Barry Tannenbaum
Encyclopedia
Barry Tannenbaum is a South Africa
n businessman who currently is living in Runaway Bay, Queensland
. He is accused of running a R
10 billion Ponzi scheme
which was worth $
1.2 billion at the time of the accusation, which could make this scheme South Africa's largest corporate fraud.
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
n businessman who currently is living in Runaway Bay, Queensland
Runaway Bay, Queensland
Runaway Bay is a suburb on the Gold Coast in Queensland, Australia. At the 2006 Census, Runaway Bay had a population of 8,449.The locality of Anglers Paradise is situated within Runaway Bay. In 1967, the Lae Enterprises company bought 182 hectares of land along the western shore of the Gold Coast...
. He is accused of running a R
South African rand
The rand is the currency of South Africa. It takes its name from the Witwatersrand , the ridge upon which Johannesburg is built and where most of South Africa's gold deposits were found. The rand has the symbol "R" and is subdivided into 100 cents, symbol "c"...
10 billion Ponzi scheme
Ponzi scheme
A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own money or the money paid by subsequent investors, rather than from any actual profit earned by the individual or organization running the operation...
which was worth $
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
1.2 billion at the time of the accusation, which could make this scheme South Africa's largest corporate fraud.