Participants in the Madoff investment scandal the receiver assigned to Madoff's Ponzi scheme, extracted a settlement from Tremont worth over one billion dollars. A $1 billion class-action federal lawsuit was filed in Colorado against Fiserv, Inc. of Brookfield, Wisconsin whose subsidiaries were custodians for pension or IRA accounts and invested with Madoff. The complaint alleges Fiserv failed "to hold and safeguard assets entrusted to it" by about 800 Madoff customers who had been told to hire Fiserv to handle their accounts with him. Fiserv is accused of breach of fiduciary duty, fraud, negligence and aiding and abetting breach of fiduciary. Fiserv sold its investment account administration
Caritas (Ponzi scheme) An estimate of Romanian newspaper "România Liberă" gives the amount of money involved as 1.4 trillion lei or about 20% of the 1993 expenditures of the Romanian government of 6.6 trillion. "The New York Times" estimated the scheme attracted between $1 billion and $5 billion. The Romanian government banned pyramid schemes only after Caritas went bankrupt. The government received warnings about the scheme from several sources, included the Romanian Intelligence Service, which wrote a report in early 1993 (leaked to the press) and from Daniel Dăianu, the chief economist at the National Bank, who called it a fraud. As president