$200 million Ponzi scheme busted in CA

Stock and Bond Fraud, including Boiler Rooms / Pump and Dump Schemes, Mutual Fund & Hedge Fund Fraud, FOREX scams, plus Churning, Private Placements, Venture and Bridge Funding, IPOs, Viaticals Fraud, HYIP and Prime Bank scams, MTNs, Historical Notes, Recovery Schemes, etc. Includes the Jim Norman Project and the Michael Dotson Project and similar HYIP scams.
Doktor Avalanche
Asst Secretary, the Dept of Jesters
Posts: 1767
Joined: Thu May 03, 2007 10:20 pm
Location: Yuba City, CA

Re: $200 million Ponzi scheme busted in CA

Post by Doktor Avalanche »

That's a lot of bilking, $200 million.
The laissez-faire argument relies on the same tacit appeal to perfection as does communism. - George Soros
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Judge Roy Bean
Judge for the District of Quatloosia
Judge for the District of Quatloosia
Posts: 3704
Joined: Tue May 17, 2005 6:04 pm
Location: West of the Pecos

Re: $200 million Ponzi scheme busted in CA

Post by Judge Roy Bean »

CaptainKickback wrote:It's not Madoffian in size, but it hsows how quickly a questionable investment/business can quickly cross the line into Ponzi scheme.

http://www.examiner.com/x-4106-Californ ... nzi-scheme
... the defendants withheld vital information that impacted investment decisions, including past business failures and Koenig's 1986 federal fraud conviction.
Granted, the 90's didn't have the kind of instant public investigative resources that appeared over the last decade, but a whole bunch of people have lost a whole bunch of money because they didn't realize they were dealing with a convicted felon and apparently no one bothered to try and find out.
The Honorable Judge Roy Bean
The world is a car and you're a crash-test dummy.
The Devil Makes Three
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