ponzi scheme

An investigation by Yahoo Sports is sending shockwaves through college sports. The website reports a University of Miami football booster, who was sentenced to 20 years in jail for running a Ponzi scheme, gave players thousands of illicit gifts over eight years.

The gifts, which included money, cars and visits from prostitutes, are prohibited by the NCAA. David Greene talks to Dan Wetzel, a reporter for Yahoo Sports.

French investors lost an estimated $700 million in funds tied to Bernard Madoff's Ponzi scheme. France's top market watchdog pushed the giant Swiss bank UBS to reimburse investors for their losses.

UBS acted as a "custodian bank" to those funds. In a statement, UBS said investors and their advisors knew their money was being placed with Madoff, so it's not responsible for the losses.

The Texas billionaire charged with running an elaborate Ponzi scheme has pleaded not guilty. Federal prosecutors say Allen Stanford bilked investors out of $7 billion.

A federal magistrate in Houston set bond at $500,000, but Stanford is still being held while prosecutors appeal his release on bail.

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