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Ponzi Finance from Mr. Ponzi to Mr. Madoff

By Yener Coskun


Ponzi finance is a type of financial fraud based on the principle of continuous fund rasing arising from the newcomers to the system. Ponzi scheme is inherently but necessarily tend to financial failure/bankruptcy. In Turkey, there were at least three well known ponzi schemes after 1980’s. Those cases appeared in the Banking Crisis of 1982, illegal/unauthorized fund-raising of some companies in Anatolia in violation of relevant securities legislations and Titan case. After Madoff scandal in the U.S., ponzi scheme is again come up in the finance world. In this article, we examine the concept of ponzi finance in the context of several cases. More importantly, we also assess whether disciplinary tools, namely self/market/official discipline, would prevent ponzi schemes.Ponzi finansman, sahtecilik, Madoff, Banker Krizi

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