Miami Businessman Charged With Running $900 Million Ponzi Scheme

Miami Businessman Charged With Running $900 Million Ponzi Scheme

It’s not exactly Bernie Madoff’s $65 billion, but the Securities And Exchange Commission has charged a Florida businessman with operating a $900 million Ponzi scheme, telling people they were investing — risk-free and at interest rates upward of 26% — in his grocery business, when in fact he was just using the money to fund his lavish lifestyle. [More]