2. PIPC Ponzi Scheme
Amount: $250 million
Year: 2007
We are slowly getting to the top of our list of biggest accounting scandals in recent years in the Philippines, and here it is again. As we have mentioned before, the Philippines are a Mecca for pyramid and Ponzi schemes. Different types of people fall prey to them: farmers, the well-educated, athletes, experienced businessmen etc. The dream of getting rich quick is something most Filipinos believe to be possible and deserved.
