stanford shook the whole United States after an 8 billion USD scam.
3. 75-year-old businessman and 1.4 billion USD fraud in Japan
Kazutsugi Nami, president of L&G, committed fraud against 37,000 investors over nearly 10 years.
When arrested, the 75-year-old businessman did not admit to any illegal acts.
Kazutsugi Nami is trusted by Japanese investors like Madoff.
4. Full Tilt online gambling company
Howard Lederer, one of the founders of Full Tilt.
Recently, the US Federal Bureau of Investigation announced that Full Tilt Poker, one of the largest online gambling companies in the country, is actually a `giant Ponzi machine`.
The Ponzi scam model means taking money from one person to pay another, promising to pay high interest.
5. MMM – the largest pyramid scam in Russian history
MMM is a Russian company founded in 1989. Initially, this company simply imported computers and office equipment and then switched to financial activities but was not very successful.
Sergei Mavrodi, one of the three founders of MMM after being convicted in 2007. Photo: TheMoscowTimes
By 1994, the situation turned around when MMM began operating as a Ponzi model, which means pyramid fraud.
Witnessing the rise of MMM, many people also imitated and established similar companies, operating under the model of attracting capital and promising to pay high interest rates.
In July 1994, the matter suddenly broke when the authorities closed the MMM office on charges of tax evasion.
To date, this is still the largest pyramid scam in Russian history, with at least 2 million people losing money and at least 50 victims ending their lives because they were broke.
Quynh Anh – Thanh Binh (compilation)
