Manipulation connotes intentional or willful conduct designed to deceive or defraud investors by controlling or distorting market activity. Non-disclosure or false or misleading information is usually essential to the success of a manipulative scheme.
The Ponzi scheme derives its name after the famous Carl Ponzi whose case came to the forefront in the 1920’s. Ponzi stole US$9.8 million in a scheme which operated in Boston. Over 10 thousand investors were involved.