AP Reports Quadrupling Of Ponzi Schemes In ‘Ponzi Nation’ In 2009

An analysis of Ponzi schemes by the Associated Press reveals four times as many such scams this year as last (with Madoff included in 2008), and $16.5 billion in losses. The AP says 150 Ponzi schemes fell apart this year – so many that the AP refers to the U.S. as “Ponzi Nation.”

An article with the disturbing roundup, by the AP’s legal affairs writer Curt Anderson, is available online at http://news.yahoo.com/s/ap/20091228/ap_on_bi_ge/us_ponzi_nation/print.