Ponzi scheme

Seth Wenig / AP

Jury selection has begun for the pharmaceutical businessman Martin Shkreli. He is defending charges that he stole money from one of his companies to cover the lies that he made to investors of another company he owns. Despite a possible 20 years in prison, Shkreli has not kept quiet.

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A federal court has fined a Connecticut investment company $22 million for running a Ponzi scheme. Sharon-based Wilkinson Financial Opportunity Fund bilked 30 investors out of $11 million.

(AP Photo/Fred Beckham, File)

Former NBA player and University of Connecticut star Tate George will have to wait until next month to find out his prison sentence for wire fraud.

George was in court Wednesday in Trenton, New Jersey, for the fourth day of his sentencing hearing. The judge ordered the parties to return Jan. 20.

George, who played for New Jersey and Milwaukee in the NBA, has been jailed since his 2013 conviction on four counts of wire fraud. He's contesting how much money investors lost.

Whatever the judge determines could affect the length of George's sentence.

U.S. Department of Justice

The court appointed trustee unwinding the Madoff Ponzi scheme announced more checks will be mailed-out to victims later this year. Those who invested less $1.1 million dollars will be getting a full payback.

Photo courtesy of Ed Kim

Six years after Bernard Madoff became a household name, people still fall for Ponzi schemes. That's probably because schemers have a tried and true method backed up by psychology. 

Last year there was a big, $96 million Ponzi scheme on Long Island. It had all the trappings of a Hollywood con: offshore shell companies, luxury cars, and there was even a famous beachfront resort near the Hamptons.

But for the victim there was nothing glamorous about it.

"I thought it was some run-of-the-mill fund," Jan says in a sweet Texan twang that makes friends of almost any ears.

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