2009 Was A Terrible Year For Ponzi Schemers

madoff bernie bernard ponzi fraud crook

Bernie.* Allen Stanford. Scott Rothstein. 

Those of us covering Ponzi schemes this year got tired of them after a while. It felt like a never-ending stream.

Turns out, it basically was. Nearly four times as many Ponzi schemes unravelled in 2009 than 2008, the AP reported. A review of federal criminal cases and criminal and civil actions brought by both state and federal prosecutors show 150 Ponzi schemes collapsed in 2009, compared to 40 in 2008.

The economy, of course, made it hard for schemers to keep up. When everyone wants their money out, robbing Peter to pay Paul becomes impossible.

Better luck next year!

* Bernie Madoff’s Ponzi scheme officially collapsed in December 2008, but it feels so 2009, considering how many times it’s been in the news this year. 

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