If the SEC’s charges against the defendants in this case are true, the SEC has shut down an amateur scam artist, a bungler so inartful that he would be denied membership in any club of truly professional con men.
A con man will . . . slap a fish magnet on the back of his car, tune his radio to a Christian station, and wear a cross around his neck; all in hopes that believers will forsake a thorough investigation in favor of a “he’s a Christian; he must be honest,” short-cut.
For those who want to break into the scam industry, affinity fraud is the entry level position.
SEC Accuses South Florida Couple of Affinity Fraud Ponzi Scheme Targeting Cuban-Americans
The U.S. Securities and Exchange Commission (“SEC”) has halted an alleged Ponzi scheme that targeted the Somali community. According to the SEC’s complaint, Mohamud A. Ahmed (“Ahmed”) advertised “investment opportunities” at a check cashing business he operated in San Diego. Investors came to him through that store, through a seminar he held in the Seattle-Tacoma area, [...]
The U.S. Securities and Exchange Commission (SEC) has charged HomePals Investment Club, LLC and HomePals, LLC (together, “HomePals”), and their principals, Ronnie Eugene Bass, Jr., Abner Alabre and Brian J. Taglieri with operating a $14.3 million Ponzi scheme aimed at fleecing members of the Haitian-American community in south Florida. The SEC’s litigation release regarding the case reads, [...]
Bloomberg.com reported yesterday on the continuing trend of financial scam artists targeting people of faith. The story begins with a summary of the Tri-Energy scam in which the fraudsters raised more than $50 million from more than 700 Mormons and Christians. The article goes on to describe other recent affinity scams.
Aaron Foley of MLive.com in Detroit writes that 300 churches nationwide have fallen victim to a single Ponzi scheme. Foley reports that one church, First Baptist International Church in Detroit, may have to close if an emergency fundraising effort falls short.
Police Suspect a Possible Affinity Fraud Ponzi Scheme in Suburban Montreal
The fraud that we like to believe will never draw near to us is as prevalent as pollen in the springtime and as close as our next door neighbor.