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CFTC Commissioner Chilton Speaks on Ponzi Schemes: ''The Pandemic of Ponzimonium''

Tuesday, November 29, 2011

Sima Saran Ahuja | Bloomberg Law CFTC Speech, Bart Chilton, Remarks at New York Law School, Center on Financial Services Law (Nov. 15, 2011) In his remarks at New York Law School, Commodities Futures Trading Commission (CFTC) Commissioner Bart Chilton discussed financial scams and compared the recent rise in Ponzi schemes to a "pandemic of Ponzimonium." Commissioner Chilton suggested, however, that in contrast to health pandemics over which we often have no control, the pandemic of financial scams could be countered with education and due diligence. Commissioner Chilton noted that while the prevailing view may be to consider health pandemics as "more serious" than Ponzi schemes, the fact remains that domestic and international "financial crimes are ruining peoples' lives . . . [and] have impacted tens of thousands of people by ripping them off for hundreds of millions of dollars." Commissioner Chilton also noted that while not "classic" Ponzi schemes, the internet and e-mail have been fertile ground for financial scams to which people routinely fall victim.

Ponzi Schemes

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