Financial Earthquake in Turkey: A Gigantic Ponzi Scheme on the Stock Exchange in Istanbul Was Broken, Billions of Dollars Were Frozen
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Turkish regulators have dealt a major blow to one of the country's biggest financial scams, dismantling a complex Ponzi scheme on the Istanbul Stock Exchange (BIST) in which investment funds artificially inflated the prices of their own shares while showing investors high fictitious returns.
Fatih Erbakan, the leader of the Re-Welfare Party, made a statement regarding the sharp decline in the Istanbul Stock Exchange following developments in fund management companies.
Ponzi scheme busted in Istanbul: Billions of dollars frozen, the market shook - Rising prices attracted new capital, which was then used again to buy the same shares
Turkish regulatory authorities have dealt a severe blow to one of the biggest financial frauds in the country's capital market.
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