Turkey Moves to Liquidate $18.3 Billion Funds After Ponzi-Like Scheme

Turkey has mandated state banks Ziraat and Isbank to liquidate $18.3 billion in troubled investment funds following a Ponzi-like scheme scandal. The collapse has erased $4 billion from a top executive's fortune and prompted Turkey's Wealth Fund to buy blue-chip stocks to stem a market rout. Authorities say the liquidations will not pressure the stock market, but the scandal has roiled Erdogan's Turkey and shattered the funds' Goldman Sachs ambitions.