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3. Extravagant Lifestyle Fund Management (Hollywood)
In the 1990s, Dana Jacquet was a financial manager for many Hollywood stars. He ran a Ponzi scheme through his company, Cassandra, that involved taking investment funds and using them to cover losses from previous investors. The evidence of his fraudulent activities was hidden under a charismatic facade, but once he drew attention, the scheme crumbled.
4. Astrological Trading Signals (Florida)
Buddy Persaud, a Florida broker, based his trading strategies on lunar cycles and astrological signals, promising risk-free returns. What ensued was a disastrous venture that accumulated over 400,000 dollars in losses while he lavished in a lifestyle far beyond what his meager returns could afford.