Ponzi scheme

Tag: Ponzi scheme

Russia’s Central Bank lays bare companies with clandestine practice signs

The Central Bank of Russia has published the list containting over 1,800 organizations and Internet projects showing the signs of illegal activities, including Ponzi schemes, backstreet loan sharks and professional securities traders.

11:22 02.06.2021

Wanted founder of well-known Russian brands apprehended in U.S.

The founder of well-known brands Dovgan and Smak Herman Lillevyali charged with large-scale fraud has been arrested in the U.S.

11:56 13.10.2020

Alleged Ponzi scheme organizer to stand trial on embezzlement charges

A criminal case against alleged Ponzi scheme organizer Vladimir Romanov charged with embezzling money of more than 1,800 Russian citizens has been sent to court for hearing.

16:58 06.04.2017

President Putin introduces criminal punishment for Ponzi scheme organizing

Russian President Vladimir Putin has signed a government bill introducing criminal punishment of up to 6 years in prison for organization of Ponzi schemes into law.

11:52 30.03.2016

Russian lower house introduces criminal liability for Ponzi scheme organizing

The State Duma, Russia’s lower house of parliament, adopted in both the second and third reading on Tuesday a government bill that would introduce criminal liability for organizing large Ponzi schemes.

18:56 16.03.2016

Russian upper house approves bill on fines for Ponzi scheme organizing

The Federation Council, Russia’s upper house of parliament, has adopted a bill introducing fines of up to 1 million rubles ($6,400) for organizing and advertising Ponzi schemes.

14:24 02.03.2016

Russian government mulls tightening penalties for Ponzi scheme organizers

The Russian government's legislative commission approved a bill that would introduce criminal liability for Ponzi zcheme organizers, according to a statement on the government's website.

10:50 21.07.2015

Russian Finance Ministry updates bill on Ponzi schemes

Russia’s Finance Ministry has updated and submitted to the government a bill introducing criminal liability for organizing and advertising pyramid schemes.

11:34 11.02.2015

Russian authorities to tighten penalties for Ponzi scheme organizers

Russia’s Finance Ministry has proposed to introduce criminal liability and to significantly increase fines for the organizers of Ponzi schemes.

12:22 24.09.2014

Russian broadcasting holding fined for advertising Ponzi scheme

"ProfMedia" broadcasting company was fined for 100,000 rubles for advertising the infamous MMM Ponzi scheme operation over the radio, Federal Antimonopoly Service reported on Tuesday.

12:58 11.02.2014

Russian lawmakers mull prison terms for Ponzi scheme organizers

The State Duma Committee on Civil, Criminal, Commercial and Procedural Law on Monday adopted a bill introducing criminal punishment for organizers and managers of financial pyramid schemes.

12:52 16.12.2013

Russian postal official wasted $90k of budget funds on Ponzi scheme

An employee of Russia's postal service Pochta Rossii joined a notorious MMM-2011 Ponzi scheme and transferred 3 million rubles (93,000) of federal budget funds to buy virtual stock, Federal Security Service reported on Wednesday.

11:21 23.10.2013

Two Russians charged in India with Ponzi scheme fraud released on bail

Two of the three Russians who were detained in India and charged with creating a Ponzi scheme, have been released on bail, the Russian Consulate General in New Delhi told RIA Novosti on Wednesday. The third Russian was released on bail earlier.

10:54 14.08.2013

Finance Ministry sponsors tougher punishment for Ponzi players

The Ministry of Finance has proposed amendments aimed at bringing the organizers and most active players of Ponzi schemes to liability even before the pyramid collapses.

11:17 26.06.2013

Two Russians arrested for Ponzi scheme in India charged

Two of the three Russians who were arrested in Assam, India on suspicion of running a Ponzi scheme, have been delivered to Mumbai and charged.

19:10 17.06.2013

Russians arrested in India charged with Ponzi scheme fraud

The three Russians arrested in India on suspicion of running a Ponzi scheme have been charged with creating a financial pyramid, says Roman Vorobyov from the Russian Consulate General in Mumbai.

11:18 14.06.2013

Three Russians arrested in India for Ponzi scheme fraud

The police in the eastern state of Assam have arrested six executives of Mavrodi Mondial Moneybox, including three Russians, for running a pyramid scheme.

12:09 30.05.2013

Fraud ring stole over $2.5 mln from MMM Ponzi scheme investors

The police in the Trans-Baikal Territory have established the names of the criminals who stole around 70 million rubles ($2.3 million) invested in the MMM virtual stock market game.

12:51 25.03.2013

Two suspects charged in $13.2 mln Facebook Ponzi scheme

Former gubernatorial hopeful and known snake oil salesman Craig Berkman has been charged for defrauding investors of upwards of $13 million by way of a Ponzi scheme built on empty promises of pre-IPO shares in Facebook, LinkedIn, and other hot social media websites.

01:02 21.03.2013

Madoff’s little brother sentenced to 10 years over Ponzi scheme

The younger brother of Bernard Madoff who pleaded guilty in June to criminal charges arising from the Ponzi scheme popularly deemed the fraud of the century, was sentenced to ten years in prison in a US federal court Thursday.

16:21 21.12.2012