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