#ponzi-scheme

#ponzi-scheme

The British and Chinese governments are set to go into battle over 5 billion worth of stolen cryptocurrency, reports suggest. Scotland Yard also made the world's largest seizure of cryptocurrency, worth 5.5 billion, which Chancellor Rachel Reeves hopes will help shore up public finances. But the Chinese Communist Party, led by president Xi Jinping, is also reportedly laying claim to the money. Beijing argues the 61,000 Bitcoins, which are understood to be with the Treasury, had originated from a Ponzi scheme that had targeted 128,000 investors in China between 2014 and 2017.

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According to court filings and the defendant's admissions, Rodriguez and his co-conspirator Edwin Carrion founded the Technical Trading Team (TTT) in the spring of 2020. Rodriguez had sole trading authority over the vast majority of the nearly $5 million raised from over 20 individual investors. Rodriguez and Carrion promised investors annual investment returns ranging from 18% to 24% and convinced them to invest based on a number of material misrepresentations.

Miles "Burt" Marshall was widely trusted in upstate New York, promoting an "8% Fund" investment scheme that ultimately proved to be a Ponzi scheme, leading to his bankruptcy.