Three people are in custody after what was announced as the biggest Ponzi scheme in Maryland history.
Totally $345 million from investors, the scam was touted as being able to resell consumer debt to investors. The con artists were able to draw in money from individuals such as small business owners, athletes, lawyers, accountants, and retirees.
They were also able to bring in money from feeder funds.
In typical Ponzi scheme fashion, roughly $200 million of the total was used to pay earlier investors.
Click on image to read full article.
Yeah ponzi scheme has done so much damage to the global economy
This is a case of DYR...Many prolly saw Merrill and failed to see that wasn't Lynch behind the dash....Greed is often a very costly 'investment'.
Peace.
Bitconn-eeeeeeeect!!!
213 years in prison...?
yet big bankers still dont get one and slaps on wrists?
Living in Maryland, I find this disturbing...
powman
https://pocketchangeriches.com
Ponzis schemes are always a bad thing and for this case a 364$ million frauded are really upsetting....
Yikes! Does that ever suck.
You got a 78.57% upvote from @upmewhale courtesy of @steemium!
Earn 100% earning payout by delegating SP to @upmewhale. Visit http://www.upmewhale.com for details!
You got a 32.12% upvote from @booster courtesy of @steemium!
NEW FEATURE:
You can earn a passive income from our service by delegating your stake in SteemPower to @booster. We'll be sharing 100% Liquid tokens automatically between all our delegators every time a wallet has accumulated 1K STEEM or SBD.
Quick Delegation: 1000| 2500 | 5000 | 10000 | 20000 | 50000
This post has received a 82.64 % upvote from @boomerang.
You got a 73.83% upvote from @brupvoter courtesy of @steemium!
You got a 29.75% upvote from @emperorofnaps courtesy of @steemium!
Want to promote your posts too? Send 0.05+ SBD or STEEM to @emperorofnaps to receive a share of a full upvote every 2.4 hours...Then go relax and take a nap!
You got a 71.79% upvote from @joeparys! Thank you for your support of our services. To continue your support, please follow and delegate Steem power to @joeparys for daily steem and steem dollar payouts!
You got a 75.42% upvote from @oceanwhale courtesy of @steemium! Earn 100% earning payout by delegating SP to @oceanwhale. Visit www.OceanWhaleBot.com for details!
Great post!
Thanks for tasting the eden!