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When the scheme collapsed, thousands of enraged residents swarmed the provincial government headquarters.
Even as losses mounted, Ms. Lin continued to raise money until the scheme collapsed, the court said.
The scheme collapsed amid the financial crisis of 2008, when his clients wanted to withdraw funds he couldn't provide.
All the defendants had investment accounts with Mr. Madoff and saw their reported balances wiped out when the scheme collapsed.
Mr. Cuomo said that he had thought the scheme collapsed after investigators caught up with Mr. Marino.
Law started to print banknotes to inflate the bank's stock price, but the scheme collapsed when note holders rushed to convert their notes into coin.
Similar(32)
He understood that the government's programme for economic recovery depends on unceasing consumption: that if people start repairing things, the scheme collapses; that mahogany skateboards and wifi kettles are necessary responses to a saturated market; that the iron god of growth to which we must bow demands that we spend the living world into oblivion.
The office of Manhattan U.S. Attorney Preet Bharara said Starr is accused of "allegedly perpetrating a $30 million fraud against his clients". Prosecutors said the purported fraud was a Ponzi scheme in which corrupt money managers use funds from some clients to pay other clients, but the scheme collapses when they are eventually unable to meet redemptions.
"I am taking a risk by putting money into the scheme because after two years if the scheme collapses I will not get anything from it". -Member from Ban Thamouong, Hatxaifong district When other factors are held constant, households that are better-off financially (measured by per capita consumption) are significantly more likely to enroll in CBHI.
That approach measures losses as the difference between the cash deposited and the cash withdrawn from Madoff accounts in the years before the Ponzi scheme collapsed in December 2008.
However, in November 2011, Lloyds and NAMA called in the debt and the REO scheme collapsed into administration.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com