Ponzi Schemes timeline
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Charles Ponzi Surrenders to Federal Authorities and is Charged with Mail Fraud
Carlo Pietro Giovanni Guglielmo Tebaldo Ponzi, commonly known as Charles Ponzi, was an Italian businessman and con artist in the U.S. and Canada.... Read more
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Bernard Madoff is Born
Madoff was born to Ralph and Sylvia (née Muntner) Madoff in the New York City borough of Queens, on April 29, 1938. Ralph Madoff was a plumber... Read more
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Bernard Madoff Launches Bernard L. Madoff Securities
After graduating from Hofstra College -- and one year after marrying his high school sweetheart Ruth Alpern -- Madoff starts his business with... Read more
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Bernard Madoff Begins Work as Investment Advisor
Michael Bienes, an accountant who joined Alpern & Avellino in 1968, remembers Madoff "took a few straight accounts from Saul's people in the... Read more
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SEC Investigates Gibraltar Securities, Registered Under the Name of Sylvia R. Madoff, Mother of Bernard Madoff
SEC Action Against Madoff's Mother Gibraltar Securities, registered under the name of Sylvia R. Madoff, is one of dozens of firms investigated... Read more
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Norman Hsu Enrolls at the University of California, Berkeley
Norman Yung Yuen Hsu was born in October 1951 in Hong Kong, he has told acquaintances. A former college friend and business associate, Pedro Woo,... Read more
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Bernard Madoff Begins Implementing Automated Stock Trading with the Advent of Computers
Over these decades Madoff's trading business skyrockets. Through a controversial but legal practice known as "pay for order flow," he is able to... Read more
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Norman Hsu Marries
Former democratic fundraiser Norman Hsu, who raised over $100,000 for Hillary Clinton's campaign, turned himself over to California authorities in... Read more
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Norman Hsu Receives License to Sell Real Estate in California
Norman Yung Yuen Hsu (Chinese: 徐詠芫), born October 1951, is a convicted pyramid investment promoter who associated himself with the apparel... Read more
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Norman Hsu Receives Degree from Wharton School
Hsu was born and raised in Hong Kong; his ancestors are from Shanghai. He then came to the United States at age 18, obtained a B.S. degree in... Read more
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Madoff Begins Speculation on Broad-Based Portfolio of S&P Securities Hedged with Derivatives
According to a 1992 interview that he gave the Wall Street Journal, Madoff says he began using a new options strategy for his investment business... Read more
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Madoff Elected to NASD Advisory Council
[Madoff] serves on the council for four years; he also sits on numerous NASD committees and task forces, chairing several. Several sources later... Read more
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"Dona" Branca is Sentenced to 10 Years in Prison for Maintaining a Ponzi Scheme in Portugal
María Branca dos Santos, more commonly referred to as "Dona" Branca (1902 - 1992) was a Portuguese criminal known chiefly for maintaining a Ponzi... Read more
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Noel and Tucker of Fairfield Greenwich Group Invest $1.5 million with Madoff to Begin 20-Year Relationship
Madoff is introduced to Jeffrey Tucker and Walter Noel, partners in Fairfield Greenwich Group, an investment firm located in Greenwich, Conn. In... Read more
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Financier Norman Hsu Found Riding in Car with Known Gangsters
In the early hours of August 28, 1990, Foster City Police stopped a car for making an illegal turn. In the back seat, they found a frightened... Read more
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NASD Releases Report Finding No Legal Basis for Restricting Madoff's "Pay for Order Flow" Business Model
[Madoff developed] a solid, but sometimes controversial, reputation as a market maker. During the [90's], his market-making operation was handling... Read more
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Norman Hsu is Charged with 18 Count Felony Complaint for Ponzi-type Scheme
Hsu was able to gain the trust of investors by his dress, by his warm and personable manner, by his educational credentials, by being quoted in... Read more
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Ezra Merkin Creates Ascot Partners LP and Ascot Fund Limited, Which are Managed Almost Exclusively by Bernard Madoff
Around this time Madoff connects with Ezra Merkin, a well-known Wall Street money manager and philanthropist. In 1990, Merkin gives Madoff "a... Read more
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Norman Hsu Pleads No Contest to Felony Grand Theft
Shrimp Boy wasn't his only creditor. While the press did not cover it, in 1991 he was charged in San Mateo in an 18-count indictment with grand... Read more
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State of California Issues Warrant for Arrest of Norman Hsu After His Failure to Appear in Court
Shrimp Boy wasn't his only creditor. While the press did not cover it, in 1991 he was charged in San Mateo in an 18-count indictment with grand... Read more
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Norman Hsu Founds Newton Enterprises Limited Shortly After Fleeing US for Hong Kong
Mr. Hsu vanished just before his scheduled sentencing in 1992. He soon began building new businesses, this time in Hong Kong. One, a clothing... Read more
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SEC Shuts Down Bernard Madoff Client Recruiters Avellino & Bienes
A tip from a Seattle investment adviser suspicious of Avellino & Bienes' promise of steady returns of up to 18 percent leads to an SEC... Read more
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Raejean S. Bonham is Indicted for Mail Fraud and Money Laundering
Bonham owned and operated Atlantic Pacific Funding Corporation and World Plus, Inc., a business in Fairbanks selling to the public discounted... Read more
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Norman Hsu Declared Bankrupt by Hong Kong Court
In registrations for Newton and the other firm, Mr. Hsu listed his address as on the 39th floor of Convention Plaza, which is a luxurious place in... Read more
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Financial Analyst Henry Markopolous Determines that Bernard Madoff's Returns are Impossible
Boston-based Frank Casey, former vice president of marketing for Rampart Investment Management, first hears about Madoff and his split-strike... Read more