A recent CNBC article has warned that Ponzi schemes hit their highest level in a decade in 2020, with potentially even more on the horizon.
According to the article, “State and federal authorities uncovered 60 alleged Ponzi schemes last year with a total of $3.25 billion in investor funds — the largest amount of money unearthed in these scams since 2010 and more than double the amount from 2018, according to data from the website Ponzitracker.”
The 2020 numbers still pale in comparison to the Ponzi schemes that came to light around the time of the 2008 financial crisis. This included the Bernard Madoff $65 billion scandal, as well as those of other fraudsters like Thomas Petters and Allen Stanford, who orchestrated respective $3.7 billion and $8 billion frauds.
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