Founder of brokerage at centre of $18bn alleged Ponzi scheme arrested by Turkey.

[Chibit01]

We usually warn people about the danger of Ponzi schemes and why they should avoid them, but how about an asset management company which appears to be legit and runs a clean investment on the surface, like trading stock, but in reality they are running a ponzi scheme like a business, which will be less suspicious by victims.

This is a recent case where over 455,000 investors were victims of Ponzi schemes like investments in an amount reaching $18bn and, as usual, issues always come when investors want to start withdrawing their money, which is in shares, but it was difficult for them to sell it.

The founder of Tera Yatırım, a Turkish brokerage whose fund-management subsidiary reported missed payments last week, will be held in custody pending trial.

The arrest of Emre Tezmen, along with four other people, comes as investors in 131 Turkish funds face a wait of up to six months while their holdings are sold, with no certainty yet about how much money they will get back.

The crisis began when some funds, including those run by Tera Portföy and Pusula Portföy, struggled to pay people trying to withdraw their savings. They held large stakes in shares that were difficult to sell quickly as selling too many at once would drive down prices and reduce the money available to repay investors.

1. Turkey arrests Tera chairman as ‘Ponzi-like’ fund probe affects 450,000 investors
2. Turkey arrests Tera chairman as ‘Ponzi-like’ fund probe affects 450,000 investors

[Majestic-milf]

 It's crazy how one will let greed ruin the reputation one has struggled to build. Tera Yatirim has been in business for up to 35 years and rendering their services in securities and capital market brokerage in Turkey but with this recent problem they're facing, their reputation and all they've struggled to build can easily go down the drain just because apparently legit money is boring, so they decided to scam people. Let's see how this story will end though.

[JeromeTash]

It's crazy how one will let greed ruin the reputation one has struggled to build. Tera Yatirim has been in business for up to 35 years and rendering their services in securities and capital market brokerage in Turkey...

Greed always gets the better of some people, so no surprise at all.


The biggest problem right now is the so many folks out there who always want the easiest way out. They want to just give out money to someone who promises to multiply it for them after some short period. You will tell people to buy Bitcoin, and they will tell you how it is a scam but won't hesitate to send money to such Ponzi schemes with no clear business model.

[Kavelj22]

The biggest problem right now is the so many folks out there who always want the easiest way out. They want to just give out money to someone who promises to multiply it for them after some short period. You will tell people to buy Bitcoin, and they will tell you how it is a scam but won't hesitate to send money to such Ponzi schemes with no clear business model.

I am nit defending their ignorance or their laziness to learn about companies that will hold their money, but as the company is legit and legally regulated, it is not their role to find the scams. Investors believe in the authorities that gave the company the activity license. That authority is the one responsible to save investors' assets and control the activities of licensed companies especially those claiming to be specialized in assets management.

I don't know about laws in Turkey, but the state is somehow responsible to cover the loss if the company fail to pay its clients. It might take longer than expected but it is not a limited responsibility of the scammer.

[RGBTC]

It isn't a pure Ponzi scheme; it’s more akin to MSTR, though the difference lies in their investment focus on low-liquidity "shitcoins". The company issues securities pegged to the price index of those cheap stocks; valuations inevitably spike during massive buying sprees; provided, of course, that no one does the opposite.

I suspect this vulnerability is precisely what forces them to use funds from new investors to prevent their floating losses from ballooning.

[hugeblack]

traditional Ponzi scheme usually targets tens, hundreds, or a few thousands of investors, as they prefer to reduce their media appearance or raise suspicions around them so that the scheme is not exposed before they succeed in withdrawing their money.
455,000 thousand investors is a large number, and it is not a traditional plan and will definitely not pass without extensive investigations.

[Chibit01]

Tera Yatirim has been in business for up to 35 years and rendering their services in securities and capital market brokerage in Turkey but with this recent problem they're facing, their reputation and all they've struggled to build can easily go down the drain just because apparently legit money is boring, so they decided to scam people. Let's see how this story will end though.

There 30yrs plus of hard work is not the only thing they are ruining. They are also likely going to serve a jail term and all their assets and those of those related to them will be seized, and possibly offered to sell to others for some money to be recovered which can be given back to the investors. Among all 75 suspects which they are investigating, yesterday's report said they have arrested 45 of them which one of the names that shocked me the most is Erkan Kilimci, the former deputy governor of Türkiye's central bank, who can explain why they are able to né hiding this under until their new investment policy pushed them out.

