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These 3 Ponzi Scheme Investment Frauds Are Very Sophisticated

Viola J Wolfson
By Viola J Wolfson / February 22, 2020

Believe it or not, the fake investment scheme used by Ponzi in the 1920s was apparently still being used to fool many investors in the 21st century. Today, a number of fraudsters under the guise of the following investment are even able to polish a lot of investors’ money. That’s why you cannot feel hesitant to hire some trustworthy investment fraud lawyers on our website if you ever become a victim of investment fraud.

Here are the 3 sophisticated investment frauds with Ponzi scheme:

1. Peter Lombardi – USD 1 billion. Lombardi was a fraud who was classified as a “cruel king” because the victims were HIV patients. Lombardi founded a company together and invited people to invest in it.

The idea that was rolled out was to fund HIV patients’ lawsuits against pharmaceutical companies. However, a sudden inspection by the US Securities and Exchange Commission (SEC) in 2003 found its true purpose, and he was sentenced to 20 years in prison. Lombardi was so skilled that the authorities were unable to return even 50% of the money he stole.

2. Scott Rothstein – USD 1.2 billion. The fraud committed by Rothstein is very famous because it is the biggest fraud orchestrated by a lawyer. Rothstein, a lawyer from Florida, created a complex Ponzi scheme that lasted for years.

Able to attract thousands of investors, Rothstein collected trillions of funds which he then used to finance his lavish lifestyle. It also later unmasked Rothstein. For his actions, he was jailed for 50 years. The government estimates that the funds it has saved are more than USD 1.2 billion.

3. Tom Petters – USD 3.65 billion. Tom is a dangerous con because he has deep connections with various industries. He also owns several wholesale companies and is also the CEO of his company, Petters Group Worldwide.

All who know him rate he is a great businessman and also kind-hearted. However, the SEC and the FBI were suspicious when their lucrative purchases did not stop. If not for his representative, Deanna Coleman, no one would have found evidence of his fraud. For his crimes, Petters was forced to spend the rest of his life in prison.

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Viola J Wolfson