The Fed’s New Crackdown on Ponzi Schemes, Big and Small

The World

The Justice Department and other federal agenceies are cracking down on would-be Bernie Madoffs of the future. Yesterday, Attorney General Eric Holder tallied the results of a nationwide Financial Fraud Task Force that’s meant to target investment fraud and other Ponzi schemes.

The Justice department reports that the estimated loss from these financial fraud schemes total over $10 billion. Louise Story, Wall Street and finance reporter for our partner The New York Times, puts that amount of money into perspective for us.

Will you support The World with a monthly donation?

Every day, reporters and producers at The World are hard at work bringing you human-centered news from across the globe. But we can’t do it without you. We need your support to ensure we can continue this work for another year.

Make a gift today, and you’ll help us unlock a matching gift of $67,000!