[BABY SHOES]

Ponzi schemes can be applied to a wide range of business sectors... whether it's trade, property, marketplace, investment and other types of business, when it comes to ponzi schemes investing $1000 a month 10% profit may be this way is stale.

The biggest problem right now is the so many folks out there who always want the easiest way out. They want to just give out money to someone who promises to multiply it for them after some short period. You will tell people to buy Bitcoin, and they will tell you how it is a scam but won't hesitate to send money to such Ponzi schemes with no clear business model.

Their thinking is that they want an easy way, then when there is an investment offer with high returns, especially if there is already a company they will give the money without even thinking about the risk... victims like this include many in my area where fraudulent investments are rampant with Ponzi schemes that ultimately suffer losses after the founders run away with money.

[Majestic-milf]

It's crazy how one will let greed ruin the reputation one has struggled to build. Tera Yatirim has been in business for up to 35 years and rendering their services in securities and capital market brokerage in Turkey...

Greed always gets the better of some people, so no surprise at all.


The biggest problem right now is the so many folks out there who always want the easiest way out. They want to just give out money to someone who promises to multiply it for them after some short period. You will tell people to buy Bitcoin, and they will tell you how it is a scam but won't hesitate to send money to such Ponzi schemes with no clear business model.

I also won't blame them. For a company to have such a reputation and have been in operation for over 3 decades, it's very easy to trust because if they were shady, they obviously wont have lasted that long. Many people prefer to have their monies work for them so unfortunately these individuals who patronized won't get to enjoy labors.

[The Cryptovator]

This is a recent case where over 455,000 investors were victims of Ponzi schemes like investments in an amount reaching $18bn and, as usual, issues always come when investors want to start withdrawing their money, which is in shares, but it was difficult for them to sell it.

Ponzi schemes have spread like an epidemic worldwide and in our country as well. A scammer comes up with a solid idea and runs a Ponzi scheme behind the solid idea. It’s not about crypto only; Ponzi is also running through fiat as well. At the end of the day investors have been losing funds.

However, people seem more interested in making easy money. It means day by day people become more greedy and trusting of such Ponzi schemes. Scammers should be punished.

[BABY SHOES]

Ponzi schemes have spread like an epidemic worldwide and in our country as well. A scammer comes up with a solid idea and runs a Ponzi scheme behind the solid idea. It’s not about crypto only; Ponzi is also running through fiat as well. At the end of the day investors have been losing funds.

However, people seem more interested in making easy money. It means day by day people become more greedy and trusting of such Ponzi schemes. Scammers should be punished.

This is an example of the latest news... CFTC is taking Cash FX to court over allegations of a ponzi scheme with losses totaling $950M.

What the investors are tempted by is the reward of 15% of the users of the trade... they don't trade but rather Cash FX themselves by saying they are experts in forex trading, but it's all fake.

Imagine how this good idea, misused to reap huge profits, and behind it too they will not look like abal abal, but legitimate, it's all just a cover.

[1] https://www.cftc.gov/PressRoom/PressReleases/9304-26
[2] https://x.com/Solana_Emperor/status/2103901312622485969

[Marykeller]

Tera Yatirim has been in business for up to 35 years and rendering their services in securities and capital market brokerage in Turkey but with this recent problem they're facing, their reputation and all they've struggled to build can easily go down the drain just because apparently legit money is boring, so they decided to scam people. Let's see how this story will end though.

There 30yrs plus of hard work is not the only thing they are ruining. They are also likely going to serve a jail term and all their assets and those of those related to them will be seized, and possibly offered to sell to others for some money to be recovered which can be given back to the investors. Among all 75 suspects which they are investigating, yesterday's report said they have arrested 45 of them which one of the names that shocked me the most is Erkan Kilimci, the former deputy governor of Türkiye's central bank, who can explain why they are able to né hiding this under until their new investment policy pushed them out.

You can imagine the former deputy governor of Türkiye's central bank being involved in this. I can tell you for free that most of these Ponzi schemes run in the crypto space; some well-known personalities that society looks up to are involved in most of them, and they don't like their identity being revealed to the general public because that will come as a shock to many.

Let's see how the Turkie government will handle this matter, because this calls for many years in prison with fines to be paid. At least by doing this, warnings are being sent out for people to think twice before stopping investors to withdraw their money without form of notice