Mega-trend 4: Fraudsters flushed out by the credit crunch
29th Dec 08, 7:00am
The biggest frauds ever perpetrated occurred in 2008, and Bernard Hickey reviews their scale and consequences. Bernard Madoff topped the list with his surprisingly long-running Wall Steet hedge fund ponzi scheme. But let's not forget Jerome Kerviel whose own monumental effort at SociÃ©tÃ© GÃ©nÃ©rale stunned us at the time. And, here in New Zealand, the courts and regulators are working through our own local revelations after the collapses of finance companies like Bridegcorp and Dominion - featuring Rod Petricevic and Terry Butler - and property promoter Blue Chip, featuring Mark Bryers. Around the world, and in New Zealand, a lot of people have lost a lot of money as various 'schemes' unravelled.