Harvard Alumnus Builds Incredible Ponzi Scheme Based on Warren Buffett’s Investments.

A new blow for America's oldest university.

Founded in 1636, Harvard is America's oldest university. This institution has just fallen victim to one of the oldest and most famous financial scams, that of Charles Ponzi (1882-1949).

Some thirty former students of the Harvard Business School (HBS) were swindled out of $2.9 million by one of them, Vladimir Artamonov, according to a statement from the New York district attorney.

In a Ponzi scheme, the money collected from new customers is used to pay other investors. A game of communicating vessels to maintain the illusion of a profitable investment.

One of the victims took his own life after realizing a loss of $100,000.