The Securities and Exchange Commission today charged three individuals and their affiliated entities with running a Ponzi-like scheme that raised over $1.7 billion from securities issued by a New York-based asset management firm and registered investment adviser, GPB Capital. The SEC also charged GPB Capital with violating the whistleblower protection laws.
The SEC’s...
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Category: Ponzi Schemes
Ponzi Schemes and the SEC Whistleblower Program
A Ponzi scheme is a form of fraud in which investors in a fake firm are paid with the money from other investors. The investors in Ponzi schemes are led to believe that the money they receive is a result of the firm's investment acumen, when it is actually paid using later...
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