Hundreds of Federal Agents Fall Victim to Ponzi Scheme

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.
User avatar
Demigoddess of Volatile Benevolence
Posts: 233
Joined: Thu Jan 28, 2010 4:21 am
Location: USA

Hundreds of Federal Agents Fall Victim to Ponzi Scheme

Postby Parvati » Mon Jul 12, 2010 8:34 pm

From the AOL News article:
Some 300 retired and current federal agents -- representing the FBI, the Drug Enforcement Administration and Immigration and Customs Enforcement -- collectively invested tens of millions of dollars of retirement money in what turned out to be a Ponzi scheme allegedly run by a Florida man who committed suicide last month, an attorney in the case said.

The FBI and the Securities and Exchange Commission are now investigating and trying to recover funds.

"There are definitely [agents] who have lost their life savings," Fort Lauderdale attorney Michael Goldberg, who is representing the victims, told AOL News.

The reaction of the agents? "Pretty much what you expect," Goldberg said. "Shock and anger."

Behind it all, authorities said, was a self-described retirement investment adviser named Kenneth Wayne McLeod, 48. For years McLeod served as a trusted adviser to federal agents around the country, making free financial projections for retirement and in some cases offering high-yield returns of 8 to 10 percent on certain investments, according to an SEC filing in the case.

On June 22, McLeod was found dead in Jacksonville, Fla., of a gunshot wound.

The rest of the article is available via the link at the top of the page.
"The risk in becoming very intimate with a moldie Parvati is that she may unexpectedly become a Kali and take your head."--Rudy Rucker, Freeware
* * *
“Most men would kill the truth if truth would kill their religion.”--Lemuel K. Washburn.


Re: Hundreds of Federal Agents Fall Victim to Ponzi Scheme

Postby bmielke » Mon Jul 12, 2010 9:06 pm

It takes a lot of testicular foritude to rip off a bunch of Federal Agents.

I feel bad for the victims.

Return to “THE DILIGIZER BOARD -- Securities Fraud -- Due Diligence in Finance”

Who is online

Users browsing this forum: Common Crawl [Bot] and 0 guests