Ponzi schemes strike in U.S., Russia and Colombia

News of what may be the largest Ponzi scheme in history – a $50 billion fraud case alleging wrongdoing by former NASDAQ chairman Bernard Madoff — rocked U.S. and foreign investors.

Similar fraud cases recently emerged in other world markets as well. In Canada, for example, many farmers lost thousands of dollars to fradulent pigeon-meat businessman Arlan Galbraith. In Colombia, up to 500,000 investors face losses thanks to Ponzi schemes.

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