A Ponzi scheme, by definition, is a method created to defraud an individual out of their money. Throughout history, many people have been found guilty of perpetrating this heinous act. This article will explore some of the most infamous individuals accused of carrying out Ponzi schemes.
COSTA RICAN RICHES
In the late 1980’s, three Costa Rican brothers swindled American and Canadian retirees out of approximately $400 million dollars through an unregulated loan scheme that lasted around 20 years. Osvaldo, Enrique and Freddy Villalobos promised an interest rate of 3% per month to their clients on a $10,000 minimum investment. The brothers would then move the money through various shell companies before they would return funds to their investors. The scam lasted as long as it did due to the fact that margins were low. Also, the brothers were so disciplined that they narrowly escaped laws.