According to the Denver Post, Greenberg lost $174 million of his clients’ money partly because he invested with two of the biggest Ponzi scamsters in history, Tom Petters ($3.65 billion) and Bernard Madoff ($50 billion).
It would be easy to ignore this case, because ICC’s promises seem so outlandish. Smart readers will pay attention, because ICC’s tactics are the same as those used by more subtle investment scamsters.
Please remember that it is very easy to become registered as an investment adviser. It is no mark of competence or trustworthiness. An adviser who tells you otherwise is preparing to rip you off.
We’ve seen quite a few oil and gas frauds lately. Be aware that they are on the rise.
If six highly regulated financial institution fell for a multi-million dollar Ponzi scheme, explain to me again how you are too smart and sophisticated to fall for one.
Unfortunately, even if every judge handed out the maximum sentence to every convicted investment fraudster prosecuted in his or her court, there would still be enough operating fraudsters to cost every investor his or her life savings many times over.
According to prosecutors in Santa Ana, California, Mahmoud Karkehabadi (aka Mike Karkeh) orchestrated a multi-million Ponzi scheme, telling prospective investors that their money would go to finance movies starring the likes of Flavor Fav and mixed martial artist Quinton “Rampage” Jackson.
This case reminds us that Ponzi scamsters often work through accountants and insurance agents because those people often have a long list of clients who have trusted them for years.
The wolves are out there, and their sheep suits are custom-made.
Ponzi Schemes Surge Down Under
A better restatement of a widely known axiom is, “If it seems too good to be true, you are talking to an amateur scam artist.”