Ponzi scheme
A Ponzi scheme pays returns to earlier investors from later investors' money rather than from genuine profits. It is investment fraud rather than market manipulation: no market price is distorted, because usually no real trading occurs at all.
Where does ponzi scheme come up?
This term is used in the following manipulation techniques, each explained in full on its own page.
Enforcement actions involving these techniques
| Action | Agency | Filed | Technique | Penalty | Status |
|---|---|---|---|---|---|
| SEC v. Mark D. Hanf and Hoai-Nam Chu Phan (ponzi schemes, 2026) | SEC | 2026-09-04 | Ponzi Schemes | — | settled |
| SEC v. Leor Moshe, Jacob Goldman, Isaac Odes (ponzi schemes, 2026) | SEC | 2026-08-13 | Ponzi Schemes | — | filed |
| CFTC v. Goliath Ventures, Inc. and Christopher Delgado (ponzi schemes, 2026) | CFTC | 2026-08-11 | Ponzi Schemes | — | filed |
| SEC v. Goliath Ventures, Inc. and Christopher A. Delgado (ponzi schemes, 2026) | SEC | 2026-08-11 | Ponzi Schemes | — | filed |
| SEC v. Aras Investment Business Group S.A.P.I. de C.V. and others (ponzi schemes, 2026) | SEC | 2026-07-24 | Ponzi Schemes | $449k | judgment |