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Forensic Accounting, Forensic Techniques, and Fraud Detection Copyrighted 2001 D. Larry Crumbley, ... - page 276 / 352

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© D.L. Crumbley

Hammersmith Trust Ponzi Scheme

Hundreds of sophisticated investors put $100 million in this prime banking scheme that promised as much as 1,600% annual return.

The scheme revolved around the so-called international prime banking instruments (e.g., high-yield commercial paper or secret bank debenture programs). There is no market for prime bank instruments.

Not a single dime is invested in anything – save the fraudulent pyramid itself, with some money going from one investor to the other in the form of purported “interest” and “return of principal “payments – while most of it sticks to the pyramid or rather, to the people running the pyramid.”

Source: John Anderson, “Take The Money & Run,” Smart Money, December 2003, pp. 122-130.

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