This case describes a recent iteration of the Ponzi scheme originated in 1920 by Charles Ponzi: creating a plausible investment, attracting investors, using the money from more recent investors to pay off earlier investors, and earning a substantial profit, estimated to be $15 million (worth $220 million today).1 While not as big as Bernie Madoff’s Ponzi scheme, as a result of which he was sentenced to 150 years in prison and ordered to pay restitution of $170 billion to his victims,2 (...) the Federal district court in Miami was asked to order Par Funding’s cofounders, Joseph W. LaForte and his wife, Lisa McElhone, to pay $337 million to Par Funding investors and to declare they engaged in a Ponzi scheme in defrauding those investors.3 Ultimately the Federal district court in Miami ordered Par cofounders to pay “$219 million in ‘ill-gotten gains,’ fines and interest so the funds can be used to help reimburse 1,200 investors who were duped into buying the risky, unregistered securities used to finance the high-fee loan company.”4 How LaForte and McElhone executed their scheme is an intriguing story which provides helpful insight into ethical and U.S. securities law principles. (shrink)

This thesis attempts to show that Georg Lukacs' Marxist theory of realism is best understood, not as a self sufficient body of theory, but in the context of his pre- Marxist theory of literature and his,role in the Communist movement, A comparison of the theory expounded in "Die Seele and die Fonaen" and "Die Theorie des Romans" with the main positions of "Geschichte und Kiassenbewusstsein" reveals that it was remarkably easy for Lukacs to accommodate his literary theory within the newly-acquired (...) philosophy. An examination of Lukacs' career shows that his move to Marxism was motivated by a search for the practical instrument to implement the ideal which was the mainspring behind both his own life and, in his theory, all great literature, namely, the classical ideal of harmony. The resulting change in emphasis from aesthetics to political action led, in the thirties, to the attempt to synthesize both in a cultural campaign. Political pressure, combined with the genuine belief that the excesses of Stalinism were the acceptable price of resistance to the overriding threat of fascism, resulted in the employment of a rigid determinism, deplored ill others, which was incompatible with the core of his understanding of literary realism. The creation of realism was, however, for both the pre- Marxist and the Marxist Lukacs, ultimately inexplicable in materialist terms. (shrink)