Tag Archives: current_events

I took down a Ponzi scheme

…but people keep at them.

It’s been really sad to see the spiral from Madoff’s Ponzi scheme. Posing as a hedge fund manager, he swindled investors out of $50 billion that’s BILLION with a “B.”

Back when I was a reporter for my school paper, I helped break the story on a Ponzi scheme that lost at least $50 million. Sure, sounds like a lot, but it was only 1/1,000th the Madoff losses.

The scheme we investigated, called 12DailyPro,  had a ridiculous premise: a guaranteed 44 percent return after 12 days of running a program that automatically surfs through online ads/some supposed form of Forex. Yeah, didn’t make much sense to me either. Eventually the SEC swooped in to charge the site founder with securities fraud.

One thing I learned: people don’t ask hard questions as long as they’re making money.