$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.
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Doktor Avalanche
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Re: $200 million Ponzi scheme busted in CA

Postby Doktor Avalanche » Tue May 26, 2009 2:20 pm

That's a lot of bilking, $200 million.
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Judge Roy Bean
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Re: $200 million Ponzi scheme busted in CA

Postby Judge Roy Bean » Tue May 26, 2009 3:53 pm

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.
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