Re: $200 million Ponzi scheme busted in CA
Posted: Tue May 26, 2009 1:20 pm
That's a lot of bilking, $200 million.
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.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.