Ponzi Scheme

Street protest after Anhui police bust pyramid scheme

Ponzi scheme participants block a road in Hefei, Anhui, on Saturday. Photo: Screenshot from Sina Weibo

Hundreds people involved in a pyramid scheme in Anhui blocked a road in Hefei, the provincial capital, to protest against a police crackdown on the scheme's operators, fearing the loss of their investment.

Thursday, 29 August, 2013, 4:13am

Letters to the Editor, February 22, 2013

Energy-saving light bulbs contain toxins. Photo: SCMP

It was disappointing to find so decent a man as Bernard Chan defining his mandate so narrowly: "My committee already exists. It is the Council for Sustainable Development, and its task is to find ways to implement waste charges."

22 Feb 2013 - 4:04am

Hard to take the Economic Freedom index seriously

Mary Schapiro

Hong Kong was yesterday ranked the world's freest economy in the Index of Economic Freedom, which is put out by the Heritage Foundation in partnership with The Wall Street Journal. It's been published for 19 years and Hong Kong has won it every time. Yet the longer its goes on the more absurd it seems.

11 Jan 2013 - 3:56am

Huaxia scandal spotlights China's Ponzi crisis

Huaxia Bank comes into the spotlight after depositors claim its staff are aggressively selling risky WMPs at a Shanghai branch. Photo: Reuters

It is an all-too-familiar tale. Depositors trust a bank with their cash in the hope their wealth will be managed well, only to find that the money has evaporated at the end of the agreed term.

10 Dec 2012 - 3:32am

Revenge attacks in southern Philippines over Ponzi scheme

Revenge attacks in southern Philippines over Ponzi scheme

The Philippines is monitoring incidents of revenge violence in southern provinces where a 12 billion peso (HK$2.25 billion) Ponzi scheme may have duped at least 15,000 people.

17 Nov 2012 - 3:04am

Report rejects Sino-Forest fraud claims

A committee tasked to review the books of Sino-Forest, which claims to be China's biggest logging firm, but is accused by a short-seller as a 'near total fraud', has issued a second interim report refuting the allegations.

16 Nov 2011 - 12:00am

2b yuan 'Ponzi' bank scam exposed

A private moneylender in the Inner Mongolia Autonomous Region is being held for manipulating state-owned banks and staff to funnel people's money into her accounts in a multibillion-yuan Ponzi-type scheme.

28 Sep 2011 - 12:00am

Organiser takes leaf from Bernie Madoff's book to raise money for charity

Suck it up, Bernie Madoff: the good people of Hong Kong are turning your fraudulent scheme on its heels for a good cause. Led by fund-raiser Catherine LaJeunesse (pictured with husband Andre), five charitable Hongkongers kick off the city's first legal ponzi scheme this afternoon with a pledge of HK$100 each and a tour of free multimedia art event Hope & Glory in Taikoo Place.

14 May 2010 - 12:00am

More than dozen HK firms on victims list

More than a dozen business entities with addresses registered in Hong Kong have been named as victims in the alleged Bernard Madoff scandal, according to court documents.

Details of the businesses and of their exposures to Madoff were sketchy. However, some of the firms that were named share the same registered addresses.

6 Feb 2009 - 12:00am

Pyramid schemes

A Ponzi scheme is often mistaken for another type of white-collar crime - the pyramid scheme. However, there is a basic difference. In a pyramid scheme, an investor pays the organiser a sum of money, and is then promised a commission if they recruit more investors. Thus every member benefits from the ever-growing pyramid except for those at the bottom who cannot find anybody to recruit.

5 Jan 2009 - 12:00am

Help urged for poor flat buyers

Some Housing Authority members are pushing for a relaunch of the Home Ownership Scheme, to build flats for sale to the less well-off in the wake of surging property prices.

The subsidised housing scheme was scrapped in 2002 amid pressure from private developers.

14 Jun 2008 - 12:00am

A defining moment

The stock market will come under severe pressure today following Beijing's decision to make the Guangdong International Trust and Investment Corporation (Gitic) file for bankruptcy. But few outside investors can be particularly surprised over the decision.

11 Jan 1999 - 12:00am

Clients lose $41m over forex scam

TWO men are being sought by police after investors reported a foreign exchange scam which may have defrauded 170 clients of more than $41 million.

Investors claimed they had received statements from the company, EGI International, last Saturday informing them all their capital had been lost and that they owed money to the company.

21 Jul 1993 - 12:00am