Who Gets Swindled in Ponzi Schemes?

  title={Who Gets Swindled in Ponzi Schemes?},
  author={Stephen Deason and Shivaram Rajgopal and Gregory B. Waymire},
  journal={Emory University School of Law Legal Studies Research Paper Series},
Extant knowledge of Ponzi schemes in the accounting and finance literature is mainly anecdotal. The consequence of this is that it is difficult to know what, if anything, can be done to deter these frauds. We seek to fill part of our knowledge gap about Ponzi schemes by providing large-scale evidence based on a sample of 376 Ponzi schemes prosecuted by the SEC between 1988 and 2012. Our evidence indicates that the majority of SEC-prosecuted schemes involve sums that are much lower than those in… 
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