1920年，意大利移民龐茲（Charles Ponzi）在美國設計了一宗全國聞名的騙局，透過一家空殼公司，做國際郵政聯會發行的郵政票券（Postal coupons）買賣，聲稱由於歐洲貨幣兌美元貶值，他能以低價購進郵政票券，然後在美國換取美國郵票圖利。
為了吸引人投資，他開出45天存款利率高達50％的「優厚」條件，但事實上他只是利用第二批投資者的本金，撥作首批投資者的利息收入。
不少人不虞有詐，短短1年多，龐茲一共吸引了數以萬計投資者，「吸水」800萬美元，但手上其實只有值61美元的美國郵票。東窗事發後，龐茲以詐騙罪被判刑。
SEC investigating 'multiple failures' in Madoff fraud case
WASHINGTON (CNN)
The government commission tasked with protecting investors has launched an internal probe into why, despite credible allegations for at least 10 years, there were "multiple failures" in investigating what may have been the largest Ponzi scheme in history.
The federal Securities and Exchange Commission said Tuesday that allegations against Bernard Madoff and his securities firm had "repeatedly" been brought to the attention of SEC staff as early as 1999 but were not recommended to the commission for action.
"I am gravely concerned by the apparent multiple failures over at least a decade to thoroughly investigate these allegations or at any point to seek formal authority to pursue them," said commission Chairman Christopher Cox in a written statement.
Federal prosecutors have charged Madoff with securities fraud that could result in huge losses to financial firms worldwide, charities and individual investors.
The alleged $50 billion Ponzi scheme operated by Madoff from his investment advisory business may have cost some of the largest financial firms in the world hundreds of millions of dollars apiece.
A federal judge on Monday issued an order that may help investors swindled by the scheme to recover some of their money.The order, by U.S. District Court Judge for the Southern District of New York Louis Standon, said customers of Bernard Madoff Investment Securities are "in need of protection" under federal securities law.
Cox said he had directed a "full and immediate" review into the past allegations made against Madoff and his firm and into why staff members did not act on them.
The investigation also should include any contacts SEC staffers may have had with the Madoff family and firm and what effect, if any, those relationships may have had on staff decisions.
Cox said that, since the commission initiated emergency action against Madoff and his firm on Thursday, "every necessary resource at the SEC has been dedicated to pursuing the investigation, protecting customer assets and holding both Mr. Madoff and others who may have been involved accountable.""Although the information I can share regarding an ongoing investigation is limited, progress to date indicates that Mr. Madoff kept several sets of books and false documents, and provided false information involving his advisory activities to investors and to regulators," he said.
Madoff made an initial court appearance last week and was freed on $10 million bond.
